Health Insurance
Finding the Best Fit - A Medical Insurance Policy that Works Best for You!
The first step in this quest is to intimately understand your own specific requirements.
Are you looking for an individual healthcare plan or one that focuses more on including all your family members in the mix?
Are you a senior citizen who needs special care and thus, additional benefits?
Or, would you prefer a medical insurance plan that targets critical illnesses?
Sorting through these questions will help you make an informed choice from amongst the top health insurance policies listed below.
Best Health Insurance Plans in India for 2015
Tips to choose health insurance
a. For your health insurance policy, choose a company that is purely into the health insurance arena.
b. Take a close look at the list of excluded diseases before finalizing your health insurance plan.
c. While most companies have sublimits in their policy, do talk to your insurance advisor to find out which companies offer health insurance plans without any sublimits.
d. Identify those diseases that come under the co-payment clause before you opt for a health insurance policy.
e. Few companies offer senior citizen policies with lifetime renewal, for which the entry age itself is 60 years. For non-senior citizens, it is advisable to look at a policy that offers lifetime renewal to you.
f. No claim bonuses will be offered by insurance companies in two different ways. Few of them will offer it to increase the sum assured every year, while few companies offer it as a discount in premium. Choose the one which increases the coverage instead of the discount in premium as the cost of medication increases on a yearly basis.
g. Don’t compromise on service standards even if you pay extra premium for the same.
h. Understand Day wise Cash limit Health Products
i. Look for Maximum Renewal Age
j. Look for Treatment wise limits
k. Understand Day wise Cash limit Health Products
l. Zero in on a Coverage amount/Sum Insured and what is maximum allowed coverage
m. Credibility, Check of Insurance Company
n. Finally, Ensure you have a Good Advisor who could help in renewals, claims etc.
o. Go for pre-existing disease coverage with least period - This is the factor which contributes to the maximum number of health insurance claims being rejected. Ensure pre-existing is immediately covered.
p. Hospital Network is Important Parameter
q. Go through Policy Wordings
r. What to ignore while buying a policy ?: Health Insurance plans are complex. You must know what to ignore. Expenses like Ambulance, Hospital Cash, can be ignored for larger stuff.
Top 5 health insurance companies that rocked in 2015
An exclusive comparison of claim incurred ratio of 5 best health insurance companies in 2015
In simple words, the claim incurred ratio is determined by the claim settled by a particular insurance company to the total premium that is collected by that specific insurance provider for a specified period. For an instance, if an insurer’s incurred claim ratio is 80% it means, the insurer spends 80 Rs on claim settlement for every Rs 100 it earns from premium. This ratio indicates how efficient a general insurance company that sells health insurance or a standalone health insurance provider is when it comes to claim settlement. Obviously, your chosen health insurer must have high incurred claim ratio. - See more at: http://blog.gibl.in/top-5-health-insurance-companies-that-rocked-in-2015/#sthash.tzNHO5Ys.dpuf
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Buying Health Insurance in India? Follow this 13 point checklist