Health Insurance Plans

pays for your hospital bills for diagnostics, surgery etc.

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Which health insurance is best for me?

| | Health Insurance

Maintaining good health should be a priority for all of us because if we have good health everything else in life goes on smoothly. You must therefore be careful about your eating habits, lifestyle and so on to maintain good health. In addition, you must also have a good Health Insurance Policy to take care of your and your family’s health and financial needs during an emergency. With a good Mediclaim policy, you or your family members can get the best treatment at the best hospitals in your city and in the country. A medical emergency can also drain your finances and affect your lives more seriously than you can imagine, against which an insurance policy is the right protection.

It is therefore imperative that you buy a good mediclaim policy only after you are sure of its pros and cons, and the various benefits it offers. With a number of insurance policies in the market, it will not be an easy task for you to choose between the different plans. There is no one ideal, complete and best plan for each and every individual. The health conditions and the Hospitalization circumstances for everyone differ.
In order to help you decide on the best option in such situations, here are a few factors and facilities that you may consider:

1.Compare the policy prices

You must first compare the policy prices before buying a mediclaim policy. There are various policies for the same need and one policy can cost more than three times the another. You must naturally go for an affordable health insurance policy with maximum benefits. Portals like can be a good place to help you compare policies for this purpose.

2.Family Floater plans vs Individual plans

If you buy a family floater policy, you can buy cover for 3-4 persons in your family instead of you alone, as in an individual policy. The cost will be only marginally higher but the benefits are much higher. Even if one or two members of the family are hospitalized in a year, there will be substantial amount of money left over to cover the others. Ideally go for a family floater plan.

3.Cashless Hospitalization

Most insurance companies will let you get hospitalized without worrying about the financial aspect, which will be taken care of by the insurance company, either in part of full. To enable this, they will issue you a medical identity card for cashless hospitalization. These insurance companies have their network of hospitals that will accept these medical identity cards. Ideally you must go for companies that give this facility.

4.Pre-existing Diseases

Some health insurance policies offer you the facility of covering Pre-existing diseases after a few years (normally 3-4) of continuously renewing the policy. Few companies offer it for a period as low as11 months. This scheme is useful for those who have developed diseases like hypertension, diabetics etc in their young age.

5.Ambulance Charges

Many insurance policies pay for not just the hospitalization but also the ambulance charges. This is obviously an added benefit and you must go for it.

6.No-Claim Bonus

Companies provide a no-claim bonus if the person covered has not availed any mediclaim benefit in the previous year. This bonus can be in the form of either a reduced Premium or an increase in the sum Assured for the following year. Both are calculated as a percentage of the existing premium.

7.Broker vs agent

You must ideally buy from an Insurance Broker instead of an agent. You must get the license number of the broker and check from the IRDA website if the details they provide are correct. An agent typically sells for one company only and will tend to push for that company. On the other hand, a broker is normally independent of any company and is paid for every policy they sell.
You must therefore compare and study the various policies in detail before you buy one. Health is after all wealth and you must do everything to have good health and good health facilities. For this, you must eat and exercise well, have good habits like not smoking and drinking, and then have a good mediclaim policy too.