How To Select An Affordable Health Insurance Plan?
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A few years ago, the only way to opt for a health insurance policy was to meet an insurance company’s representative, know about the plan and then decide whether to go for it or not. The agent’s objective is to pitch the unique features of a particular plan and convince you to buy the same. It is after you purchase the plan, you doubt whether you made the correct decision or not or if there are cheaper and more beneficial plans available in the market. There is no room for such confusion now. Technology has given you the opportunity to choose and buy an affordable health insurance plan online. In addition, health insurance providers give you the chance to enrol online without any external help.
If you are looking for a low-cost health insurance plan, this is the right place!
Table of contents
Things to Consider While Purchasing an Affordable Health Insurance Plan
Today, so many insurance policies are available in the market. To make things simpler for you, here is a list of essential things to keep in mind while buying a low-cost health insurance policy:
Age
While purchasing a medical policy, it is crucial to consider the age of family members. For instance, in a family floater scheme, the age of the eldest family member determines the premium cost.
Different health plans have different age limit criteria. Some policies have an entry age limit of 91 days to 60 years, whereas others have an entry age limit of 25 years to 50 years. So, you can choose accordingly.
You should find out whether an insurance policy with a low premium is offering you extensive coverage or not. Check whether there are additional clauses related to sub-limits, deductibles and copayments. You must make sure to buy a policy providing comprehensive benefits at an affordable premium.
Waiting period
one must know about the waiting period before choosing the right plan for themselves. An insurer does not accept claims originating from some specific or pre-existing illnesses within this period. The specific illnesses can be cataracts, varicose veins and arthritis, while the pre-existing illnesses can be diabetes, blood pressure and thyroid.
Depending on the plan, the waiting period can range from 24 months to 48 months. You can claim your coverage only after this period. You should avail a plan having a minimum waiting period to get a claim settled during a medical emergency.
Cashless benefits
Medical insurance providers, like Navi, have tie-ups with hospitals that facilitate cashless treatment during an emergency. It saves time by allowing hassle-free claim settlement after admission. The insurer directly pays the amount to the hospital.
Hence, you don’t need to look for funds during a crisis. Check the list of network hospitals of your insurance provider before choosing a policy.
Post and pre hospitalisation coverage
Ensure that your plan includes costs incurred before as well as after hospitalization. Such expenses can be doctor’s fees, charges with regard to medical tests, cost of medicines, and ambulance charges.
Claim settlement ratio
Go through the policy statements and check the claim settlement ratio of an insurer. Fast and effortless claim settlement is a boon at the time of hospitalization.
Cheap Health Insurance Options for Individuals
Medical insurance plans for individuals are those which cover the medical costs of a single individual. Some of the cheapest health insurance plans under this class are as follows:
| Plan Name | Features |
| HDFC Ergo Indemnity Health Insurance Plan-my: health Koti Suraksha | Maximum coverage: 1 crore; Hospitals: Nearly 10,000Claim settlement ratio: 99.8% |
| Star Comprehensive Health Insurance Plan | Maximum coverage: 1 crore; Hospitals: 11,000+Claim settlement ratio: 90% |
| Universal Sompo Super Healthcare Policy | Maximum coverage: 1 crore; Hospitals: 4000+Claim settlement ratio: 70.75% |
Also Read – https://navi.com/blog/super-top-up-health-insurance/
Cheap Health Insurance Options for Families
A family floater health insurance policy is one that covers you, your dependent parents, dependent children and your spouse. These plans cover the entire family under a single umbrella. Let’s mention some of the best and cheapest health insurance plans for a family.
| Plan Name | Features |
| Navi Health Insurance | Maximum cover- Rs. 1 croreHospitals- 10,000+Claim settlement ratio- 97% |
| Aditya Birla Activ Health Platinum Plan | Maximum cover- Rs. 2 croresHospitals- 8200Claim settlement ratio- 94% |
| Care Family Health Insurance | Maximum cover- Rs. 6 croreHospitals- 16500+Claim settlement ratio- 95.2% |
Affordable Health Insurance Options for Senior Citizens
A senior citizen medical policy covers people aged sixty years and more. Senior citizens need to know about cheap medical insurance offers available in the market. Here are some options that are available for them:
| Plan Name | Features |
| Star Health Senior Citizens Red Carpet Health Insurance Policy | Maximum cover- Rs. 25 lakhsHospitals- 11,000+Claim settlement ratio- 90% |
| Iffco Tokio Senior Citizen Health Insurance Plan | Maximum cover- Rs. 20 lakhsHospitals- 5000+Claim settlement ratio- 99.71% |
| Oriental Insurance- Health of Privileged Elders | Maximum cover- Rs. 5 lakhsHospitals- 4300+ Claim settlement ratio- 89% |
Also Read – https://navi.com/blog/tpa-third-party-administrator/
Final Word
If you are in search of affordable health insurance in India, the above-mentioned policies are certainly worth considering. Health insurance plans, such as the ones offered by Navi, provide comprehensive coverage at affordable premiums. The benefits include post and pre hospitalisation costs, in-patient hospitalisation, maternity cover, Covid-19 hospitalisation, etc. That said, make sure to check the exclusions and benefits of health insurance policies and compare them carefully to choose a plan that is best suited to your requirements. To consider Navi before buying a plan, then just download the Navi App and see what suits you. Navi has over 10,000 network hospitals and premiums start as low as Rs.241 per month.
Frequently Asked Questions
Ans: Co-payment in medical insurance is an agreement that requires the policyholder to pay a part of his medical expenses. In other words, a co-payment clause requires an individual to pay a portion of his/her bills while the insurance provider covers the remaining amount.
Ans: The primary health insurance policies are family floater plans, individual plans and senior citizen plans. Some other variants of health insurance policies include personal accident plans, group plans, maternity plans and critical illness plans.
Ans: Some of the factors that affect the premium of a health insurance policy are as follows:
Age and gender of the individual
Medical history
Type of plan
Lifestyle (for example, usually smokers have to pay a higher premium)
Policy term
Ans: You need to ask the insurer whether the insurance policy covers you throughout the country or within prescribed limits. Usually, a medical plan gives coverage across India. If it has set some specified geographical boundaries, then you cannot claim your money outside that area.
Ans: Health insurance providers have tie-ups with a number of leading hospitals that offer cash treatment. These healthcare facilities are referred to as network hospitals. In other words, if an individual receives treatment at a network hospital, the insurance provider will directly cover his/her medical expenses.
Before you go…
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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