8 Tips to Keep in Mind to Avail an Affordable Health Insurance Policy


When searching for an affordable health insurance plan, you must take into consideration the total cost of the insurance scheme, along with the add-ons, facilities, and the offered benefits. What could be affordable for you, may not be so for someone else and vice-versa. Thus, we have put together a list of factors to keep in mind and compare, when selecting a perfect and pocket-friendly health insurance policy.

  1. Compare Premium Amount

Not only should you compare the insurance schemes, but premiums as well. There are several online aggregators, which can help compare insurance policies in terms of premiums, features, maximum returns, benefits, and other conditions.

  1. Minimum Waiting Period

A waiting period is a tenure that you have to wait till you can make a claim for a treatment against a disease, condition, etc. In most cases, the waiting period is between 2 and 4 years. If you have a pre-existing disease, then opt for a medical insurance policy that provides the lowest waiting period.

  1. Maximum Coverage Amount

Choose a plan that provides maximum coverage for health and medical treatment. As healthcare costs are surging drastically, you will want a complete protection even at times of inflation. Thus, look for a high coverage amount.

  1. Family Floater Health Plan

A family floater plan covers healthcare costs for an entire family. So, instead of buying individual policies for each member, you can take a family insurance plan and save big on premiums. An advantage of such a policy is that any of the insured people can utilize the amount provided for a medical treatment.

  1. Plans with High Sub-limits

Most of the health insurance plans have sub limits on per day for room rent and medical expenses during hospitalization. You should look for a plan that offers the highest slab on healthcare expenses and room rents.

  1. Check Out the Network Hospital

Consider taking a plan that has a wide network of hospitals in your residential area. There will be a certain network of hospitals from which you can avail the treatments, as underwritten in the policy. You can even avail additional benefits at said hospitals. These benefits include 24-hrs ambulance support, cashless transaction, pick and drop services, etc. Thus, there is no point in buying a plan if the associated network of hospitals are less or none in your area of residence.

  1. Check the Sum Insured

The right sum insured must be based on your age, lifestyle, and marital status. At a young age, you are at a lower health risk. But as you become older and beyond 40 years, you could be prone to several lifestyle diseases such as hypertension, diabetes, joint disorders, etc. Similarly, after your marriage, you should consider the health status of your spouse as well.

  1. High Claim-Settlement Ratio

Always select a health plan and an insurance provider that has a high claim settlement ratio. If the number of claims settled by an insurer on total claims it receives is high, then the claim settlement ratio is said to be high, and vice-versa. Make sure to attach all the required proofs and documents at the time of filing a claim to ensure higher approval chances.

By paying attention to the above-mentioned factors of health insurance policies, you can definitely get the right one for yourself.

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