To keep up with good health, people exercise, meditate, maintain a balanced diet, and much more. And, undoubtedly, it helps reduce stress and the chances of catching diseases, but doesn’t make you disease-proof. Even a healthy individual is vulnerable to lifestyle diseases such as high/low blood pressure, heart problem, diabetes, or acute disease in their lifetime. And, if the medical condition complicates, it might involve a huge treatment cost. Therefore, irrespective of your current health status, it is wise to stay covered under one of the best medical insurance in India, securing your finances and health!
For maximum benefits, it is imperative to choose a medical insurance plan wisely. However, as a beginner, it might get confusing to choose from several medical insurance plans available in the market. Therefore, to help you decide, we’ve collated a few important aspects to consider before buying medical insurance in India.
- Type of Medical Insurance
As there are different types of medical insurance plans available, it is advisable to analyze your needs and then choose an insurance policy suiting your needs the best way. For instance, if you have your spouse, children, and aged parents in your family, you can opt for a family floater plan and separate insurance plans for your parents to have adequate coverage for every family member.
Broadly, there are three types of medical insurance in India:
- Individual Medical insurance
- Family Floater Medical Insurance Plan
- Senior Citizen Medical Insurance
- Right Assured Amount
While buying medical insurance in India, choosing the right assured amount is one of the most critical aspects to consider. Though it might be quite challenging to estimate the exact coverage you would need, you can decide based on your current health status, pre-existing illness, current age, number of dependents, etc.
It is preferable to compare benefits offered and premium amount across a number of insurers and choose one offering maximum benefits at an economical price. However, it is wise to not compromise on benefits or coverage for a lower premium amount as getting underinsured might leave you with inadequate coverage.
- Cashless Treatment
It is advisable to check if the insurer provides the benefit of cashless treatment. Under this, the insurer settles the medical bill directly with the hospital, and you need not worry about the claim settlement formalities and procedure.
- No Claim Bonus
If you do not apply for the claim in the first few years after buying medical insurance, a few insurers might offer discounts and bonuses, and no claim bonus is one of a kind. Under this, the insurer offers a discount while renewing the policy.
- Lifetime Renewability
Preferably, look for medical insurance in India that offers lifetime renewability as there are higher chances of catching diseases in old age compared to young age. Therefore, it is advisable to stay covered under medical insurance throughout your life and keep your finances safe.
- Adequate Coverage
Medical insurance should provide adequate coverage, meaning, it should cover:
- Pre and post hospitalization Expenses
- Inpatient treatment
- Domiciliary treatment
- Consumable expenses
- AYUSH Treatment
In addition, buying medical insurance also offers tax benefits on premium payment under Income Tax Act, 1961. This could also help you manage your finances wisely.
- Rider Options
A basic medical insurance plan might not cover all types of diseases or medical events. Therefore, to widen the coverage of your basic medical insurance plan, you can look for different rider options and compare their cost across different insurance providers. A few common rider options are:
- Critical Illness Cover
- Room Rent Waiver
- Personal Accident Cover
After considering all the aspects mentioned above, you are set to buy medical insurance in India. However, before finalizing your medical insurance, it is important to check the credibility of the chosen insurance provider. It is advisable to buy a medical insurance plan from a reputable insurance provider such as Care Health Insurance, which has a competitive claim settlement ratio and offers exceptional customer support. In addition, depending on your health insurance plan and financial capacity, they offer the maximum benefits and services (like speedy claim settlement) possible, making them one of the reliable insurance providers in India.