5 Easy Steps to Find the Correct Health Insurance Policy for You


A health cover has become the need of the hour, thanks to the rising medical inflation. A health insurance policy offers financial protection against numerous hospitalization-related costs such as nursing cost, room rent charges, cost of medicine, and surgical expenses, among others. In any event of hospitalization, the insurance provider pays for all hospitalization-related expenses. You may, therefore, receive quality treatment and focus on quick recovery, instead of worrying about arranging finance at the last minute.

There are numerous aspects to take into consideration while purchasing a health insurance policy such as insurance provider, premium cost, rider options, and level of coverage, among others. You may keep these aspects in mind while choosing the best medical insurance policy for you.

Following are five easy steps you may follow while purchasing a mediclaim cover.

Choose the right level of coverage

Mr. Shah invested in a health plan of INR 2 lakh. Two years into the policy, he suffered from a major ailment. The hospital expenses amounted to INR 2.75 lakh. Therefore, Mr. Shah had to make INR 75,000 out-of-pocket expenses towards the outstanding bill amount. For this purpose, it is necessary to choose an appropriate sum assured amount. You may take your marital status and your age factor into consideration while deciding the level of coverage. The risk factor is less at a younger age and it increases with the passage of time. Besides, if you are married, you may select the sum assured amount considering the health status of your spouse.

Compare various health insurance companies

Numerous insurance providers offer varied health insurance products. You may choose the best insurance company based on its reputation and reliability. Another important factor to consider is the claim settlement ratio of the insurance provider. Higher the ratio, greater is the chance of your health insurance claim being settled.

Make the best choice of plan type

You may either choose between an individual medical insurance policy and a family floater plan. Individual health plans are designed keeping the needs of an individual person in mind. Family floater plans, on the other hand, are ideal for those who wish to cover their immediate family members. Besides, the premium cost of such a plan is lower as compared to an individual plan. You may, therefore, cover your loved ones at the most affordable rate.

Analyze the benefits provided

Various plans come with their own set of features and benefits. You may carefully understand the plan offering and make a choice based on the plan most suitable to your needs. In case you have a pre-existing illness, you may opt for a medical insurance policy that offers coverage for the same. You may also choose a plan that offers supplemental coverage to riders. Some of the available rider options available in the market are critical illness cover, accidental death cover, and waiver of premium rider, among others.

Watch out for the network of hospitals

Most insurance providers these days offer the benefit of a cashless facility. Here, the insurance provider directly settles the bill with the hospital itself. However, it is important to note that the cashless facility is permissible only if you are admitted at any of the network hospitals. You may, therefore, opt for such a medical insurance policy provider that has a good network of hospitals near your place of residence. This ensures that you receive quality treatment at the most urgent times.

You may, therefore, follow the aforementioned process when you buy a mediclaim policy. By doing so, you may enjoy the best coverage worthy of your needs.

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