How Do I Pick a Health Insurance Plan?

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Health insurance is a must these days, regardless of age. However, picking a health insurance plan can be overwhelming with so many options available. The key is to pick a plan as per your health needs and evaluate different factors.


Here are some key factors to keep in mind when it comes to picking a health insurance plan:



  1. The type of health coverage required:Go for a health insurance plan that suits your personal healthcare needs, whether an individual plan that covers a single person or a family health insurance plan that covers the entire family under one sum insured.

  2. Scope of Coverage: Pick a health insurance plan that provides adequate coverage, depending on your geographical location. Individuals can go for a ₹10–15 lakh, while families, especially with older adults, a cover of Rs. 20-30 lakhs may be sufficient.

  3. The cost of the Premium:With so many health insurance policies available in the market, you must compare premiums along with the features for numerous health insurance plans and select accordingly. However, it is advisable not to compromise on coverage amounts simply to keep the premium low.

  4. Network of hospitals:Make sure your preferred hospitals are included in the insurer’s network so that you can receive cashless treatment services.

  5. Plan with Lifetime Renewability: Go for health insurance plans offering lifetime renewability. It makes sure your coverage continues as you get older and may require frequent medical care.

  6. Pre-existing Conditions: Ensure to disclose your pre-existing ailments, if any, and also check the coverage for the same. Health insurance policies usually apply a waiting period before claims for pre- existing illnesses can be made.

  7. Claim Settlement Ratio:Pay attention to the claim settlement ratio as it is one of the most essential factors to consider when picking a health insurance plan. The claim settlement ratio is an indicator of how many health claims they settle in a financial year.

  8. Sub-Limits:Always check your health insurance plan for sub-limits such as room rent caps and other limits. In such scenarios, even if your sum insured is high, if the limits exceed, then you will have to pay the extra amount yourself.