There are multiple options for every type of product and service you want to buy, and health insurance is not far behind when you look around. There are numerous plans in the market ranging from mediclaim for senior citizens to plans for the entire family. There is also a health insurance family plan which covers the healthcare needs of the whole family.
Listed below are some pointers to help you in making a wise decision:
Coverage Amount
With inflation, medical expenses are on the rise; one needs a fair amount of money to pay off all the medical bills during an emergency. A simple surgery could cost lakhs and give a dent in the savings of a typical middle-class family. Therefore, look for a plan that offers the maximum health coverage at the minimum cost.
Family Floater Plan
Individual health plans only cater to the health needs of an individual. But a family person should go for a family floater plan, which will cover the medical expense of the entire family. This way, there will not be a requirement to buy individual plans for every member. The amount of sum assured in the family plan is higher, and the premium amount is lower.
Sum Insured
The sum insured should be chosen after careful consideration of age and marital status. The needs are less when you are young and unmarried but start growing with age and new family members. After a certain age, the body becomes more prone to diseases, so consider your and your family’s healthcare needs and opt for sum insured accordingly.
Minimum Waiting Period
Different plans have different waiting periods that can range from 30 days to 48 months. You should choose a plan with a minimum waiting period. Moreover, companies like Care Insurance Company offers a reduction in the waiting period add-on cover. You can consider it if you have a pre-existing disease and can file a claim early.
Age-Renewal
As we grow older, the possibility of falling ill and needing medical help increases. Many health insurance plans have an age restriction. So, opt for a plan where age-renewal is possible in case the need to do so arises.
Claim Settlement Ratio (CSR)
The claim-settlement ratio determines the number of claims settled by the insurer against the total claims it receives. To reduce the chances of your claim rejection, always opt for the best health policy from a company that has higher CSR.
Network Hospitals
Every plan comes with its own network of hospitals where you can avail of cashless treatment. Always make sure that it includes hospitals that offer the highest quality medical facilities and treatment.
Top Health Insurance Companies Offer the Best Health Policy in India
| Health Insurance Company | Network Hospitals | Claim Settlement Ratio |
| IFFCO Tokio | 4000+ | 92.66% |
| Care Health Insurance | 8350+ | 92.3% |
| HDFC Ergo | 10000+ | 90.32% |
| Max Bupa Health Insurance | 4500+ | 83.92% |
| Star Health | 8800+ | 78. 15% |
All these various available plans might prove to be daunting, and an individual might not know how to make the correct decision. There are a few factors that should be considered and compared before choosing the best health policy.