A step-by-step guide to choosing the right health insurance plan
After the onset of Coronavirus, the Indian populace began to take health insurance more seriously than ever and today the impact of the pandemic is making people realize that insurance is no more a priority but a necessity. Again, among different health insurance plans, the demand for family health insurance plans have risen in India. Choosing the best health insurance plan for you and your family can be time-intensive, but you got to invest the right amount of time into it. Rushing to buy and picking the wrong health insurance plan can be costly for you in the long run.
To secure the current health needs and also the ones you are likely to require at different stages of your life. Here’s a step-by-step 5 step guide to help you choose the right health insurance plan for you and your family:
1. Make a list of health insurance plans you are interested in
There are many health insurance companies in India. And most companies offer excellent health insurance plans. So, firstly, fixate the kind of health insurance plan you want to buy and the adequate sum insured you need to cover yourself and your family’s healthcare needs. Now, make a list of all the great family health insurance plans from different Indian companies you are interested in.
So, once you have a list of the best health insurance plans available in India, consider which medium you would prefer to buy the health plan. You can either buy them online as well as offline. Most health insurance companies offer health insurance buying online. You can even buy health insurance offline with the help of health insurance agents, which is still one great option.
2. Compare different types of health insurance plans
Now, if you aren’t buying health insurance from third-party insurance aggregators that let you compare multiple health insurance plans, you got to compare the health insurance plans from somewhere else. You got to know the specific differences between health insurance plans to make an informed decision. Many websites let you compare different health insurance plans. Alternatively, you can use pen and paper to note down only the features that matter to you.
One of the most important factors based on which you will be buying a particular health insurance plan is the plan’s cost. So, compare that as well. Also, compare things like the plan’s network hospitals, riders that can be added additionally, etc.
3. Compare network hospitals between different health insurance companies
Hospitalization costs may be lower when you go to a hospital in your insurance company’s network hospitals. When you go to hospitals out of your insurer network, you have to let go of things like cashless hospitalization, etc.
So, if you have a preferred hospital in mind that you are aware of and think will treat you the best, make sure that falls within your insurer’s network hospitals. You can even directly ask officials at your preferred hospital if they fall in a particular health insurance plan.
In case you don’t have a preferred hospital, go for a plan with huge network hospitals present across India and Abroad so that you have more choices. A more extensive network is more important to cover modern and advance treatments, and if you live in tier-2 or tier-3 cities in India as you do not have more options in choosing a particular hospital there.
So, make sure that the health insurance plan you buy has good network hospitals and compare your plan with other plans as well for this benefit.
4. Compare the out-of-pocket expenses between different plans
The out-of-pocket expenses are expenses made towards medical care that is not covered under your health insurance plan. Out-of-pocket expenses include coinsurance, copayments, deductibles, and all expenses made towards services that are not covered under your plan. The out-of-pocket costs are a factor as important as the network hospitals.
The whole point of buying health insurance is not to pay any amount at the time of hospitalization or medical requirement. Many plans exclude many costs out from the insurance. So you have to know exactly what all is covered and what you have to pay out of your pocket during hospitalization. The plan summary of each plan’s benefits must clearly state how much you would have to pay out of your pocket for medical services. For instance, it becomes even more important for ordinary salaried class workers to have a comprehensive protection for themselves and their family members to avoid any out of pocket strain and depletion of saving or investment assets. Hence, we would recommend you to narrow down your choices based on the out-of-pocket expenses in this step.
5. Compare benefits you would get from different plans
By now, you must have narrowed down your options to just a few. To further narrow your choices down, go to the summary of benefits and see which plan covers a broader scope of services. Check if your preferred plan has coverage for things like physical therapy, mental health care, loyalty bonus, premium waiver, unlimited restoration for unrelated illnesses, cumulative bonus booster, rewards for healthy lifestyle amongst several others. Make sure that your health insurance plan and its benefits are suited to you and your family.
Finally, go through the entire comparison table you have made and check the summary of all the plans side by side. Eliminate plans that are overall not better than other plans. Make sure that the health insurance plan you choose covers all the necessary medical needs and gives you and your family access to quality healthcare worldwide.
Disclaimer: This is a company press release. No HT journalist is involved in creation of this content.