As per data, in India, nearly 500 million people were covered under health insurance security in 2020, where they leveraged the security and support of health insurance plans. However, there still is a fraction of people who think getting a specific health insurance plan was a bad decision or wasn’t worth it. This happens when the health insurance plan one has purchased doesn’t provide a balanced amount of amenities.
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To avoid this, one should always make sure to buy the best health insurance plans available and not get trapped in the foul playing of insurance providers. But before actually buying the best health insurance plan, one should know the factors making a health insurance plan ‘best’! So, here is your quick guide.
Which Plan Is The Best Health Insurance Plan?
The particular answer to this question is the plan that suits your needs and requirements. Yes, you heard this right. No two health insurance plans perfectly suit the definition of being best for two different insurance purchasers. As different people have different financial conditions, chronic or mild disease severity at home, the answer to the “best health insurance plan” is subjective.
But, there are a set of factors that are common to all best health insurance plans. So, here is a list of such factors for you to consider and compare different health insurance plans-
- What All Does It Cover?
To analyze any best health insurance plan available, you must first consider what all the insurance plan is covering. Is it covering chronic illness, accidents, and sudden surgery options? And also, always comprehend beforehand their definitions of accidents and chronic illness.
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According to the IRDA documents, diseases like cancer, heart attack, kidney failure, stroke, etc. are considered chronic but generally, insurance providers’ clauses can be different. So, understand beforehand, what all is considered in chronic health condition clauses.
- Is Customization Available?
One size fits all should never apply to the best health insurance plans. If your insurance provider cannot customize your health insurance plan, settling on already available “one for all” types of amenities reduces your chances of getting maximum benefits from a health insurance plan. One such provider providing customized health insurance plans is Care Health Insurance.
- Does It Provide A Cashless Claim?
This is one of the paramount factors for measuring the efficiency of the best health insurance plans. If your insurance provider doesn’t provide cashless settlements of claims, you would be busy arranging documents, filling up forms, hopping between the insurance provider’s office and hospital, and whatnot! But if the cashless facility is there, your claim will get settled in no time.
- Does It Provide Any Value-Added Services?
These are services that add value to your plans. For example, an app, software, or easily accessible website to look for all details in one place. This mitigates any dependency on the provider’s availability to get insight information.
- What Is The Pre And Post-Hospitalization Expenses Coverage Duration?
Pre-hospitalization and post-hospitalization expenses increase the financial support and efficiency of the health insurance plan. Always understand up to how many days does the plan incurs post-hospitalization expenses.
While searching for the best health insurance plan, you would encounter providers covering 30 days or even 60 days in the post-hospitalization period. So, choose wisely.
- Does It Provide No Claim Bonus?
Some insurance providers also allow you a no-claim bonus that effectively elevates the sum assured in the subsequent renewal of the health insurance plan. These no-claim bonuses can sometimes range between 10-50% for a claim-free year. Therefore, always go for a provider giving you the highest no claim bonus.
Where To Get The Best Health Insurance Plan?
Once you are ready with a list of factors to consider while identifying the best health insurance plan, the next step is finding the plan that stands right on most of the factors. While this might take some time, following a step-by-step approach generally helps. Shortlist the factors based on priority for you, search for providers, have an inquiry session, understand terms and conditions, and make a final decision.