How to Choose Best Health Insurance Plan in India

Best Health Insurance Plan

Healthcare insurance is an essential aid in today’s world, where medical care costs are rising steeply with every passing day. A medical crisis like an accident, critical illness or sickness can result in an extended hospital stay that can leave you with a serious financial setback unless you have a comprehensive healthcare policy that can take care of your medical expenses. Nowadays, there are a bunch of health plans available in the market with different coverage and benefits. But when it comes to buying a health policy for your family, you must choose the best health insurance plan available among all the policies. However, with information overflowing, it is hard to land on a single plan and choose the best one for yourself and your family. To solve the problem, this blog will provide you with the relevant information that will help you choose the best health insurance plan.

Key Benefits of a Health Plan

A health plan with its wide coverage ensures you get treated for all the major diseases. Other than this, you will get the following additional benefits:

• Cashless Hospitalisation: Once enrolled in the plan, you are eligible to get the benefit of cashless hospitalisation by showing a health card in the hospital at the time of admission of the insured.

• Tax Benefit: If you are a policyholder, you will get tax exemption on the premium paid for the health policy under section 80D of the Income Tax Act.

• Treatment at the Best Hospitals: Who does not want to get treated at the best hospital? With health policy in place, you can avail medical treatment in top hospitals at affordable cost.

• Protects Your Saving: A medical policy covers your finances against any uncertain and unfortunate medical emergency. It ensures your hard-earned income does not go in vain.

• Peace of Mind: Once you know your medical expenses are taken care of by the insurer, you get relaxed about any medical emergency which could require a good amount of money for treatment.

Factors to Keep in Mind Before Buying a Health Plan

After knowing about the benefits a health plan can give, you must be planning to buy one for your family. But before making this crucial decision, you must go through the following points in order to make a meaningful decision:

• Premium and Sum Insured: You must select a sum insured considering your premium payment capacity, as the higher the coverage, the more the premium payment. You should compare various plans and land on one which can provide you with maximum coverage under your budget.

• Rider Benefit: You should look for the policy, which consists of additional features like riders that you can add to your policy, like accidental cover and critical illness rider.

• Ease of Buying: Nowadays, most of the policies are available online on various sites. You can buy the policy online and can avail the additional benefits attached to it.

• List of Network Hospitals: A policy that has a wide list of network hospitals will help you choose the best hospital for treatment. You must select a policy which has most of the major hospitals under its network.

• Claim Settlement Ratio: The claim settlement ratio is the percentage of the claims settled out of the total number of claims made against the insurer. This ratio shows the reliability of the insurer. You must select an insurer which has a high claim settlement ratio.

• Comparison and Review of the Plan and Insurer: Before making the decision to buy a health policy, you must compare various plans and check reviews of the existing policyholders.

To Sum Up

As compared to a decade ago, there is a sharp increase in unhealthy lifestyles and diseases associated with it. To protect your funds from getting drained in medical treatment, it is better to buy a health policy. You should opt for the best health insurance plan for the family as this investment will provide a safety net to your bank balance. 

Niva Bupa is one of the reputed health insurance companies which offers the best health insurance plan to secure yourself and your family. It offers various benefits under a single policy to help you sail through tough times. You must check their website and explore different plans to choose the one which solves your coverage needs.