When several health insurance companies are available, buying the best health insurance policy is confusing for many policy buyers. Choosing the best health insurance plan requires considering different factors such as health insurance benefits, riders, copay, covers, network hospitals and more.
Sure enough, it is crucial to buy the best health insurance policy because it financially supports you to bear the ever-rising healthcare expenses during uncertainty and assures you and your family members of a healthy future without having to worry about hospitalization costs and medical bills. But when it comes to purchasing suitable health insurance, you may get confused about a policy that is most suitable for your health and budget.
Continue reading to get over this confusion.
Selecting the best health insurance policy
A health insurance product that offers maximum coverage benefits at a minimum premium amount could the best and most affordable. The policy should meet your current and future health requirements. For instance, if you belong to a family with certain diseases, you should look for a plan that can provide coverage for that disease even if you are not suffering from the disease now. The chances of contracting that disease are higher due to family history. There are online insurance aggregators that can help you meet today and tomorrow’s health requirements. They help you by letting enabling you to compare several health insurance policies and select the best one.
A few of the best health insurance policies have been listed below.
|Health Insurance Plans||Entry Age (Min-Max)||Sum Insured (Min-Max)||Network Hospitals|
|Aditya Birla Active Assure Diamond Plan||5 years and above||Rs. 2 Lakh – Rs. 2 Crore||7100+|
|Bajaj Allianz Health Guard||18-65 years||Rs. 1.5 Lakh – Rs. 50 Lakh||6500+|
|Bharti AXA Smart Super Health Plan||91 days -65 years||Rs. 5 Lakh – Rs. 1 Crore||4500+|
|Care Health Care Plan (Formerly Religare Care Health Insurance Plan)||91 days and above||Rs. 4 Lakh – Rs. 6 Crore||7800+|
|Cholamandalam Chola Healthline Plan||18-65 years||Rs. 2 Lakh – Rs. 25 Lakh||7250+|
|Digit Health Plan||N/A||Rs. 2 Lakh – Rs. 25 Lakh||5900+|
|ManipalCigna ProHealth Insurance||18 years and above||Rs. 2.5 Lakh – Rs. 1 Crore||6500+|
|Max Bupa Health Companion Individual Plan||91 days and above||Rs. 3 Lakh – Rs. 1 Crore||4500+|
|SBI Arogya Premier Policy||3 months – 65 years||Rs. 10 Lakh – Rs. 30 Lakh||6000+|
|Star Family Health Optima Plan||18-65 years||Rs. 1 Lakh – Rs. 25 Lakh||9900+|
|Tata AIG MediCare Plan||—||Rs. 3 Lakh – Rs. 20 Lakh||4000+|
|United India UNI CritiCare Health Care Plan||18-65 years||Rs. 1 Lakh – Rs. 10 Lakh||7000+|
To see more health insurance plans, click here.
What’s the most affordable health insurance?
To choose the most affordable health insurance, have a look at these factors apart from focusing on the basic cover.
Figure out where and when you need to buy- Depending on which city you live in, the premium of the best health insurance policy varies. Many insurers base their premiums on locations where the policy buyer stays. They feel that shared climate, lack of healthy food options, cultural aversion to exercise etc. often come from the same areas. And hence the similarities lead insurers to charge higher.
Review plan options – It is advisable to review the plan options even if you like your current health insurance. For people who already have a group plan, it’s really important to opt for a personal health insurance plan, even if the existing policy covers the entire family members. This is because a group policy expires immediately after you resign from the job. Check with the plan coverage, premium amount, network hospitals in your city. There may be some changes, impacting the kinds of plans available and the costs of those plans. Note that if a new insurer enters the marketplace, its premium may be down in some states. It’s always worth checking health insurance policies and port your existing one when find a policy which offers more coverage and is comparatively more affordable
Compare estimated yearly costs, not just monthly premiums – Focusing on the monthly premium payment when comparing health insurance policies is easy. Many buyers excessively become focused on the monthly premium. They are unable to pay as much attention to things like the deductible or how much the co-payments as required. An online tool available with an insurance aggregator will help you calculate “estimated total yearly costs” for you. Consider the plan’s deductible — how much you have to pay out-of-pocket for covered services before your insurance picks up the tab — and copays, put together with how much health care you assume to use in the coming year.
Pick the right health insurance policy – Different types of health insurance are available in the marketplace, such as individual insurance, family floater plan, critical insurance, senior citizen plans. If you are single, opting for an individual policy will save you. In case of a family, go for Family Floater Policy as it will cover the entire family members under a single premium. If you have senior citizens (more than 60 years old), then buy them a Senior Citizen Health Insurance Plan. Don’t get them covered under a Family Floater Policy. Similarly, if you have a person with a health issue, buy him or her a separate individual policy.
Choose a top-up health insurance plan – Do you have health insurance but you think its sum insured amount is too low to cover your entire family? Do you want to increase the sum insured limit? If so, purchase a top-up plan instead of choosing a new plan with higher coverage amount. A top-up product will increase the sum insured of your existing plan at a lower premium than investment in a new policy.
When it comes to buying the best health insurance, the decision to zero down on one policy is not easy. Along with all basic coverage benefits, you need to consider the above factors. However, contacting an online insurance aggregator or a health insurance expert is always a wise decision. They will help you make an informed decision and pick the most suitable health insurance policy.