Choosing the right sum assured is vital in health insurance premium, higher sum assured reflects to increase your health insurance premium; lower sum assured to increase the risk of out of pocket expenses in case of treatment. Ideal age, previous health conditions, future inflation ratio are the determinants to guide the right sum assured.
Buy health policy at a younger age
Age is one of the deciding factors to reduce the premium, buying a premium at a younger age will reduce the risk of illness which in turn lowers your premium. The cost of your health insurance policy upsurges as your age increases, due to the impact of diseases favors as the age increases.
Buy policy online
Buying a health insurance policy online is the right choice as an online insurance policy can save up to 40% on your health insurance premium. An online insurance policy is cheaper than an offline one as the cost of the operation is lower than an offline insurance policy. Get the discounted benefit of the online health insurance policy.
Always opt for the longest tenure policy than the yearly term, long tenure policy will avail you a minimum of 10%-15% discount. Compare health insurance policies online on Policybachat.com where you can find the nation’s top insurer quotes.
Opt for a family floater plan
Include your family members, senior citizen for the medical insurance to avail insurance policy to the whole family at a lower cost compared to an individual policy. The main aspect of availing of the insurance policy is to get the insurance plan online.
Make your deductible (out of pocket expenses at the time of claim) moderate to compensate the premium amount and affordable medical care expenses.
A right insurance policy is vital to the benefits included in the plan, follow the above-mentioned steps before buying the policy. Make a prudent decision after concluding the benefits, key features, inclusions, and exclusions before choosing the policy.
How to Decide the Best Health Insurance Policy
Below factors are to be considered before deciding on the best health insurance.
- Coverage v/s Premium:
Coverage in health insurance is also known as sum insured. Coverage and Premium are the most frequently compared things while deciding on the best health insurance policy. But comparing the coverage with the premium charged by the insurance companies is the big mistake people made.
A health insurance policy has many things such as cashless treatment, pre, and post-hospitalization cost coverage, Travelling charges, room rental charges, No claim bonus, and health check-up benefits, tax benefits and etc. So, before buying the policy consider all the factors because a simple analysis of comparing different health care insurance policies against the premium from different insurance companies can only result in disappointment at the time of claim settlement.
- Add-on/ Rider:
Add-on or Rider is the extra coverage that is available under the health insurance premium on payment of additional premium. The base coverage can be extended with the help of add-ons on payment of additional premium.
Careful analysis should be made before deciding on an add-on as the riders are charged by the insurance company limited. The customer should identify the add-on which is necessary as including all the add-ons will only increase the premium with less scope for utilization of all the add-ons.
- No Claim Bonus/ Renewal Bonus:
No claim bonus or the renewal bonus is the increase in sum insured at the time of renewal provided by the insurance company for no claims made in the previous policy year. The maximum renewal bonus or No claim bonus provided by the insurance companies would not exceed 100% of the basic sum insured.
There are few health insurance plans in India that provide a 10% to 50% renewal bonus for each claim free year. The higher the renewal bonus percentage each year, the higher would be the sum insured at the time of renewal. The best health insurance policy is the one that provides up to 100% renewal bonus or no claim bonus for each claim free year.
- Network Hospitals:
Network or tie-up hospitals are the hospitals with which the insurance companies enter into an agreement to provide cashless health services to their customers. In cashless medical treatment hospitalization, the customer need not pay medical bills to the hospital.
The insurance company offers network hospitals and they take care of the medical expenses charged by the hospital. The best health insurance policy is the one which has the most number of empanelled hospitals.
In Copay the fixed amount of money is must pay each and every time when an insured person needs medication. Co-pay is the amount of claim which is to be borne by the insured customer at the time of claim settlement. Most of the health insurance policies have a co-pay clause if there are senior citizens included in the policy.
Higher the co-pay amount selected by the customer the lower would be the health insurance premium. Co-pay is the way of making customers liable and participating in the claim settlement. The best health insurance policy is the one that doesn’t have the co-pay at the time of claim settlement.
- Pre-existing waiting period:
Any illness or disease which exists prior to the inception of the health insurance policy is known as pre-existing disease. Health insurance policies usually have a waiting period only after which the health insurance claim for the existing diseases would be paid.
The pre-existing waiting period would normally range between 2 years to 4 years for different health insurance products available in the market. Higher the pre-existing waiting period, higher would be the time before the claim is settled for pre-existing conditions. The best health insurance policy is the one with 2 years or less pre-existing waiting period.
Visit PolicyBachat and get the best health insurance, car insurance, life insurance quotes from the top insurance companies. Need Help? call Policy Bachat at 1800-123-4006 or 1800-123-4003 and our insurance agent will be there to assist you.