A health insurance plan is an agreement between you and an insurer. According to the policy you need to pay the insurer a specified premium annually. In return, the policy will cover for complete or partial medical expenses that a policyholder encounters. Having a health insurance policy lowers the burden of the increasing medical expenses. To come to a conclusion that a policy is the best health insurance policy, it should be assessed against the following parameters. Though this is not an exhaustive list of all the parameters but is a good enough starting point.
It is kind of an unsaid truth, the higher amount you pay for something, the more benefits you end up getting. The same can be said about health insurance policies as well. However, each one of us has a specific budget and we must stick to it.
For a policy to earn the tag of the best health insurance policy, it must provide cover for family members of the policy holder. Usually, floater health insurance plans in the country provide cover for about 4-6 family members. While some cover dependents parents, spouse and kids, others provide cover just for spouse and kids.
- Ease of adding members
The best health insurance policy should have an easy and smooth mechanism of adding new members to the policy. This comes in handy when a new born joins your family. You also need to verify the minimum age of infants that a policy supports.
- Claim Settlement Ratio
For policy holders who want to know the ease of doing business with an insurer, the CSR is the right parameter. The claim settlement ratio lets you know, how many claims were settled by an insurer versus the total number of claims. A higher ratio would essentially make way for a hassle-free claims process.
While opting for a health insurance, keep an eye out for co-payment options. It is a standard feature according to which the policy holder needs to pay a portion of the total claimed expenses. Look for a policy that doesn’t have a co-payment facility at the first place or is 10% at the maximum.
Some of the Best Health Insurances
When your search criteria involve the parameters mentioned above, you will almost certainly end up with the best health insurance. Here are a couple of such policies.
- Easy Health Insurance
The policy covers most of the standard features such as day care treatment, hospitalisation expenses, maternity, and treatment at home etc. Apollo Munich sells the plan in three different variants namely standard, exclusive and premium. These plans largely vary on the sum insured. The company provides an additional discount when you opt for the plan for a longer duration.
- Star Family Health Optima
The plan covers most of the standard health insurance features and some. New born babies get included in the plan on their 16th day while you can opt for free health checkups once every three years. Star health insurance also allows for auto recharge facility without you having to pay any additional amount.
Features of the Best Health Insurance Plans
When you are on the lookout for the best health insurance plan, there a few important areas that you need to take a closer look at.
- Expenses related to OPD
While most of the health insurance policies cover hospital charges, policy holders still end up paying from their pockets when it comes to OPD charges. It is worth checking with your insurer if they have some sort of cover for OPD related expenses. Even if there is no direct coverage for the same, there should be an option wherein you can pay some additional premium and add the feature to your policy.
- Location wise variance
Over time insurers have started differentiating between tier I, tier II and tier III cities. The features and benefits that you receive for your policy in tier I city differ by a substantial margin than a policy in tier II or tier III city. Do take a quick look at such differences and ensure that you receive the same benefits.
- AYUSH treatment
Not all the medical conditions need a hospital treatment. There are quite a few medical conditions that can be cured using either homeopathic treatment or ayurvedic treatment. When you are looking for the best health insurance around, this benefit should make it to the list. Such treatment is not limited to Ayurveda or homeopathy but also extends to Unani, Yoga, Sidhha etc.