Affordable health insurance policy in India

The cost of medical expenses is increasing day by day. It is always better to have a health insurance policy which will take care of these expenses. You will find that every year the premiums of health insurance policies are increasing. Due to this some of you may think of not taking an insurance policy. But this is one of the worst mistakes that you can make. What you actually need to do is find an affordable health insurance policy. Here are some tips for finding one:

1. Selecting the right company:

There are many companies which claim to provide the best health insurance policy. But before you choose one make sure that you opt for a company which provides good services. Make sure that you check the background of the company. It is important that you check the claim settlement ratio of the company. You must also check their claim method like what procedure has to be followed for submitting the claim.

2. The category of the policy:

For who you are selecting the insurance policy will decide the category. Personal health policy will be fine for a single person. But a family man will have to opt for a policy that covers his spouse and children. For ones old parents you need to opt for a policy that is specifically designed for senior citizens. The sum insured will depend on the city of residence. The insurance for Tier I cities will be costlier as compared to other cities.

3. Check the premium amount:

You must always opt for policies where you get wide coverage at medium premium. You need to check that the policy has the features that you want for yourself and your family. At the same time you must avoid opting for policies which provide extra features that are of no use for you. You will end up paying for these features when you are actually not going to use it.

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4. Hospital Network:

You need to check the hospital network of the insurance providers. You must ideally opt for one which has more number of hospitals that offer cashless facility.

5. The advantage of cashless facility:

Cash problems should not be the reason that you cannot get the best medical facilities. You can take the advantage of cashless facility that is offered by many hospitals for patients who have health insurance policies. You also do not have to go through the hassles of submitting the claim documents and following up for the compensation.

6. Understand the concept of sub-limits:

Sub-limits are usually there on room rent, fees of the doctor etc. If the amount exceeds the sub-limits then you will have to pay from your own pocket. It is therefore important that you opf the policies which has higher sub-limit or ideally no sub-limit.

7. Avoid the co-payment option:

In the co-payment option the policy holder will have to pay a part of the doctor’s bill at the time of claim settlement. Ideally opt for a policy which does not have this type of co-payment clause.

8. Policy with life-long renewal age:

As you grow old the probability of falling sick will be higher. The cost of medical expenses is higher for old people. You therefore need to have a medical insurance which has life ling renewal option. There are many policies which have renewal option limit like say up to 80 years etc. So while selecting the policy check the renewal age option.

9. The pre and post hospitalisation expenses factor:

The norms and conditions for pre and post hospitalisation expenses will be different for different policies. It is normally pre-hospitalisation expenses coverage for 60 days and post hospitalisation expenses coverage for 90 days. Opt for a health policy that offers maximum coverage.

10. Check on the waiting period:

In certain policies there are restrictions or a time frame after which certain services and coverage will get activated. An affordable health insurance policy must ideally have less waiting period.

11. Take the advantage of no claim bonus:

In health insurance if you did not have any claim in the previous year of the policy and you renew the policy with the same insurance company then you get the advantage of no claim bonus. You will get perks like better coverage etc.

So here are some quick guidelines that will help you select affordable health insurance policies:

• Check your requirement
• Check your affordability
• Check the different alternatives that are available
• Compare the cost and features of all the policies
• Choose a plan which will take care of your needs

Health problems and medical emergencies are a part and parcel of our lives. We need to get proper treatment for the same. But the cost of medical expenses is increasing day by day. It is becoming difficult for common man to manage these medical expenses all on his own. It is therefore important to have a health insurance policy. But with so many companies offering so many different policies it can be very difficult to choose the best.

Ideally you need to opt for a affordable policy which provided maximum coverage and features that you need. You must avoid policies with features that you do not need. You need to select policies which cover more hospitals which ideally provide cashless facility.

If you have not opted for a health insurance policy simply because you feel that the premium amount is too much then remember that the hospitalisation and medical costs is much more than what you might have imagined. So not having a insurance policy is not the solution. You must look at different options of getting an affordable health insurance policy which will give you maximum benefits.

Make sure that not just you but your entire family including your parents and children are covered in the insurance policy. Opt for the right category and the right company. You can compare and buy the best policies online.

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