Health Insurance Plans: Which is the Best Health Insurance Plan to Have? 

Sickness can knock on your door at any time, and as if that isn’t bad enough, medicines and treatments costs and miscellaneous hospital bills only add to the problem. The only way out is health insurance plans, or else you might fall prey to significant financial losses and even debt. However, there are several aspects of health insurance, and it is important to understand each one before purchasing a policy. Here is everything you should know. 

What are Health Insurance Plans? 

Health insurance plans offer policyholders a coverage amount, also known as sum insured, that offers financial protection in times of medical emergencies. Everyone, including you, your spouse, children, or parents, can claim health insurance at any given time during the policy period. The insurance providers take care of all your medical bills, treatments, and costs while you focus on your health. However, there is a specific premium amount that policyholders need to pay to avail these benefits. 

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The Benefits of Investing in Health Insurance

Besides securing your finances, health, and future, health insurance plans come with more benefits like: 

• Protection from rising medical costs
• Comprehensive financial coverage
• Safeguards your loved ones
• Tax exemption
• Safety against lifestyle-induced diseases 
• Provides sufficient financial backup 
• Better financial planning 

Types of Health Insurance Plans Available to Policy Buyers

The health insurance sector has expanded significantly recently, leading to an increase in the variety of policies available today. However, here are some of the most popular health insurance plans:

• Individual Health Insurance – Individual policies cover expenses such as hospitalization, illness, injuries, medical treatments, and more for only the individual the plan is issued to. 

• Family Plans – A family health plan is almost the same as an individual policy. The only difference being that family plans cover medical expenses for the entire family at an affordable premium, rather than just one individual. 

• Critical Illness Health Plans – As evident by its name, critical illness health insurance plans specifically cater to individuals suffering from critical medical conditions such as cancer, transplant, stroke, and cardiovascular disease. Buying this policy can save you loads of money as it pays a predetermined amount for treatment if you are ever diagnosed with such conditions. 
• Senior Citizen Health Insurance – Senior citizen health policies are created for individuals above the age of 61 years. Such policies cover the costs for all age-related diseases, conditions, and medical expenses. Moreover, they include customized benefits, making them the perfect choice for seniors. 

How to Choose the Best Health Insurance? 

The Max New York Life Survey on India Financial Protection showed that even though the population’s insurance awareness is at a high of 78%, insurance ownership is still low at 24% – making health insurance investment a pressing priority in India.

When talking about choosing the best health insurance plans, there is no right or wrong answer. It entirely depends on the policy buyer and their financial situation and medical needs. Nevertheless, the first step is to find a suitable and trusted insurance provider like Care Health Insurance, and the next would be to figure out which plan is most suitable for you.  After you decide the type of health insurance you want to invest in, before making the purchase, the last step is to consider the following factors: 

• Premium and Coverage: Policy buyers should buy plans that offer maximum benefits at affordable premiums. It is essential to check for coverage features such as pre & post-hospitalization costs, daily allowance, maternity benefits, domiciliary care, and AYUSH treatments. 
• Minimum Exclusions: Exclusions refer to the medical treatments, procedures, diseases, and illnesses for which the health insurance plan cannot be claimed. So, it is critical that policy buyers check the exclusions of their policy. Also, it is better to go for policies with minimum exclusions. 
• Tax Rebate: No matter which health insurance plan you purchase, make sure it offers the best possible tax returns, as it can save you some bucks. 
• Additional Benefits:  A policy buyer should select health insurance plans offering excellent additional benefits like cashless payment, No Claim Bonus/Discount, broad hospital network, zero waiting period, lifetime renewal, and no age limitations.