Following the coronavirus outbreak, the Indian people took health insurance more seriously than ever and today the impact of the pandemic is making people realize that insurance is no longer a priority but a necessity. Here, too, among various health insurances, the demand for family health insurances in India has increased. Choosing the best health insurance for you and your family can be time consuming, but you need to invest the right amount of time. Buying hastily and choosing the wrong health insurance plan can be costly in the long run.
To meet current health needs and those you are likely to need at different stages of life. Here is a step-by-step guide in 5 steps to help you choose the right health insurance for you and your family:
1. Make a list of the health insurance plans that you are interested in
There are many health insurance companies in India. And most of the companies offer excellent health insurance. So first determine which health insurance you want to take out and what amount of insurance you need to cover yourself and that of your family. Now, make a list of all the great family health insurances from various Indian companies that you are interested in.
So when you have a list of the best health insurance policies available in India, consider which medium you prefer to buy the health insurance plan. You can buy them both online and offline. Most health insurance companies offer to buy health insurance online. You can even get health insurance offline with the help of health insurance companies, which is still a great option.
2. Compare different types of health insurance
Unless you are buying third-party health insurance that allows you to compare multiple health insurance plans, you will have to compare health insurance plans from elsewhere. You have got to know the specific differences between health insurance companies in order to make an informed decision. There are many websites that allow you to compare different health insurances. Alternatively, you can use pen and paper to write down only the functions that are important to you.
One of the most important factors on the basis of which you buy a particular health insurance plan is the cost of the plan. So compare that too. Also compare things like the plan’s network hospitals, drivers that can be added, etc.
3. Compare network hospitals from different health insurance companies
Hospital costs can be lower if you visit a hospital in your insurance company’s network hospitals. When you go to hospitals from your insurance network, you need to do things like cashless hospitalization, etc.
So if you have a preferred hospital in mind that you know and think will treat you best, make sure it falls on your insurer’s hospital network. You can even ask the officials at your preferred hospital directly if they are covered by a particular health insurance policy.
In case you don’t have a preferred hospital, choose a plan with large network hospitals across India and abroad to give you more choice. A more extensive network is more important to cover modern and advanced treatments and if you live in Tier 2 or Tier 3 cities in India as there you no longer have options to choose a specific hospital.
So make sure that the health insurance you bought has good network hospitals and compare your plan with other plans for this benefit as well.
4. Compare the expenses between different plans
The expenses are expenses for medical care that are not covered by your health insurance. The expenses include co-insurance, co-payments, deductibles, and any expenses for services not covered by your plan. The expenses are just as important as the network hospitals.
The whole point of getting health insurance is not to pay any amount at the time of hospitalization or medical need. Many plans exclude many costs from insurance. So you need to know exactly what is covered and what to pay out of your pocket during a hospital stay. The plan summary of benefits for each plan must clearly state how much you would have to pay out of pocket for medical services. It is therefore all the more important for normal employees, for example, to have comprehensive protection for themselves and their family members in order to avoid a burden out of their own pocket and exhaustion of savings or fixed assets. Therefore, we recommend that you narrow your choices based on the expenses in this step.
5. Compare the benefits you would get from different plans
By now, you must have limited your options to a few. To narrow your choices further, go to the Benefits Summary and see which plan covers a wider range of benefits. Check to see if your preferred plan has coverage for things like physical therapy, mental health care, loyalty bonuses, premium waivers, unlimited recovery for unrelated diseases, cumulative bonus boosters, healthy lifestyle rewards, and much more. Make sure your health insurance and benefits are right for you and your family.
Finally, go through the entire comparison table you created and review the summary of all the plans side by side. Eliminate plans that are no better overall than other plans. Make sure the health insurance policy 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.