How To Choose The Best Health Insurance Policy?

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How To Choose The Best Health Insurance Policy?
How To Choose The Best Health Insurance Policy? Will It Honour Claims?
Tapan Singhel - 05 September 2023

First evaluate and consider your healthcare needs, budget, and coverage preferences. Choosing a policy that aligns with your specific requirements is important, given the diverse range of options available in the market today.

Buying a basic health plan at a young age is essential. Investing early ensures lower premiums and broader coverage, as age plays a significant role in premium calculation. Also, starting early allows one to serve waiting periods for specific ailments, thus ensuring comprehensive coverage later in life.

Even if you are covered by an employer’s group health plan, having an individual health cover is essential for continuous protection.

In addition to a basic health insurance plan, buying a top-up plan can be beneficial, too. Many people believe a modest sum insured is sufficient, but the reality of soaring medical costs suggests otherwise. A top-up plan complements the base policy by providing additional coverage above a specified deductible limit. Also note that aligning the top-up policy with the base plan ensures seamless coverage and financial security.

Critical illnesses have become more prevalent in India, and so, critical illness covers are a necessity. These policies, typically, pay a lump sum if the insured is diagnosed with a critical illness listed in the policy. As the list of illnesses covered varies among insurers, reviewing the coverage is very crucial. These policies are very important for individuals with immediate blood relatives who have suffered from life-threatening ailments.

A wellness rider is another valuable addition. This covers doctor and teleconsultation fees, OPD costs, investigation expenses, and preventive health check-ups. The coverage varies among insurers.

However, it is advised to practice utmost good faith when disclosing relevant information to the insurer since concealing crucial facts can lead to a claim rejection. Be honest about your medical history and current health status to harness the full benefits of health insurance, to ensure a seamless claim process.

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