Health insurance is an efficient way to cover your surgical and medical expenses in case of any unexpected illness or injury. Although it is generally believed that health insurance is not for healthy and young adults, the reality is just the opposite. If you buy health insurance early, it gives you enhanced coverage for medical expenses.
However, though purchasing a health insurance early is a necessity, selecting a plan is not an easy task. With so many available options, add-ons covers, and riders, it becomes difficult to select an optimum plan according to your requirements. Hence, we have prepared a list of top 5 health policies of 2018.
Top 5 Health Insurance Plans Of 2018
|Max BUPA Health Companion||Star Family Health Optima||Religare Care||Apollo Munich Optima Restore||Royal Sundaram Lifeline Elite|
|Minimum Entry Age||3 months for children and 18 years for adults||16 days for children and 18 years for adults||3 months for children and 18 years for adults||5 years for children and 18 years for adults||91 days for children and 18 years for adults|
|Maximum Entry Age||21 years for children and no limit for adults||65 years||25 years for children and no limit for adults||65 years||21 years for children and no limit for adults|
|Minimum Assured Amount||INR 3 Lakh||INR 2 Lakh||INR 3 Lakh||INR 3 Lakh||INR 25 Lakh|
|Maximum Assured Amount||INR 1 Crore||INR 15 Lakh||INR 60 Lakh||INR 50 Lakh||INR 1.5 Crore|
|Number Of Family Members Covered||4||5||6||6||5|
|Waiting Time For Pre-Illnesses||4 years||4 years||4 years||3 years||3 years|
|Sub Limit For Room Rent||No sub-limit||No sub-limit||1% of each day amount||No sub-limit||No sub-limit|
|Incurred Claim Ratio||55.16%||63.96%||61.13%||63.03%||52.89%|
Myths That Need To Be Broken About Health Insurance
1. Healthy and Young Adults Don’t Need Health Insurance
Being healthy and young does not indicate that you’ll never get sick. The earlier you get a health cover, the better coverage you will get, as you will be covered throughout life for any kind of illness, injury, or hospitalization.
2. You Can Avail All the Plan Benefits from First Day
It is not possible to make claims instantly after purchasing the policy for some illnesses. In fact, in most policies, almost for a month, you may not be able to make a claim for any illness or injury. Additionally, illnesses that you already had before buying the policy will not be covered for a specific time-period.
3. Lowest Premium or Cheapest Policy Is the Best
While it may be tempting to opt or purchase a policy with the lowest premium, this policy may not offer full coverage. It may just offer basic coverage and leave out major expenses of illness, injury, or hospitalization.
4. Pregnancy Related Expenses Are Not Included
Many people still believe that pregnancy related medical expenses are not covered by health insurance. However, most of the providers cover up to two deliveries and only exclude certain conditions.
5. Purchasing a Policy Online Is Not a Secure Option
Purchasing a health policy online is more secure and cost-efficient than offline mediums as you eliminate the need of contacting an agent. You can check the plans, compare the coverage, and make payment to the provider directly.
How to Choose Your Health Insurance?
Choosing your health policy is a crucial task as this policy will cover your financial expenses in case of injury and illness. Consider the following factors to purchase a plan with the best possible coverage.
1. Consider Your Requirements
Consider your requirements of a health plan such as the number of children you have, whether you need maternity cover or not, medical history of family members, etc. Shortlisting these requirements will help you select an ideal plan.
2. Check Assured Sum
If you stay in a metro city, then the hospital and other medical expenses will be significantly high. In such a scenario, you need the highest possible assured sum that you can get from your health policy cover.
3. Check Illness Coverage
It is always suggested to purchase a policy that covers more ailments, especially critical illnesses. This will provide enhanced coverage for expensive medications and treatments.
4. Analyze Network of Hospitals
If you or a family member is being admitted in an emergency, it will be feasible if your provider’s network of hospitals is accessible to you. This is because the reimbursement process may include an extra set of formalities.
5. Consider Plan Tenure
If you can’t spare time for policy renewal, choose a plan with a longer tenure. It will offer two to three and sometimes even more years of uninterrupted medical coverage and then you can renew your plan again.
Purchasing a Perfect Policy
No policy is ideal for everyone and certainly, the one-size-fits-all rule doesn’t apply here. You will have to select your perfect plan by evaluating different policies and comparing them on insurance aggregator sites like Coverfox.com. Once you have a clear idea of the coverage offered by different plans, you’ll be able to make an informed decision.