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Practical Tips to Choose Health Insurance Plan

20 July, 2015


Life is full of ups and downs, and certain events in life may put a toll on your health and well-being. To minimize the financial impact of such events, it is recommended to purchase a health insurance plan. A health insurance plan provides financial cushioning to meet expenses incurred due to emergency hospitalization, medical procedures, essential surgeries, and other severe health conditions.

There are a variety of health insurance plans available in the market. Thus, it becomes difficult for an ordinary person to choose a plan that best matches his requirements and budget.

To simplify things, here are a few practical tips that will help you choose the best health insurance plan:

Choose an Insurer wisely:
General insurance companies offer health insurance plans. There are several insurers in the market that offer a variety of health insurance policies. Before choosing a plan, it is necessary to understand the credibility of the insurer. Look for the claim settlement ratio, number of plans offered, their premiums, extent of cover, benefits, and exclusions. Moreover, look up for customer reviews of the particular insurer before shortlisting it.
 
Assess your needs:
You need to assess your medical needs before zeroing down on the sum insured amount. Take into consideration your age, number of members in the family, their age, cost of medical care in your locality, and your budget before you decide the sum insured amount for a policy.
 
Look for a Comprehensive plan:
Most of the plans available in the market offer basic hospitalization cover for the insured and his family members. Rarely does a plan cover alternative treatment for medical conditions which can be remedied through Ayurvedic or Homeopathic procedures (AYUSH treatment.) A comprehensive plan, such as Royal Sundaram Lifeline health insurance, will provide such comprehensive coverage.
 
Check the List of Network Hospitals:
What is the use of an extensive plan if you are not able to avail cashless medical treatment at your nearest hospital? Check the list of network hospitals that are available under a health insurance plan. Otherwise, you will have to seek medical reimbursement by filing a claim later. 
 
Be aware of the Claim Procedure:
Your extensive health insurance plan will not be helpful if you are unable to file a claim in a timely manner. Certain health insurance plans have a stringent claim-settlement process. They require you to submit numerous documents. Choose a plan that has hassle-free claim filing process and requires minimum number of supporting documents to be submitted. 
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