Here’s a list of questions to ask before purchasing Health Insurance in India

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Purchasing Health Insurance in India can sometimes be a tedious & difficult process. So, here’s a list of questions to help choose your ideal health insurance.

Health Insurance

Image: Republic World

Investing in a health insurance plan today is an imperative life decision for people who wish to have access to adequate healthcare coverage without having to compromise on budgets and shell out personal savings to afford treatment. Healthcare is a universal right and requirement, and understanding the types of COVID-19 insurance with the inflation that persists in medical expenses and the rise in various lifestyle-oriented diseases, one has to find health insurance coverage that can keep financial stress at bay at a vulnerable time such as illness or accident.

Taking care of one’s own health is not simply a necessity but also a duty to those who are often completely dependent on a primary income earner in a household. Regular check-ups and maintained doctor consultations should be a recurrent activity in every person’s life. It is necessary to have clarity about one’s health, and in that pursuit, a robust health insurance policy can be a good support in the event of medical expenditure that may be financially stressful for the person.

A health insurance plan is a policy that covers medical costs incurred in the course of prolonged hospitalisation and costs post-discharge as well. It is a general policy that has many variations offered by insurance providers according to age groups and family structure. One may choose from an individual health plan, a family plan, senior citizen coverage, or even critical illness insurance plans and also use a health insurance premium calculator to aid in the process.

At times of great inflation in medical and hospitalisation costs, the selection of a health insurance plan is a necessity for every individual; otherwise, one may run the risk of having to use their emergency savings to afford these costs. Before purchasing a health insurance plan, one should look at the various factors, use a health insurance premium calculator, check conditions, sub-costs, and customisations that a plan may have and offer, and make a purchase best suited to their needs.

Here are few questions to Ask Before Buying Health Insurance in India:

Are Health Insurance and Mediclaim the same?

Many people often conflate health insurance with Mediclaim as they are both policies targeted towards fulfilling expenses incurred for one’s health and treatment for the same. Health insurance plans offer complete end-to-end coverage against hospitalisation costs and ambulance fees, including pre and post-op care. Under Mediclaim, however, only the costs of hospitalisation and treatment are financially compensated by the insurance provider within some pre-determined policy limits regarding each illness.

What is the scope of Coverage?

Before selecting health insurance, one should determine the scope of coverage they may require in the long term. The policy, which usually has coverage benefits such as covering hospitalization, critical illness, maternity and more, can have certain capping and coverage exceptions which should be carefully examined while investing.

What is the adequate policy sum required?

The payments or reimbursements a policyholder may receive from insurance providers have to be adequate enough to cover the high-cost treatments and even post-care for the policyholder. Hence, one should go for plans that have a minimum 10 lac sum assured since medical costs have inflation margins that increase exponentially.

What type of policy is best suited for me?

Depending upon the age or family requirements of a policyholder, one should purchase the plan that is best suited for them. Since senior citizens are more prone to ailments and recurrent medical expenses, they should opt for senior citizen health insurance since it offers higher coverage. There are other policy types, such as individual health insurance, family floater plans, and critical illness cover.

What are the conditions under a Health Insurance?

Most health insurance plans may refuse to cover the medical expenses of a policyholder who suffers from a chronic illness. Hence, one should be well versed with the conditions of a health insurance plan before purchasing it.

What is the Renewal Age?

Insurance investments are usually made to protect oneself from financial distress caused by medical expenses. Hence, one should purchase plans that last well into and beyond retirement because that is when one is more prone to illnesses and ailments. One should keep their policies updated and renewed so as to avoid any distress caused by sudden illness or accidents.

What are Room Rent Sub-Limits?

Before purchasing a health insurance plan, one should check the sub-limits the provider may have in terms of room costs at the time of hospitalisation. One should look for health insurance plans that have minimal or no sub-limits within their coverage terms.

Often, the costs are not fully covered under health insurance plans. For example, if the cost of a room rent is Rs. 5000 and the coverage cap is at Rs. 3000, the remaining Rs. 2000 has to be paid by the policyholder from their funds.

What is my Claim Settlement Ratio?

Since there is an abundance of insurance providers in India who offer health insurance and coverage, one should do their independent comparisons and credential analysis of the providers and how prompt they are with claim settlements. A settlement ratio at or over 80% is the best choice for those needing recurrent claims.

The process of choosing a policy can be a tedious and difficult process, but with the abundance of options and customisations available today, one can streamline the process by using different metrics and tools such as a health insurance premium calculator to determine the features that are non-negotiable for their lifestyle. For further assistance, you can reach out to financial advisors from insurance providers like Max Life Insurance, who are adept at helping you identify the health insurance policy ideal for your requirements.

Image: Republic World

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