Best Health Insurance Plans
Best Health Insurance Plans In India
Want to secure your family, get adequate medical attention for illnesses without worrying about expenses, and live a stress-free life? All of this can be achieved with the best health insurance plan.
The rising costs of healthcare and the increased susceptibility to illnesses in all age groups have pronounced the need for a good health plan. Securing yourself and your loved ones with the best medical insurance policy have now become a necessity.
A lot of people wonder which medical insurance is best. The answer to this is simple. A policy that caters to your unique needs offers a quick and easy claim settlement process, is backed by a trustworthy and reliable insurance company, and can be bought at cost-effective premiums is what you should be looking at. The best health insurance is the one that offers services and features that come to your rescue in your hour of need without drilling a hole in your pocket.
Why Buy the Best Health Insurance Policy?
The harsh truth of life is that no matter how healthy or active you are, you will require medical treatment or a doctor’s attention at some point in your life.
Given the medical inflation in the country and around the globe, even routine medical tests can today sum up to a significant amount of money. These expenses can be hard to cover on a salary. In extreme cases, you may be forced to use up your savings, meant for other goals, on hospital bills.
Moreover, illnesses are no longer limited to the older generations. The increasing pollution levels, dependency on processed food, and a sedentary lifestyle have led to various kinds of illnesses in people of all ages.
Thankfully, the best health insurance plans in India can solve all of these problems. Health insurance helps you cover the costs of medical treatments, pre and post-hospitalization expenses, ambulance costs, critical illnesses, the cost of medicines or surgery, the costs of organ donation, and a lot more.
Health insurance also offers convenience with benefits like cashless hospitalization at network hospitals. In addition to this, you can use your health insurance policy to save money too. Not only does insurance secure you against medical expenses, but it also enables tax savings under Section 80D of the Income Tax Act, 1961.
The three health insurance variants of the Tata AIG MediCare Plan – MediCare, MediCare Premium and MediCare Protect can cater to all of your unique needs and requirements. These three plans are some of the best medical insurance plans in the market and protect you and your family members with a comprehensive set of features.
With the best mediclaim plan by your side, you can avail the best medical care in the country and cover the costs of specialized medical treatments too.
How to Choose the Best Health Insurance Policy?
To know which medical insurance is best, you must check certain factors. Here are some points to keep an eye on when selecting the best mediclaim policy:
Choose an adequate sum insured amount
The sum insured is the insurance cover that you can claim to cover a medical expense. A high sum assured may result in a high premium and vice versa. However, that should not come in the way of picking a big insurance amount.
Keep in mind that the sum assured should be enough to cover varied types of medical costs. Hence, assess your medical needs, past health, existing illnesses, medical inflation, etc. and then pick a suitable amount.
Choose the right coverage type
The best medical insurance plans are those that offer you coverage that aligns with your requirements. For instance, senior citizens may require higher coverage due to multiple age-related health issues. Likewise, women may require a maternity cover.
Further, if you want to secure your entire family, opting for a family health insurance policy can be more beneficial for you. This will offer you adequate coverage and turn out to be more cost-effective than purchasing individual plans.
When picking out a health plan, make sure to analyze your individual needs and then pick an appropriate cover.
Check the flexibility to increase the total amount you are insured for
Your requirements are bound to change with time. You may have bought a health insurance plan a few years ago but can find it insufficient now. Hence, it is important to choose a health plan that offers you the flexibility to make changes with time.
For instance, TATA AIG Health Insurance offers a No Claim Bonus that provides you with a cumulative bonus if you do not make any claim in a single year. This increases your sum assured without an increase in your premium. In addition to this, you can also use the super top-up option to enhance the coverage of your existing health insurance policy.
Check the pre-existing disease waiting period
Apart from accidental claims, all health insurance plans have a waiting period. This is the minimum amount of time after buying a policy where you cannot raise a claim or use the insurance money for treatment of a non-accidental health concern.
In the case of pre-existing illnesses, the waiting period can range between 2 and 5 years. Before you choose a health plan, do check the waiting period it comes with.
Check the maximum renewal age
This is the age up to which you can keep renewing your health insurance plan. In most cases, the maximum renewable age can be up to the age of 65 years.
However, some insurers offer lifetime renewals too. Find out the maximum renewal age beforehand to enjoy a seamless renewal process.
