The cost of healthcare has been escalating over the last few years. It has pushed people in their twenties and thirties to look for alternatives to help them cover the costs without paying the expenses in a lump sum. One of the best options for them is to have a comprehensive health insurance plan.
It is one of the most neglected insurance types in India. People here believe that they are unlikely to get seriously sick in their lifetimes and would end up wasting the premium they pay. But emergencies are seldom called for and knock on doors when you least expect them.
The pandemic was an eye-opener and emphasized the importance of having health insurance coverage. It has propelled a rise in people looking to have health coverage for themselves and their families.
This article discusses the benefits and factors to take into consideration while looking for the best comprehensive health insurance plan in India.
What is health insurance?
As per a Statista report, health insurance policy coverage in India has been on the rise in the last few years. While most people are subscribed to government-sponsored schemes, individual and group business-based ones are seeing increased traction.
A comprehensive health insurance plan is a type of medical insurance cover that includes medical expenses arising out of an illness. It includes costs related to the treatment, such as medicines, doctor consultation, and hospitalization.
Benefits of Having a Comprehensive Health Insurance Plan
Here are the benefits of having a comprehensive health insurance plan –
- It provides all-around protection, such as accidents and critical illness, and all other kinds of health issues.
- Comprehensive health insurance covers both known and unknown issues that may be a health risk.
- It covers all medical expenses, such as OPD treatments, ambulance cover, pre-hospitalisation, surgery, medicines, and post-hospitalisation care.
- A comprehensive health plan pays you an allowance to cover sundry expenses related to hospitalisation.
- You are eligible to avail of free preventive care, such as annual complementary health check-ups.
- It pays out 100% of the sum assured in the event of a fatal accident to ensure you don’t run into a financial crisis.
Factors to Look for While Choosing the Best Comprehensive Health Insurance Policy
Here are some of the factors to look at while selecting the best comprehensive health insurance plan for you–
Every individual’s health varies. So it is imperative for you to choose a health plan that provides sufficient coverage and includes all the necessary elements, such as pre-and post-hospitalization, transport, daycare, and others. If you are buying it for a family, keep in mind the health requirements of all the individuals and choose an insured amount accordingly.
Health insurances come in different variants, and each of those provides a specific coverage type. In most cases, you can choose between individual health plans, family floater plans, disease-specific plans, critical illness plans, and senior citizen plans, depending on what you are trying to cover.
In most cases, health insurance comes with a waiting period during which the insured cannot raise claims against it. Therefore, look for policies that offer an acceptable waiting period.
Maximum Renewal Age
While choosing the requisite comprehensive health insurance, look for health policies offering maximum renewal age (lifetime, if possible). Given that the chances of suffering increase as you grow older, it is imperative to look for renewable policies.
Claim Settlement Ratio
Claim settlement ratio is another key factor while looking for the best comprehensive health insurance plan for you. It is a measure of the reliability of the insurer to settle a claim. Look for an insurer with a consistent record of over 95% settlement for five years.
Cashless hospitalization is a facility you can avail of across hospitals, depending on the tie-ups that the insurer has with them. Here, the hospital expenses would be borne by the insurer directly. So look for a plan that offers the broadest cashless hospitalization network.
You never know the kind of health issues that you or your family may suffer from. So it is requisite to choose an insurer with the broadest range of critical illnesses covered.
While many people are reluctant to pay health insurance premiums, it is imperative to understand that even those with the highest annual premium will cost you less than incurring hospital expenses. So look for a policy that offers you the best coverage at a low premium.
Real-world reviews are always a great way to understand the efficiency of a health insurance provider. Going through the reviews would allow you to understand the pros and cons attached to each provider. In addition, it would also ensure that you minimize the risk of non-claim settlement by opting for an insurer with a proven history.
Health Insurance Exclusions
Health insurance exclusions are one of the most neglected aspects while looking for the best comprehensive health insurance plans. In most cases, these plans do not cover illnesses like hernia, sinusitis, cosmetic procedures, and cataract.
Get the Best Comprehensive Health Insurance Policy with Vital
While looking for the best comprehensive health policy, it is imperative to consider all the requisite factors attached with it. Also, it is vital to remember to review it periodically to ensure it is in alignment with your needs.
Having a health insurance plan is non-negotiable. Choosing the best comprehensive health insurance policy would ensure ample coverage for your family and help you move forward in life.
At Vital, we offer a next-generation platform specializing in personalized and pocket-friendly health plans allowing you to get the best coverage at the most reasonable rates. Click here to explore the world of best comprehensive health policy options with Vital.