An Easy Guide to Buying the Best Health Insurance in India
You all must have heard the proverb, ‘health is wealth’, and the prominence of this has grown multi-fold today. Good health is a blessing. An indispensable instrument for modern living, health insurance is something that lets you protect your & your family’s health. To get to know the best health insurance in India and understand its intricacies from A to Z, from health insurance premium calculator to waiting period in health insurance, read on. This exhaustive guide will help you make an informed decision about the best health insurance in India.
Health insurance aka medical insurance is an agreement between the insurer (insurance company) and the insured (policyholder) where the insurance company helps the insured meet all or some of their healthcare costs (medical expenses) in exchange of a predetermined premium. The best health insurance in India can either give you the benefit of reimbursement of your medical bills or allow cashless treatment in the event of an accident or injury as per the terms and conditions of your policy. Now that you know what exactly health insurance is, let us take you through some key pointers that would allow you to buy the best health insurance in India.
Why opt for a Health Insurance Plan?
- Hospitalization expenses
The best health insurance in India would adequately cover pre and post hospitalization expenses incurred, including but not limited to day care procedure expenses, diagnostic test fee, doctor’s fee, cost of medication, etc. The best health insurance in India would ensure that it covers your hefty medical bills. All these expenses are generally covered up to a fixed number of days as previously mentioned in the policy documents.
- Tax Savings
A trusted way towards a financially stable future, a health insurance also opens up an avenue for taxing saving for the policyholder under Sec. 80D.
Now that you’re familiarized with some benefits that a health insurance can provide to you and your loved ones, it is critical to know the basic types of health insurances so that you can choose the best health insurance in India that can cater to all your needs.
Individual Health Insurance
As the name suggests, this type of health insurance generally covers the treatment cost for a single individual. This type of cover can be availed for self. Typically, the benefits include room and other hospital services, besides covering pre- and post-hospitalization expenses on medication and diagnostics, etc. subject to the terms & conditions in the policy.
Family floater health Insurance
Under this health insurance, a single sum insured is available for all individuals under a single policy only. Under this health insurance, you get the ability to disburse the whole amount (sum assured) for the treatment of one person, in which case no subsequent claims can be made in the event of another medical contingency. Usually, senior citizens above the age of 60 are not eligible to enlist themselves under family floater plans.
Senior Citizen Health Insurance
Senior citizen health insurance is a type of health insurance that can be availed only by people above the age of 60. It is specifically designed to suit their needs and accounts for medical expenses due to old age and the premium is also calculated accordingly, generally being on the higher side.
Group Health Insurance
Such a type of health insurance is usually extended by corporates for their employees. The premium is generally paid by the organization and it proves to be a cost-effective tool for the employer to provide basic health care to employees while getting lucrative tax benefits.
Top-Up Health Insurance
As the name of this health insurance goes, a top-up health insurance works as a top up (supplement) to your primary health cover. This type of health insurance offers the policyholder the desired protection in case the sum insured of your base policy falls short. However, a top-up plan comes with a mandatory deductible & offers coverage only after the insured has fulfilled any obligation towards the deductible amount.
While it is crucial to know the basics and types of policies, one should also look at the available policy riders before making a purchase decision. These are some riders that you should know about:
- Maternity Cover Rider
This cover rider assists in covering maternity expenses such as childbirth, pre- and post-natal expenses, etc. The benefits vary depending upon the terms and conditions of a specific policy rider. Besides, this rider comes with a waiting period of minimum 2 years and can range up to 6 years depending on the insurer. Waiting period in health insurance means that the benefits are only available to the insured person after a certain period.
- Personal Accident Rider
This rider can be helpful in receiving compensation from the insurance company in case an unexpected accident/injury leads to the death or disability of the policyholder.
You can also check out a health insurance premium calculator to see what fits the best according to your specific needs. Don’t forget to check the waiting period!