How to Decide Which Health Insurance Plan Is Right for Me?

1. confirm the amount of coverage.

There is typically a cap placed by most insurance companies on the highest amount of coverage that a policyholder can purchase. If you would like a big sum insured, you will need to hunt for a health insurance policy that provides the coverage that meets your requirements. Getting insurance with a face value that is at least six times your annual wage is a decent rule of thumb to follow. If you make 1 lakh Indian rupees per month, you should look for an insurance coverage that has a sum insured of at least 6 lakhs Indian rupees. You ought to also search for additional advantages. If you want to start a family in the next few years, you should make sure that the expenditures associated with maternity leave are covered. Because maternity benefits are subject to significantly lengthier waiting periods, it is imperative that you examine the waiting time before applying for the benefits.

2. investigate the hospitals in the network

It's possible that several health insurance companies have different hospitals in their networks. In an ideal scenario, you should look for a coverage that allows you to make claims without having to pay cash at the most reputable hospitals in your location. In addition to this, you need to check that the hospital of your choice is included on the list. Because of this, the procedure of acquiring the treatment that you want will be significantly simplified.

3. make sure you read all the fine print.

Each and every health insurance plan comes with its own unique set of restrictions and sub-limits. You need to give the policy paperwork a careful go through in order to acquire a clear picture of the amount of coverage you will receive for each treatment or hospitalization. For instance, certain insurance might assist in covering the daily accommodation fee, but only up to a maximum of 2,000 Indian Rupees (INR) each day. At the event that you find yourself in a healthcare facility where the room rent is 4,000 Indian Rupees, you will be required to contribute 2,000 Indian Rupees toward the cost of the room. You should also review the limits of the expenses that are covered before and after hospitalization. There are plans available that provide coverage for only 30 days prior to hospitalization and 60 days after discharge. Others provide a period of sixty and ninety days correspondingly.

4. keep an eye out for other advantages.

Given the relatively high level of competition in the insurance industry, many policies come with a variety of advantages. Some of the most common benefits include the restoration of your sum covered as well as a bonus for not filing a claim. Always check to see if the insurance policy you're considering will cover these perks before committing to buying it. Always be on the lookout for insurance products that can provide you with additional benefits.

5. take a closer look at the clauses regarding exclusions and others

Every insurance plan has its own set of "exclusions," which are specific diagnoses, treatments, or conditions for which it does not provide coverage. Prior to purchasing a plan, you should make it a priority to investigate what aspects of the plan are and are not included. You need to look into whether or not there is a co-pay clause, how much you will have to pay as a co-pay, and the waiting periods that are involved. It would be wonderful if there were shorter waiting periods and a voluntary co-pay.