How to Pick the Right Health Insurance Plan for You

With the availability of health insurance plans online, getting the right health insurance plan is not that challenging as it might seem to be. However, one might easily get overwhelmed by the wide range of health insurance options and providers available, making it cumbersome to settle on one. In addition, the complicated terms and conditions further elevate the scrutiny. 

People often get confused when they come across a wide range of benefits and easy traps propounded by insurance providers. All this makes decision points hazy and possesses challenges. Worry no more! Here is a complete guide on how to choose the right health insurance plan – 

1. Affordability

“It’s somewhat expensive, but it would cover all your essential and emergency medical expenses.”

If you’re one of those who have recently started your search for the best health insurance plan, you must have heard this from health insurance providers. But don’t get carried away! 

There are always hidden costs, terms, and conditions. Go through the health insurance policy documents carefully to comprehend the total expense and evaluate any hidden expenses and out-of-pocket costs associated with your plan. However, it is advisable not to compromise on the benefits for a lower cost. 

2. Type of Health Insurance Plan

Sometimes, buying individual health insurance plans for all the family members might be comparatively expensive. Therefore, if you want to cover all your family members, you can go for a family health insurance plan to avail valuable and reasonable benefits that too at affordable costs. 

3. Network Hospitals

Look carefully into the network hospitals covered by your insurance provider. Notice the hospital options in your locality as well. It is advisable to choose an insurer with a reasonable number of network hospitals to mitigate any last-minute hassle of finding a particular hospital. One such insurance provider with a huge network of 7200+ hospitals is TATA AIG. 

4. Compare and Comprehend the Coverage

If you have someone in your family with a chronic medical condition, it is important to carefully go through the ‘pre-existing disease clause’ mentioned in your policy document. Always understand what all medical conditions are covered by your insurance plan. Moreover, the changing lifestyle and increased risk of catching diseases demand wider coverage of health insurance policies. 

5. Claim Settlement Ratio

It is important to gain insights into the insurer’s profile and claim settlement ratio while finalizing the insurance provider. Getting the best health insurance plan is just a start; the high claim settlement ratio is what makes a health insurance policy worth opting for. 

6. Assistance and Customer Support 

It is next to impossible for anyone to know about all the terms and conditions, guidelines, and coverages of different insurance providers. Moreover, despite having detailed policy documents, you might have certain queries time and again. Therefore, having an insurance provider with 24 x 7 customer assistance and support can save extra hassle in emergency conditions. 

Go for a provider with continuous and hassle-free customer assistance. 

7. Lifetime Renewability

Health insurance plans with lifetime renewability are often preferred as health insurance might be of even more importance in the later years. Therefore, it is preferable to have a plan with lifetime renewability.

If considered with a scrutinous and fair approach, all these factors can help choose the best health insurance plan. However, it might vary from individual to individual. For example, having a family member with chronic illness or having members in old age would influence your decision. In addition, your location and income status are some of the other factors that can greatly impact your decision of shortlisting a health insurance plan.