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Tips To Choose The Best Health Insurance

  • Author :
  • TATA AIG Team
  • Published on :
  • 30/01/2024
  • 2 min read

Dealing with unexpected medical emergencies or sudden hospitalisations can raise major financial problems due to the rising cost of healthcare services in the country. At this point, having a suitable health insurance policy becomes more important than ever.

Having an unreliable policy is as good as having no insurance. In other words, a medical insurance plan should be chosen carefully to make the most of it.

We have designed this blog to help you choose the best medical insurance in India. Keep reading for some effective tips. .

How to Choose the Best Health Insurance Policy in India?

There are hundreds of health insurance providers out there. But not all of them are true to their promises. Below are some tips that will help you identify the best medical insurance policy for you and your family:

Identify Your Requirements and Budget

One of the most common mistakes made by people purchasing health insurance for the first time is buying a policy randomly without even knowing their requirements. Results? They later realise that the coverage is not sufficient for them and force themselves into buying another policy.

This wastes a lot of time and money. Hence, it is very important to make this decision mindfully after identifying your requirements and budget.

Understand Inclusions and Exclusions

Every health insurance plan comes with its own set of inclusions and exclusions. Inclusions refers to the conditions that are covered by the policy, while exclusions are the scenarios that are excluded from the coverage.

Based on your needs, select health insurance that has an extensive list of inclusions. This will ensure an all round coverage under maximum scenarios.

Work with Reliable Insurer

If there is only one tip for purchasing a health insurance plan, it is this one. Working with an insurance provider like Tata AIG ensures extensive coverage and a successful claims settlement.

On the contrary, purchasing a policy from a random insurer can add to your financial burden. So, do not choose your insurance company in a hurry. Also, avoid getting lured by clever marketing tactics and offerts that seem to be too good to be true. These fake promises are just to scam innocent people.

Go for Higher Claims Settlement Ratio

Claims settlement ratio is a direct reflection of the number of claims settled by the company against the total number of insurance claims it received. This ratio tells a lot about the medical insurance company.

A higher CSR means you can rely on the company. On the other hand, consider a lower CSR a red flag. Stay away from such companies.

Select the Right Sum Insured

Selecting the right sum insured is one of the most critical decisions to make when buying a policy. It refers to the maximum amount your insurance provider promises to give you when you raise a claim as per the policy terms.

To select the right amount, consider various factors such as your age, health condition, earnings, and the healthcare cost in your area. Go for an amount that can efficiently cover your emergency medical expenses, treatments, hospitalisation bills.

Look for Easily Accessible Network Facilities

The reputed insurance providers in the country, including Tata AIG have thousands of network facilities where you can get cashless treatment in events of emergency.

It means you can get treatment without spending anything from your pocket. Your bills will be directly settled by the insurer. This is a highly convenient facility that allows you to get high-quality treatment readily.

Compare Multiple Policies

Every person has different coverage requirements and budget. The best way to get desired coverage without exceeding your budget is to compare multiple policies from multiple providers.

When comparing medical insurance plans, take into account several factors like type of coverage, claims settlement ratio, premiums, etc.

Ask for Customisation

Ask your insurance provider if they offer customised health insurance policies. This is probably the best way to buy health insurance. You can get desired coverage as per your specific needs and risk profile.

Select Plans with Lower PED Waiting Period

Insurance companies have a specified waiting period until which you can not make claims for pre-existing diseases. If you want the most benefits from your insurance policy, then opt for a policy with a lower waiting period.

Choose Premiums and Deductibles Carefully

When buying a medical insurance plan, opt for premiums and deductibles according to your affordability. Premium refers to the amount you pay monthly to the insurer towards your plan, while the deductibles refers to the out-of-pocket expense you make when dealing with the emergency situations.

Both of these amounts are inversely proportional to each other. It means, the higher the premiums, the lower will be your deductibles and vice-versa. If you have a limited budget, then it is advisable to opt for higher deductibles.

Go for Family Floater Plans

Another tip for purchasing a health insurance policy is to go with a family floater plan over individual policies. The family floater plans offer coverage for different members of your family such as self, spouse, parents and dependent children.

Having a single plan for the entire family is not only easier to manage but is also cost-effective as compared to individual health insurance policies.

Take a Look on Add-ons

Further, another tip while purchasing a medical insurance policy is to pay attention to add-ons. These aim to offer additional coverage to the policyholders.

But to get these add-ons, you need to pay an additional amount, which can add to your overall expenses. Note that choosing an add-on is a voluntary decision. You can choose them based on your budget and necessities.

Final Words

A health insurance plan is an important part of financial management. Hence, it should not be ignored. It allows you to handle unexpected health-related expenses without facing financial challenges. Besides, medical insurance with benefits like cashless claims facilities also allows you to get high-quality treatment from experienced health care professionals.

We have mentioned the most useful medical insurance tips to keep in mind when buying the best health insurance policy. All you need to do is follow them.

Alternatively, buy health insurance online from Tata AIG.

As a trusted health insurance provider, we meet all the requirements you look for in an insurance company. Be it extensive coverage or perks like no-claims bonus, affordable premiums, higher claims settlement ratio, and more. Contact us to compare health insurance and buy the best policy for your requirements!

FAQS

Can I purchase a health insurance plan online or offline?

You can purchase a medical insurance policy either online or offline depending on your insurance provider. However, buying an insurance policy online is highly convenient and you can explore more options to select the right one as per your needs.

What if I do not make a health insurance claim?

If you do not make a health insurance claim within the policy tenure, then you might be eligible to get no-claims bonuses. These often come in the form of discounts on policy renewals, lower premium rates, etc.

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Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

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