How Do I Compare the Best Health Insurance Companies in India?

Times are changing fast, and the healthcare industry is not immune to this rapid-pace development. The most common trends incorporated by health insurance companies in India are to include more and more people under the health insurance plan and catering to the growing number of consumers. 

Medical inflation has made it impossible for certain sections of society to afford treatment for serious illnesses. Therefore, the best way to protect yourself from the rising costs of healthcare is to invest in a health insurance plan. However, don’t just look at these policies as a way to save tax. There is so much more you can achieve from it if you buy your policy from a reliable service provider. 

In this article, we will share some useful tips that will help you compare the medical policies offered by some of the best health insurance companies in India. 

• Compare them based on co-pay clause

Co-pay is one of the most crucial factors that one needs to consider when buying a healthcare policy. The co-pay clause means that the insured person will have to bear a certain percentage of their total medical bills from their pocket. It is when they pay that amount will they be eligible to apply for claims. It can be anything from 10-30% depending upon the insurance provider. Ideally, it would be best to look for an insurance provider that charges you low or zero co-payment. 

• Know about the deductibles 

Deductibles are also similar, but it is a fixed amount. For instance, if your policy comes with a deductible of Rs. 15,000 and your claim amount is Rs. 25,000, then the insurer will only pay you Rs. 10,000. Therefore, an insurance provider will only start paying once your bill exceeds the deductible limit. You need to check the deductibles component in policies offered by the best health insurance companies in India. It would help if you always chose the insurer that either charges you low deductible or no deductible at all. 

• Room rent limits

Room rent limit varies from one insurance provider to the other. Some insurers set a cap on the room rent by a certain percentage of the sum insured. For instance, if the sum insured is Rs. 2,00,000 and your insurance provider has capped it to 1% of the sum insured, they will only pay up to Rs. 2,000 per day, while there are also insurance providers who may set it to Rs. 4,000 per day. Even though there are other limits to consider when buying a health insurance plan, room rent will make up the lion’s share of your hospital bill. Therefore it is better to choose a service provider that does not put a cap on room rent. 

• Type of insurance policy

You can also compare the best health insurance companies in India based on the type of policies offered by them. Your insurance premium will usually depend on two major factors – age and medical requirements. Young investors have the option to choose from a wide range of products based on their employment status, marital status, and age. Insurance providers offer family floater plans that provide health coverage to all family members for such individuals. You can also look for individual plans if you are a first-time investor. No matter what you choose, you must ensure that the policy adequately covers the needs of all the persons insured and is affordable throughout the policy duration. 

• Network of hospitals

Before you buy a policy, you must also check their network of hospitals where you can avail of the cashless settlement. It can be a useful feature when you need urgent medical treatment and may not have the required funds to pay for it. 

• Insurance Premium

This is an important consideration comparing the best health insurance companies in India. All the reputed insurers, such as Care Health Insurance, have an online premium calculator on their website that allows you to compare different policies against their benefits and premiums. You should use this plan to carefully assess the policy benefits and choose the one that you can afford. 

It would be best if you compare health insurance companies against all these factors and only choose the one that gives you robust coverage for the most affordable premium. 

What are your suggestions for choose the best health insurance companies?

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