9 actionable tips for choosing the best health insurance policy

With medical expenses skyrocketing, buying medical has become a necessity rather than a choice. Whether you are on the lookout for good medical insurance for your family or yourself, finding the right plan is crucial. It brings you end-to-end financial protection while you deal with the medical scenes.

Now here’s the catch: With numerous health insurance plans available—choosing the best health insurance policy can feel like choosing the best perfume out of ten. Worry not! Below are practical tips for finding a good health insurance policy that matches your needs just right.

Tips for finding the best health insurance policy

Medical emergencies are unpredictable, and healthcare costs can drain the savings quickly. A good medical insurance policy covers expenses that pop out of nowhere–from hospitalisation to pre- and post-hospitalisation expenses. Some health insurance policies also cover preventive care, keeping you on the top of the game.

Evaluate your needs

Before you jump into the pool of health insurance policies, take a step back and reflect on your needs–and expectations. Here are certain factors that you need to consider:

• Age and current health condition: While young and healthy people might only require basic coverage, older adults may need a health insurance plan with broader coverage benefits.

• Lifestyle: Habits like smoking, drinking, or high stress might necessitate specialised plans.

• Family needs: Are you buying a family floater plan?  Consider each member's healthcare needs, including pre-existing conditions.

After going through a list of such checkpoints, you will already have narrowed down your options.

Compare coverage

Not all medical insurance policies will offer you the same features. Carefully review what each policy covers and excludes. t. You might want to have inclusions like comprehensive hospitalisation, pre- and post-hospitalisation expenses, daycare, preventive health check-ups, and more such coverage perks in your health insurance plan. However, you might not find them all covered in one policy. Thus, it is crucial to carefully compare different plans, and take the call.

#ProTip: Make a list of all the coverage benefits that you are looking for in a health insurance policy to simplify the hunt.

Look out for sum insured

The sum insured is the maximum amount covered by your health insurance policy. While a higher sum insured offers more coverage, it comes with a higher premium. The sum insured for an individual can differ largely from the sum insured for a family. Moreover, factors such as city of residence and lifestyle habits (smoking, drinking, etc.) can also impact the premium amount. It is advised to take these notes into account and choose the plan that fits the bill without costing much.

Pay attention to add-ons

Add-ons and riders can increase the scope of health insurance policies and eliminate the need for purchasing a new one. Common add-ons include critical illness cover, OPD cover, and maternity cover. Choose riders that meet your unique needs for a well-rounded plan.

Check hospital network

One of the biggest advantages of a good medical insurance policy is access to a wide network of empanelled hospitals, enabling cashless hospitalisation during emergencies. So, when choosing a health coverage, here is what you need to check:

• Does the plan cover top-tier hospitals?

• How many network hospitals are covered in the plan?

• What’s the process of claiming this benefit? Is it easy?

Look out for waiting periods

Most health insurance policies impose a waiting period before specific illnesses or pre-existing conditions are covered. These can range from 2–4 years, depending on the insurer. If you have an existing health condition or plan to expand your family soon, choose a policy with shorter waiting periods for essential benefits.

Compare premiums

It can be tempting to go for the cheapest health insurance plan. However, that may not be a wise move. Health insurance plans with low premiums can save you bucks–but do they secure your future the way you need? Not really. Instead of choosing solely the cost factor, prioritise value. You can compare multiple policies based on factors like coverage, add-ons, sum insured, etc. and buy the one that aligns with your budget while matching your needs.

Assess claim process

A good health insurance policy is more than just the coverage. Without a hassle-free claim process, the whole experience can become sour. That said, look for insurance providers with:

• Fast and fuss-free reimbursement/cashless process

• High claim settlement ratio

• Dedicated customer service

By checking all these boxes off the list, you can access funds promptly during emergencies–which makes all the difference.

Do catch up on exclusions

There could be an instance where you learned that your health insurance plan doesn’t cover a critical illness–and you are to bear all the expenses related to the treatment and medication! Say NO to such scenarios by being vigilant about the exclusions. Common health insurance policy exclusions can include cosmetic procedures, pre-existing diseases during the waiting period, maternity coverage and more. Always read the fine print and clarify all your doubts with the insurance provider to avoid any unwanted ‘surprises’ later.

Final thoughts

Finding the best health insurance policy can seem overwhelming, but the right approach can make the hunt a lot easier. Make sure you have all your needs, expectations, comparisons and budgets. Also, ensure the policy is flexible and covers critical requirements as well. And, do pay attention to the claim process. Look to trusted insurers for a more peaceful experience.