7 Things to Keep in Mind While Comparing Medical Insurance Plans in India
Due to changing lifestyles, the occurrence of general health issues is normal. To prepare for such circumstances, it is essential to obtain adequate health insurance policies. When you have the right medical insurance plan, expenses of health issues will no longer be an issue. Several companies offer the best medical insurance plans in India. Therefore, it can be hard to choose one.
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There are several factors to consider while buying the right medical insurance plan, and they are:
- Make sure it provides the right coverage – It is your personal decision to choose family floater plans or individual health insurance, but if you are looking for maximum coverage, it is always better to go with family medical insurance plans. These plans cover the medical expenses of the complete family right in a single premium. These are the best medical insurance plans in India that let you enjoy various benefits such as daycare expenses, pre and post hospitalizations bills, etc.
2.Choose insurance that fits your pocket – It is important to select health insurance that meets your requirement, but it is also important to choose a plan that fits well with your pocket. Make sure to check for a premium that you need to pay for medical insurance. While buying even the best medical insurance plans in India, you need to check your budget.
3. Select health insurance that offers lifetime renewability – Some health insurance policies do offer coverage for a certain age limit only. It is important to check that you select those medical insurance plans in India that offers lifetime renewability.
4. Compare quotes online – Many websites let you compare health insurance policies. In order to opt for the best medical insurance plans in India .compare different medical health insurance policies. You can also request a quote online to detect the actual premium for the policy you choose.
5. Check for the list of hospitals covered in health plans – There are different hospitals covered in each medical insurance plan. When you choose medical insurance, it is important to check for different hospitals that a particular plan will cover. If you have a preference for some hospitals or some doctors, it is important to ensure that the chosen plan includes that hospital and doctors.
6. Check for the settlement ratio – While you are looking for a medical insurance plan in India, it is important to ensure that it offers the highest settlement ratio. Make sure to check for past records that entails the number of settlement for previous customers. Also, make sure to enquire about the total received claims before you chose a plan.
7. Choose the right insurance amount – Know the coverage you need in your medical plan. This amount may depend on factors such as age and medical history. One of the important factors is your income and the monthly premium you can afford. Then, you, with your insurer, can decide which plan to go for.
These are some important factors to consider before choosing a medical policy:
- Critical illness coverage – This is an add-on that comes with some policies. This is an extra benefit that you can enjoy with some plans.
- Health checkup charges –Many medical insurance cover charges for yearly health checkups.
- Daycare procedures – Most of the plans cover hospital charges only for overnight hospitalization. Make sure you look for daycare medical expenses cover as well.
These are some of the tips that let you choose the best medical insurance plans in India. Carefully analyze all pros and cons of each policy before investing in one for you and your family. You can also avail tax exemptions according to the Income Tax Act.