Essential Insights Before Purchasing a Health Insurance Policy
In the pursuit of finding the best health insurance plan for your family in India, several key factors should be considered to ensure comprehensive coverage, affordability, and convenience.
Firstly, the coverage amount is crucial. It should be sufficient to cater to your family's potential medical expenses, taking into account factors such as age, income, and health risks.
Next, it's essential to scrutinise the inclusions and exclusions of the plan. This includes medical treatments, pre- and post-hospitalisation expenses, daycare procedures, AYUSH treatments, and diseases that are covered. Sub-limits like room rent or ICU charges that cap reimbursements should also be noted.
When evaluating plans, it's important to consider those that cover pre-existing illnesses after a reasonable waiting period relevant to your family’s health history. Network hospitals and cashless facilities within your location can ease financial and procedural burdens.
High claim settlement ratios and good customer support indicate reliability and ease during claims. Additional benefits like no co-payment, restoration of sum insured, coverage for senior citizens, air ambulance, and lifelong renewability add significant value.
Premium costs balanced against coverage and your budget are critical, along with flexibility in renewals and policy term. Most health insurance premiums offer tax benefits under Indian law, which is an important financial consideration.
It's important to find a plan that balances comprehensive coverage, affordability, and convenience aligned with your family’s health profile and financial capacity. Plans like HDFC ERGO Optima Secure and Care Supreme are examples offering strong benefits for families in 2025.
Age is a crucial factor in determining the cost of a family floater health insurance policy, with the premium depending on the age of the eldest family member. Some health insurance plans have age limits, while others have no restrictions.
The discount offered by insurance companies for claim-free years is known as No-Claim-Bonus (NCB). It's essential to consider the right combination of premium and coverage, ensuring adequate coverage without compromising on benefits and at an affordable premium.
Preventive health check-ups, including cardiovascular diseases, cancer screenings, MRIs, etc., can be covered under a health insurance policy, potentially saving policyholders money. However, it's important to check the coverage limit of preventive health check-ups while deciding upon a medical insurance policy.
The co-payment clause is another important factor to consider. This is the percentage of the claim amount that the policyholder must pay, with the rest paid by the insurer. It's essential to check for this clause before purchasing a health insurance policy.
Maternity expenses should also be considered when purchasing a policy, and health plans that provide pre and post-hospitalisation coverage for expenses such as ambulance charges, medical tests, medicines, and doctor fees are beneficial.
Lastly, the waiting period clause is essential to understand; insurers will not accept claims for pre-existing or specific illnesses during this period, which can range from 24 to 48 months. Cashless hospitalization benefits offered by health insurance companies allow for direct payment to hospitals and save policyholders from tedious paperwork.
In conclusion, researching and comparing plans, customising them, and purchasing health insurance from top insurers can be done easily and conveniently through platforms like ETInsure in a few taps.
In the process of investigating suitable health insurance for your family in India, it's crucial to examine the insurance coverage, focusing on sciences like medicine and AYUSH treatments, along with health-and-wellness procedures such as daycare and maternity services. Additionally, considering preventive health check-ups and their coverage limits can potentially help save on expenses.
