A Comprehensive Guide To Help You Choose The Best Health insurance plan

Having a health insurance policy is the need of the hour. Especially with coronavirus looming over our heads, you need to prepare for any health scare. There are so many compare health insurance plans in the market that it can get a tad confusing to choose the right one for you. Due to the stiff competition, all insurance companies offer various features to give you a comprehensive health insurance plan. But how do you know which features are beneficial to you specifically?

In this blog, we go over the steps which you must take and the factors you must consider to choose your health insurance policy.

1. Choose the Right Platform to Search for Health Insurance Plans 

While you may want to reach out to your friendly agent to present you with health insurance policies, there are better ways. Medical insurance policy is now available online. Buying your health insurance online is a much quicker and hassle-free option. Instead of going to each company’s website and looking at their plans, choose an aggregator website which specialises in insurance policies. If you think buying your term insurance policy online is difficult, it is certainly not so. There are very simple steps to purchasing a policy online. All the websites are safe and secure to perform online transactions. You simply need to fill an online form and fill in the details that the website asks you. If you get stuck somewhere or have any doubts, you can easily call any of the helpline numbers and they will guide you through the entire process patiently.

2. Shortlisting Policies

Here are the factors you must consider when shortlisting policies:

• Right Policy Coverage - Your health plan should secure you and your family from a wide range of health problems. From regular check-ups to critical illnesses, your insurance should cover most of it, if not all. It should provide benefits such as pre and post hospitalization, day-care expenses, transportation, and hereditary illnesses.
• Flexibility – When choosing a family health plan, ensure that the policy allows you to add new members easily.
• Lifetime Renewability – Your health plan must have lifetime renewability. This ensures that you will not be stranded without a health insurance plan later in life. Your aim must be to have a sturdy health cover offering the most benefit in your old-age.
• The co-payment clause –Ensure that the co-payment along with the premiums is less. You wouldn’t want to incur losses instead of savings through an insurance plan. Read the terms and conditions carefully before buying a plan.

• Network Hospital–Choose a policy whose network hospitals are accessible to you. This will save you the trouble of filing a reimbursement claim and making heavy cash payments to the hospital..

3. Compare the Shortlisted Policies:

Once you have selected at least 3-4 policies which fit your requirements, it is time to compare them. While you can compare these policies on your own, some websites offer to do this for you. You can select 3- 4 products at a time and click compare. It will lead you to a comprehensive table which lists all the benefits of your shortlisted policies. You can take your time and choose the best one for you and your family.

4. Do a Background Check of the Insurance Company:

Now that you have finalised your policy, it is time to check the credibility of the insurance company. Choosing a good medical insurance policy is of no use if the company rejects your claims wrongfully. Hence, before making the payment you must ensure that the insurance company has a good market reputation. Here are some factors you can check:

• Claim-Settlement Ratio :Check the insurance company’s credibility. Ask for their claim-settlement score. This number tells you whether the company will be able to afford your claim reimbursements. Find out about their claim processes and how accessible they will be when the need arises.
• Solvency Ratio: The solvency ratio (should be greater than 1.5) tells if the company is going to be bankrupt any time soon. If such happens, they will not be able to reimburse your claims.
• Market Reputation: Ask your peers about the company. Look at the reviews and check their rate of grievance redressal.

If you are satisfied, you can go ahead and choose the final policy. If not, you can start all over again.