After the onset of the coronavirus, the Indian population began to take health insurance more seriously than ever before and today the impact of the pandemic is making people realize that insurance is no longer a priority but a need. Again, among the various health insurance plans, the demand for family health insurance plans has increased in India. Choosing the best health insurance plan for you and your family can be time consuming, but you need to invest the right time in it. Rushing to buy and choose the wrong health insurance plan can be costly for you in the long run.
To secure current health needs as well as those you will likely need at different stages of your life. Here is a 5-step step-by-step guide to help you choose the right health insurance plan for you and your family:
1. Make a list of health insurance plans that interest you
There are many mutuals in India. And most companies offer great health insurance plans. So, first of all, decide what type of health insurance plan you want to purchase and the adequate amount of insurance you need to cover your health needs and those of your family. Now make a list of all the great family health insurance plans from different Indian companies that interest you.
So, once you have a list of the best health insurance plans available in India, think about which medium you prefer to purchase the health plan from. You can buy them online or offline. Most health insurance companies offer online health insurance purchases. You can even buy health insurance offline with the help of health insurance agents, which is still a great option.
2. Compare different types of health insurance plans
Now, if you don’t buy health insurance from third party insurance aggregators that allow you to compare multiple health insurance plans, you need to compare health insurance plans from elsewhere. You need to know the specific differences between health insurance plans to make an informed decision. There are many websites that allow you to compare different health insurance plans. Alternatively, you can use pen and paper to jot down only the features that interest you.
One of the most important factors on the basis of which you purchase a particular health insurance plan is the cost of the plan. So compare too. Also compare things like hospitals in the plan’s network, endorsements that can be added in addition, etc.
3. Compare network hospitals between different health insurance companies
Hospital costs may be lower when you visit a hospital within your insurance company‘s network of hospitals. When you go to hospitals outside of your insurance network, you have to give up things like cashless hospitalization etc.
So if you have a favorite hospital in mind that you know and think it will treat you the best, make sure it is part of your insurer’s hospital network. You can even ask the officials at your favorite hospital directly if they fall under a particular health insurance plan.
If you don’t have a favorite hospital, go for a plan with a large network of hospitals in India and overseas so that you have more choices. A larger network is more important to cover modern and advanced treatments, and if you live in Tier 2 or Tier 3 cities in India, you don’t have more options for choosing a particular hospital there.
So, make sure that the health insurance plan you buy has a good network of hospitals and compare your plan with other plans for this benefit as well.
4. Compare the out-of-pocket expenses between the different plans
Out-of-pocket expenses are expenses incurred for medical treatment that is not covered by your health insurance plan. Out-of-pocket expenses include coinsurance, copayments, deductibles, and all expenses incurred for services that are not covered by your plan. Reimbursable expenses are as important a factor as network hospitals.
The advantage of taking out health insurance is not to pay any amount at the time of hospitalization or the medical requirement. Many plans exclude many costs from insurance. You should therefore know exactly what is covered and what you have to pay out of pocket during hospitalization. The benefit plan summary for each plan should clearly state how much you would have to pay out of pocket for medical services. For example, it becomes even more important for ordinary salaried workers to have comprehensive protection for themselves and their family members to avoid financial burdens and the depletion of savings or investment assets. Therefore, we recommend that you narrow down your choices based on the personal expenses of this step.
5. Compare the benefits you would get from different diets
By now you must have narrowed your options down to a few. To further narrow down your choices, check out the benefit summary and see which plan covers a wider range of services. Check if your preferred plan covers things like physical therapy, mental health care, loyalty bonuses, waiver of premiums, unlimited catering for unrelated illnesses, cumulative bonuses, lifestyle rewards healthy, among others. Make sure your health insurance plan and its benefits are right for you and your family.
Finally, go through the entire comparison table that you made and check the summary of all the plans side by side. Eliminate plans that, on the whole, are no better than other plans. Make sure the health insurance plan you choose covers all necessary medical needs and gives you and your family access to quality health care around the world.
Disclaimer: This is a company press release. No HT journalist is involved in the creation of this content.