With the cost of medical treatment going up, health insurance is the only way to safeguard your family as it provides access to comprehensive medical coverage at all times. Picking the right health insurance can feel like a big deal, but focusing on the essentials makes it much simpler! The annual medical inflation rate in India is pegged at 12-14 per cent, which has a significant impact on the real value of health insurance coverage in the future.
According to Akanksha Jain, head of products at Digit Insurance, aiming for a family floater plan with at least Rs 20-25 lakh coverage is a smart move for peace of mind. If a higher sum insured seems too expensive, consider a deductible of Rs 5,000 - Rs 10,000 to help bring the premium down.
Beyond the coverage amount, Jain feels that there are seven must-haves to check in any health insurance plan. Find out here.
No Room Rent Capping: Make sure you have the freedom to choose any room or ICU without restrictions.
Sum Insured Backup (Reinstatement Benefit): It reinstates your coverage for the rest of the year if a family member uses it all up.
Cumulative Bonus: Look for plans that boost your coverage by up to 100% over time for claim-free years.
No Co-payment: Avoid plans where you have to pay a portion of the hospitalization or surgery costs.
Consumables Cover: Those everyday medical items like gloves and syringes during hospitalization can add up; so ensure you have a consumables cover to avoid paying out-of-pocket expenses.
Good Pre- and Post-Hospitalization Coverage: Aim for at least 60- 90 days of pre and post-hospitalization coverage to cover tests and doctor visits.
Organ Donor Expenses Coverage: This can be a significant expense since any organ transplant operation is very expensive, so, ensure your plan covers such expenses.
"Also, make sure you understand the different waiting periods in your policy, especially related to critical illnesses and pre-existing diseases, and understand the exclusions. Getting these basics right will set you up with a solid health insurance policy for you and your family," she added.
Finally, check the claims experience of the insurance company before shortlisting an insurer of your choice. Read the customer reviews on Google and other social media platforms. Look for an insurer with a high claim settlement ratio, low complaint numbers, and positive online reviews.
