Take care of your financial health with the leading Health Insurance plans that cover all your health needs. Health Insurance policy is now a vital necessity, and thus, one has to get a policy that fits the budget and provides comprehensive coverage. The step to get the right and affordable Health Insurance plan in the year 2024 entails analysis of critical factors such as the type of coverage, premiums, network of hospitals and the claim settlement ratio.
What is Health Insurance?
Health Insurance covers medical costs and acts as a safety net for people or organisations against the rising expense of healthcare. In exchange for their regular premium payments, policyholders receive coverage for a range of medical services, such as hospital stays, surgeries, prescription drugs and preventive care. The purpose of Health Insurance is to reduce the cost of medical care, facilitate access to essential healthcare services and improve general health.
What Factors to Consider When Choosing a Health Insurance Plan?
Here is a summary of how to select the best and most cost-effective medical insurance plan for 2024.
1. Type of Policy
Some frequently provided Health Insurance plans are individual, family floater and senior citizen plans. You can use them to pay for your or your family members’ medical expenses, where you have agreed upon the conditions. You can select the type of insurance policy and analyse it in terms of other Health Insurance policies of different providers.
2. Network Hospitals
A health plan provides cashless treatment during hospitalisation. This implies that the insurer settles the treatment costs with the hospital. Nevertheless, the advantage is valid if the insured goes to a hospital that has been included in the network hospitals’ list.
Compare Health Insurance policies from different providers, but make sure that you have the list of hospitals that are part of the network. Your chances of getting better health care will increase if you go to a hospital that is accessible and within your insurer’s list of network hospitals.
3. Coverage and Premium
Once you’ve reviewed the Health Insurance plans and identified the most beneficial package, it’s time to determine the type of insurance you require. The first step in comparing Health Insurance plans is to decide on the sum assured amount you need. This amount directly influences the total premium you’ll pay.
| Coverage Options | Comprehensive Coverage |
| Hospitalisation | ✓ |
| Pre and Post Hospitalisation Expenses | ✓ |
| Daycare Procedure | ✓ |
| Ambulance Charges | ✓ |
4. Age-limit
Health policies may have a maximum age limit, up to which they will cover the expenses of medical treatment. When you purchase a mediclaim policy, you will notice that the maximum coverage age differs from one policy to another.
Medical emergencies are more likely to happen when people get older. It is also better to select an insurance plan that extends to a higher age because it can be confusing to buy a new one.
5. Co-pay Amount
The co-pay percentage of a Health Insurance plan is the amount of the medical bills that the insured individual is responsible for. It is an integral factor to consider when you go through the insurance plans.
6. Waiting Period
The waiting period is the time of waiting, during which the insured cannot file for claim settlement. Comparing Health Insurance will give you a clue about the various waiting periods for different plans.
7. Understanding Co-payment and Deductibles
Co-pay is the compensation the policyholder needs to contribute from their pocket at the time of claim settlement apart from deductibles. Co-payment involves paying a certain percentage of the claim amount. On the other hand, deductibles require the insured to cover the initial expenses before the insurer pays for the rest of the medical costs. Take time to evaluate these expenses to choose a plan with the least out-of-pocket payments as well as deductibles to avoid financial difficulty when you access medical care.
8. Reviewing Claim Settlement Ratio
The claim settlement ratio of a health insurer is a significant aspect to keep in mind while selecting a health plan. It represents the ratio between claims paid out by the insurer and the total number of claims filed with the insurer. A high claims settlement ratio means quicker claim processing and good service for customers. Make sure that you consider the claim settlement ratios of the prospective insurers to guarantee a hassle-free claim process in the future.
9. Add-ons
To make the right choice, compare Health Insurance policies and see which one is more flexible. One advantage of a customisation plan is that people’s health needs can change over time.
The Bottom Line
Get to know your needs, compare different plans, and if needed, get expert advice. In this way, you will choose a plan that covers all the needs and, simultaneously, will be competitively priced to ensure financial security whenever an emergency occurs.
ACKO understands that Health Insurance should be affordable while addressing all medical needs. The easy-to-use approach and clear policies make the insurance product available to anyone.
