Good health is essential to happiness and success. Most of us focus on being healthy and adopting a better lifestyle to retain excellent health, but we forget that medical adversity can still strike. Medical emergencies can stress you physically, mentally, and financially. Thus, health insurance is essential, especially with medical inflation and healthcare expenses at an all-time high.

There may be a lot of choices for health insurance plans in India. Choosing health insurance is frequently the hardest part. To help you choose the right health insurance policy for your family, we’ve compiled a list of 8 factors to think about:

1. Requirements for Age

Among the many important considerations for health insurance, age ranks high. Think about how old your covered family members are before you get a health insurance policy. Premiums, similar to those for family floater insurance, would be based on the oldest family member’s age. 

Additionally, before purchasing Health insurance plans in India, make sure you meet the minimum age requirement. For example, some health plans allow enrolees as young as 91 days old and as old as 60 years old. Additionally, some plans include age restrictions ranging from 25 to 50 years old. Nevertheless, some initiatives allow participants of any age to enrol. Therefore, you are free to make a selection as you see fit. 

2. Finding the Perfect Premium-Coverage Ratio

Finding a health insurance plan with the most affordable premium can be quite profitable. To be sure, there may be opposing viewpoints. Health insurance plans in India policy that offer comprehensive coverage at a price you can afford can be a smart option if the premium is lower. Another factor is a lower premium relative to the expense of insurance. 

Finding out why your premium is going down is the way to go because it shouldn’t come at the expense of your insurance. You can wind up paying more when you file your claim if there are additional clauses about co-payments, deductibles, and sub-limits. 

Obtain a policy that meets your financial needs in terms of coverage and premium cost without sacrificing features.

3. The Waiting Period:

You can make a more informed choice if you are familiar with the waiting period provision. During this time, the insurance company will not pay out on claims related to certain diseases or conditions that the policyholder already has. It might be anywhere from twenty-four to forty-eight months long, depending on your insurance company and the plan you select. Additionally, you will not be eligible to receive benefits until this time has passed. 

Any health conditions that an individual may have before purchasing the insurance, such as hypertension, diabetes, thyroid, etc., will be subject to this waiting time. In addition, it works for particular diseases and treatments, such as arthritis, varicose veins, cataracts, and so on. 

In this way, you can shop around for health insurance policy in India that meet your needs while still allowing you to collect benefits quickly in the event of a medical emergency.

4. Cashless Hospital Benefits

Health insurance companies usually cooperate with network hospitals. This allows insured members to receive cashless emergency care. Because of this, applying for admission or filing a claim will require less documentation. Insurance companies also provide hospitals with the covered sum directly. 

You don’t need to save and beg for the money. Check with your insurance provider to see which hospitals they work with and which ones are in your neighbourhood.  

5. Pre-and post-hospitalization coverage

Most health insurance policy in India coverage covers hospital fees. An ambulance journey, diagnostic tests, prescription drugs, doctor appointments, and other out-of-pocket expenditures can mount up quickly, so seek health insurance that covers the hospital stay and following visits.

6. Pregnancy Payment

Many people overlook health insurance policy in India for maternity benefits. Given how much maternity care and delivery costs, it’s essential to invest in a health plan that covers these expenditures. Benefits are usually available after two to four years. A two-year waiting period is appropriate if you plan to marry or establish a family in three years. 

Choose a plan that covers infant medical expenditures as well as delivery. Check the limits too. 

7. No-Claim Bonus/Discount

Insurance firms give policyholders who go a year without a claim a no-claims bonus (NCB). If you renew your policy without a claim, your coverage will increase. 

Most health insurers set the NCB limit. The insurer’s limit would apply to the sum insured increase. 

Take the case of a Rs. 5 lakh health insurance policy that offers 10% NCB for each year without claims, up to a cap of 50%. 

8. A Place for Preventative Health Checks 

Preventative medical exams, such as those for cardiovascular disease, cancer, MRIs, etc., have also seen price increases. Why not just have your health insurance pay for it when you can get it covered under your policy? There is certainly a way for you to cut costs. It is important to verify the coverage limit of preventative health check-ups while choosing a health insurance policy in India.

Conclusion:

A small additional investment now could pay huge dividends later on. In the event of a medical emergency, having health insurance is crucial. There are a lot of different insurance policies to choose from, so it’s important to know what to look for and what to avoid.