Health insurance is a crucial safeguard against the rising healthcare costs in the country. It ensures you do not suffer any financial damage to meet your medical expenses. But how do you identify the best health insurance in India? In this blog, we will cover the importance of health insurance and how to find the best one for yourself and your family.

How to Find the Best Health Insurance?

Here are some of the key factors you must consider to select the best health insurance:

●      Premium

You must check the premium you must pay to buy health insurance. While you would want to avoid a high premium, don’t go for a plan with a low premium which doesn’t offer sufficient coverage. Balance your coverage needs with the desire for an affordable premium.

●      Coverage

Check the coverage provided by the insurance plan. Be clear about what you want and ensure that all your medical needs are covered by the plan. For this, you must be clear about your own healthcare needs.

●      Cashless Treatment

Insurance plans provide the option for availing cashless treatment at their network hospitals. Understand the regulations about cashless treatment for a better decision.

●      Network Hospitals

A network hospital is a hospital which has entered into an agreement with an insurance company to provide cashless medical treatment to the insured patient. The greater the span of the network of hospitals, the easier it will be to avail of cashless treatment at a hospital. So consider the size of the network hospital before making a decision.

●      Tax Benefits

Under Section 80D of the Income Tax Act of 1961, you can get tax benefits for the premium you pay for health insurance.

●      Waiting Period

A waiting period is the duration for which you have to wait before an insurance company starts covering an illness. It is especially relevant in the case of pre-existing illnesses. Choose an insurance plan with a low waiting period.

●      Deductibles

A deductible is an amount you have to pay for treating an illness before an insurance company settles your claim. You need to ask yourself how much the deductible amount will be right for you and buy an insurance plan accordingly.

●      Lifetime Renewability

It is important to be aware of how long an insurance policy will be valid and to renew it periodically. You would want to buy an insurance policy which can be renewed throughout your life.

What Influences the Insurance Premium?

To know some factors which influence a medical health insurance premium, read the pointers highlighted below:

●      Age

An insurance company will look at your age for calculating an insurance premium. A higher age indicates greater vulnerability to illness and health problems. This will raise your insurance premium.

●      Coverage and Sum Insured

The coverage provided by an insurance plan and the total sum insured is a crucial determinant of your premium amount.

●      Location

Your location also influences your premium. The premium for a plan can vary across cities and villages.

●      Medical Condition

The state of your health and any pre-existing health conditions affect your premium. You will also have to share your medical history for premium calculation.

Final Words

Overall, you could find it complicated to select the right health insurance for your needs. Comparing the premium, coverage, and sum insured is very important for taking a correct call. You must check the claim settlement ratio to judge the company’s trustworthiness.