Pick an insurer with a high claim settlement ratio
The best health insurance providers stand tall in the crowd with a high claim settlement ratio to back them. A favorable claim settlement ratio indicates the company’s ability to settle claims.
The higher the number, the lower are the chances of your claim being rejected.
Smooth claim settlement process
Raising a claim can be an overwhelming process. Firstly, because your mind is already occupied by a medical emergency. And secondly, because money matters, especially big insurance claims, can be stressful.
This is why it is vital to opt for an insurer that offers a convenient and straightforward claim settlement procedure. The best health insurance companies are those that are able to provide a quick and hassle-free claim settlement procedure with minimal documentation.
So, look for an insurer that offers a low turnaround time, easily approachable customer service, and an overall smooth customer experience.
Opt for cashless hospitalization
Cashless hospitalization enables you to avail of hospital services without paying for the costs upfront.
Under this feature, you do not have to submit any hospital bills to the insurance company in order to claim a settlement. Instead, the hospital directly deals with the insurer. All you need to do is walk up to a network hospital and share your policy number with the authorities.
Do not forget to check the premium
The premium plays a pivotal role while selecting a health insurance plan. Before you choose a health policy, compare different plans, their features, and costs. Instead of looking for a low premium, look for a cost-effective premium that offers adequate coverage. Do a comparative study of the features versus the cost, and then pick a plan.
Read the exclusions
Health insurance does not cover all types of medical procedures. Some common exclusion includes plastic or cosmetic surgery unless it is a part of medically necessary treatment, sanatorium treatment, rehabilitation measures, experimental and unproven treatments, etc.
Health insurance also does not include non-medical expenses like items of personal comforts, such as television, phone charges, etc., doctor’s fees charged by a medical practitioner who is a relative of the insured person, etc. Check the list of exclusions to avoid issues later.
Add-on rider/critical illness rider/accidental rider
Riders enhance your policy coverage and make it more comprehensive. Do check the different riders and their premiums while purchasing a health plan. See if they are of use to you and if they fit your budget. The answer to which is the best health insurance policy lies in the points mentioned above. It is advisable to take out some time and go through them thoroughly to pick the best health insurance.
How to Pick the Best Healthcare Insurance Plan for You?
Everyone has a distinct set of requirements which is why the best health insurance plan can differ for different people. If you are not sure how to pick the best health insurance policy, you can follow the guide given below:
If you are young or single
If you are young or single, an individual health insurance plan can be ideal for you. The best individual health insurance will cover your medical expenses only and no other individual.
Moreover, people in their youth are comparatively less likely to fall ill or require medical assistance. Hence, the premium will be comparatively low as insurance companies generally charge a smaller fee from young individuals.
An individual health plan can offer you adequate coverage during this phase of life. But you might have to upgrade to a different plan as you grow older, get married, or have children.
If you have been recently married
If you have been recently married, you may likely have an additional financial responsibility for your spouse. In such a case, you can opt for a family floater health plan.
Family floater plans are one of the best medical insurance policies. These plans cover you and your spouse under the same policy. All people insured under the plan can claim the insurance cover. However, instead of paying a premium for individual policies, you pay only a single premium.
This helps you save money, manage your insurance plan with greater ease, and live a stress-free life knowing you are both covered with sufficient insurance coverage.
If you are married and have kids
If you are married with kids, you should again choose a family floater health plan. Such a plan will cover you, your spouse, and your dependent children.
Children can be vulnerable to falling ill. Although the severity of illnesses is low in kids, even routine check-ups and mild health concerns can be expensive in today’s times. Family floater plans can provide wholesome coverage that is ideal for covering the medical expenses of children as well as adults.
You will pay a single premium for cumulative insurance coverage. In addition to this, it would be easier to manage one policy as opposed to managing multiple plans for every member of the family.
If you are married with or without kids but have dependent parents to care for: As your parents grow old, they might depend on you for their financial and medical needs. In this case, you can either buy a parents health insurance plan.
However, you will have to monitor and remember the details of their health insurance, your health insurance, and that of your spouse and children. This can be extremely time consuming and also result in increased expenditure. Moreover, you may forget the policy renewal dates or premium payment dates and risk losing the insurance.
