7 Tips to Choose the Best Health Insurance Plan

3 min read

There are hundreds of health insurance plans in India. Yes, you heard me right! With more than 20 insurers offering varied types of health insurance plans, you have a vast choice. Though having options is good, many times it becomes confusing when buying a health insurance plan. All of you want to buy the best health insurance plan available in the market. With a horde of plans to choose from, how do you make sure that the plan you buy is the best?

Well, it is easy. You can buy the best plan if you follow some wise tips.

Here are 7 tips which help you in selecting the best health insurance plan available in the market

Compare before you buy

Given the large number of health plans available, the best course of action to buy the best plan is comparing. Don’t buy a plan on the suggestion of a friend or your neighbourhood agent. Go online, compare the plans available, find the suitable coverage features, compare the applicable premium rates and then select the plan which suits you the best and also gives the best coverage benefits.

Also Read: Reasons to compare health insurance plans

Opt for a comprehensive plan

When comparing plans, look at the plan’s coverage features first rather than the premium. If the coverage is limited, you would incur a higher cost on hospitalisation when the plan would not cover all your expenses. So, compare the coverage features and choose a plan which has the most inclusive features. With a comprehensive coverage the plan’s scope would be wide. However, be careful when selecting coverage features. Don’t choose those which you don’t need like maternity cover when your family is already complete.

Choose a lower waiting period

Pre-existing illnesses are covered after a waiting period. Different plans have a different waiting period. To buy the best plan, choose a plan with the lowest waiting period. This would ensure that you get coverage for your pre-existing illnesses sooner rather than later.

Ensure the plan has no sub-limits

Many health plans have sub-limits on room rent and other coverage features. These sub-limits limit the claim amount and cause out-of-pocket expenses. Choose a plan which does not have room rent limits. Other limits can be accepted provided they are of a higher amount to ensure sufficient coverage.

Look at the networked hospitals

Your health plan allows cashless claim settlement if you take treatments at a networked hospital. To ensure that your claims are cashless, look at the networked hospitals. Choose a plan with the widest network of tied-up hospitals for better chances of cashless settlements.

Look for discounts

You get different types of premium discounts in a health plan. Though almost all plans offer a discount, the rate of discount might vary. The best plan would be the one which offers the highest discount.

Compare the premium rate

The last tip is comparing the premium rate. This should be the last thing which you should do after all the above parameters are satisfied. The lowest premium plan might not be the best but the plan which satisfies the above parameters and then charges the lowest premium would be the best.

Use these tips and find the best health insurance plan for your needs.

Related Article: Factors to Consider Before Buying Health Insurance

Choose wisely!

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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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