The best health insurance plans aren’t shrouded in mystery, they are right in front of our eyes if you know what points to look for when looking up the best health insurance plan. As a consumer, you may think that by compare health insurance based on lowest premium would be best as it can help you save some amount on the premium you have to pay; however, that’s always not the best approach, and neither is buying a health insurance policy based on your friend’s recommendation alone.
There are a few crucial factors that make a health plan the best health insurance plan as it gives you more for the premiums you pay. Moreover, other parameters such as the reputation of the insurance service provider, hospital network, coverage, etc. also have a major role to play when choosing a policy either for yourself or your loved ones.
In this article, we will look at these parameters in brief detail to help you buy the best health insurance plan in your budget.
Check the Reputation of the Service Provider
The first thing you would need to do is only stick around with the best service providers out there even before you start shortlisting plans. This will help you weed out any providers that are not up to the mark in terms of solvency, assets held, subscribers serviced, claim settlement ratio, hospital network, etc. As these are crucial to the overall serviceability of your health insurance plan; it’s important to do a thorough comparison of all service providers based on these factors.
Extent of Coverage
Some health insurance plans cover consumables, while some of the others don’t. As consumables form a huge chunk of the overall hospital bill in case of diseases like Covid-19, not having coverage for the same may require you to cover the additional hospital bill yourself. The coverage must be extensive and comprehensive, so as to include costs for consumables, non-consumables, medicines, doctor’s and surgeons fee, cost of surgery, blood, room rent, nursing charges, etc. All-in all, your policy must cover you for all costs incurred on treatment.
The number of hospitals on the insurance service provider’s network isn’t as important as the quality of the hospitals on the roster. Unless a service provider has top tier hospitals in your city as part of their network, including the hospitals within your immediate vicinity, the policy won’t give you the coverage you want for yourself. Having the top hospitals in the network will guarantee cutting-edge medical treatment, while having hospitals in your immediate vicinity under the plan will help you save precious time during an emergency situation.
Deductibles and Co-Payments
Check to see if any deductibles or co-payments are a part of the plan, as both would require to bear a certain percentage of the hospital bill from your pocket. It’s best to avoid these two options, and go for a comprehensive cover that offers complete cashless coverage without you having to spend anything. Even though having a deductible or co-payment option does reduce premiums; some treatments cost a lot and you may end up shelling out a significant amount from your hard-earned savings. So make sure you compare health insurance plans on the basis of deductibles.
A cumulative bonus is given when a policyholder doesn’t file a claim the entire year, and is rewarded with an increase in the amount of sum assured. Meaning, each claim free year could bump up your insurance cover significantly without having to pay extra in premiums.
Free Annual Health Checkups
Health checkups help us stay informed about the general condition of our health helps us in avoiding lifestyle related diseases by implementing changes to how we live. A free annual health checkup benefit being part of the health insurance plan would help you do the same, and you can keep a track of your progress each policy year to remain fit and healthy.
Additional Cover for Critical Illnesses
Critical illnesses take longer to heal and requires extensive hospitalization. Therefore, rendering the policyholder unable to work for a significant period of time. A critical illness benefit comes in handy during such a situation by granting the person a lumpsum amount that can be used to meet living expenses, and expenses incurred on education, health, paying rents, and EMI, etc. while the person can peacefully focus on getting better.
The best health insurance plans will likely have most of these features and should be your go-to policy. Max Life Insurance, one of the leading health insurance service providers have the best health insurance plan that can help you fight inflation, and give you the confidence of leading your life the way you want, i.e., fit and healthy, and if a medical exigency does take place, their policy will have you completely covered so that you don’t have to stress out over meeting treatment costs. So, if you have been looking for a policy, do look them up, and get insured today!