A more efficient option in such a scenario is to buy a combined plan for you, your spouse, your children, and your parents. You can pick a family floater policy that covers all members of your family.
If you are looking for a coverage boost only
Sometimes, what you are looking for is not a new health policy but an increase in the coverage of your existing plan. Changing lifestyles, medical inflation, age, health concerns, etc., may render your current health insurance plan inadequate.
In this case, you can either buy a new insurance plan or opt for a super top-up on your existing plan. Buying a new plan can be cumbersome, but a super top-up is a lot more convenient and quick. A super top-up is an affordable way to revamp your health insurance policy and enjoy enhanced coverage.
Make sure to analyze all your requirements, your age, the number of members in your family and their ages, and then select the best health policy that meets all of your requirements.
Benefits of Having the Best Health Insurance Policy in India
There are plenty of health insurance benefits. The best individual health insurance, as well as family floater plans, offer the following features:
Cashless treatment: The best health policy provides the ease and convenience of cashless treatment at network hospitals. This ensures a smooth and seamless process. You can avail of immediate medical care without having to produce insurance papers or hospital bills.
Daily allowance: The best mediclaim policy can offer a daily allowance on hospitalization. Under this benefit, you receive a fixed allowance every day that you are hospitalized to cover the costs of medicines or other health-related expenses. The daily allowance is given over and above the sum assured and can be helpful in many ways.
Tax benefits: Understanding your Health Insurance Tax Benefits is key to component on how to save on Taxes this is a built in feature among the best medical insurance plans. As per the provisions of [Section 80 D]https://www.tataaig.com/knowledge-center/health-insurance/health-insurance-tax-benefits-section-80-d) of the Income Tax Ac, 1961, you can claim a tax deduction on the premium paid for a health insurance plan for yourself, your spouse, your dependent children, or your dependent parents. You can claim a total of up to Rs. 1,00,000 for a plan for yourself, spouse, dependent children, or dependent parents, depending on the ages of all insured persons.
Critical illness cover: A critical illness can require more financial support than other health issues. This is why it is important to pick the best mediclaim critical illness insurance. These plans cover the unique financial challenges posed by a life-threatening disease, such as cancer, heart attack, renal failure, etc.
Avail allied benefits: These are additional services that are usually absent in health insurance plans. For example, health check-ups, advice from nutritionists, super top-ups options, discounts like the No Claim Bonus, etc. These benefits can strengthen your insurance policy coverage and secure you against diverse kinds of costs.
Frequently Asked Question
1. What are the common exclusions under health insurance plans?
Here are common exclusions under health insurance:
Plastic or cosmetic surgery unless it is a part of medically necessary treatment certified by the attending medical practitioner
Rest cure, sanatorium treatment, rehabilitation measures, private duty nursing, respite care, long-term nursing care or custodial care.
Preventive care and vaccination
Hospitalization for enteral feedings
Experimental and unproven treatments,
Rotational Field Quantum Magnetic Resonance (RFQMR)
External Counter Pulsation (ECP)
Enhanced External Counter Pulsation (EECP)
Hyperbaric Oxygen Therapy
Charges incurred on diagnostic, X-ray or laboratory examinations not consistent with the primary diagnosis and treatment
Expenses incurred on items of personal comfort like television, telephone, internet, cosmetics, hygiene and body care products, barber or beauty service, guest service, etc.
Treatment by a medical practitioner which is outside their discipline
Fees charged by a medical practitioner sharing the same residence as the insured person or by an immediate relative of the insured person
2. Do health insurance plans cover healthcare expenses related to COVID-19?
Yes, health insurance plans cover the medical expenses related to or arising out of Covid-19.
3. How do I choose the best medical health insurance plan?
Pay attention to aspects of the policy’s premium, coverage, add-on options, exclusions, renewal process, etc., while selecting a plan. Additional benefits like cashless hospitalization and short waiting periods can also help you choose the best medical health insurance. Another important thing to check is the insurance company’s reputation and claim settlement ratio.
4. What are the four types of health insurance?
Here are the different types of health insurance plans:
- Individual health insurance
- Family floater health insurance
- Senior citizen health insurance
- Super Top-up health insurance
5. Which is the best medical policy?
The best medical policy is one that offers comprehensive and wholesome coverage at cost-effective premiums.