10 Smart Tricks To Find The Best Health Insurance Policy

2 min read

We tend to ask for recommendations when we are new to some fields. It is common for us to ask for recommendations on restaurants, books, movies, etc. Some of us even ask our friends for health insurance policy recommendations.

It is a noble idea to ask for recommendations, but what works for your friend or relative might not work for you. If you buy a medical health insurance policy on your own, you understand and learn more about the policy.

Here are 10 smart ways to find the best health insurance policy out there.

1. Right Sum Insured

One of the main reasons for buying a medical health insurance policy is to offer financial freedom from medical expenses. Look for a plan that offers the highest sum assured. This would ensure that you or your loved ones get the best treatment available.

2. Insurer’s Repute

You can compare insurance policy on offer by various insurers to aid you in the buying process. During comparison do not forget to check out the insurer’s reputation. You would want to buy a policy from an insurance company that is approachable and helps you when in need.

3. Network Hospitals

Insurance companies have tie-ups with several hospitals. If you visit these hospitals during an emergency or even a planned visit, you can exercise cashless claims. Your insurance company would settle the charges with the hospital so that you can focus on getting well.

Also Read: Best Insurance Policy for NewBorn Baby in India

4. Add-Ons

If you wish to make the most of your medical health insurance policy, you can opt for a base plan along with add-ons. Though the add-ons come at a small premium, their benefits can far outweigh the premium.

5. Compare Insurance Policy

Comparing health insurance plans by insurers will help you save considerably on premiums. While also getting a feature-packed policy. You can take the help of any insurance aggregator to compare the policies.

6. Family Floater Plan

It is advisable to opt for a family floater health insurance policy. This will safeguard the health and finances of your loved ones. Family floater plans offer quite a bit of feature and at times a bit more economical as well.

7. Details Related to Age

Health insurance plans usually have limits and conditions when it comes to the age limits of family members. You can check the age limits for the youngest and oldest family members as you compare policies.

8. Incurred Claim Ratio

An insurer with a higher incurred claim ratio is desirable. A better ratio indicates better chances of your claim being settled.

9. Sub-Limits

As you compare insurance policy, look for sub-limits. Essentially, health plans have limits for each component such as room rent, ambulance charges, etc.

10. Feature Loaded

One must not jump at the most affordable plan available, rather look at the features on offer. A policy with a well-rounded cover is what you need, at affordable prices.

The above tricks will help you bag the best health insurance policy out there.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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