Insurance

How to Compare and Choose the Best Health Insurance Plans

It is absolutely vital to compare and then choose the best health insurance plans. When it comes to health insurance, you cannot go with references or suggestions. You have to analyse your own needs, see the features of the various policies and then make your final selection. Only then will you have the most appropriate health cover.

The basis of comparison

So how exactly does one compare health insurance? Are there any factors on which the comparison must be based? Of course there are! Listed below are the exact factors that form the basis of comparison:

  • The type of cover: This is the first and the most significant basis of comparison. Health insurance is available in different forms such as family floater plans, critical illness plans, maternity plans, etc. You first need to choose the right kind of health cover for yourself and then run a comparison among the plans of that particular type. So for example if you are looking for a critical illness cover, filter down only the critical illness plans and compare them.
  • The cost of the plan: Health is available in various price ranges. Keep your affordability factor in mind and compare the plans that you feel is within your reach. If a plan is too expensive, leave it out of the comparison radar.
  • The insurance provider: The reputation of the health insurance provider also plays a role here. You must look for an insurer who enjoys positive customer ratings and also has a high claim settlement ratio. These points will help you find the best insurer to buy your health plan from.

Keep these features in mind when comparing the health plans and you will surely be able to locate the best health insurance cover.

Terms and conditions of renewal

Health insurance is so crucial that you cannot afford to live without the cover for even one day. So you need to be very careful about the renewal process. If you delay, your health cover will lapse. You can get it reinstated, but if you need to make a claim in the meanwhile, your insurance provider will turn you down. And since you never know when trouble will come knocking, stay covered under the best health insurance umbrella at all possible times.

Here are some important clauses associated with health insurance renewals. Take a look:

  • Notification by insurer: The insurer will inform you about the upcoming renewal about 45 days before the expiration date of the existing health plan. Take cognizance of this and renew your plan right away.
  • Health tests: In many cases, you may have to undergo a fresh set of medical tests when renewing your health insurance plan. Go ahead and take the tests. If you are found to be fit, your health insurance costs may even jump down!
  • Premium re-evaluation: Depending on your current health condition, additions and subtractions of features, etc, your premium amount may change. The insurance provider will inform you about the new premium before it is put in force.
  • NCB: The no claim bonus (NCB) is a discount you get for not making a claim in the previous policy year. So if you have an NCB accumulated with you, ensure the correct value is deducted from your present premium amount or the health insurance cover is increased as per the terms of the NCB
  • Switching insurers: The IRDA makes it possible for you to switch between insurers at the time of your health insurance renewal. If you have been unhappy with your existing insurance provider, you can switch over to a different insurer. You’re NCB and your waiting periods will be carried forward so you do not have to worry about losing your benefits.

The final word

It is very important for you to select the best health insurance cover after doing your research. Spend some time and do not hurry through the process. Health insurance is one of the most crucial types of insurance. So take your time and find the ideal cover. Keep all the points mentioned above in mind. Doing so will make the job simpler for you and you will find the best health insurance cover easily. Compare your options and find the best health insurance plan at the best rate.

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