Which Health Insurance is The Best? Plans and Coverages
Health insurance plays a vital role in our lives, but choosing the right one can be challenging. While selecting the best health insurance policy, you must consider factors like CSR (claim settlement ratio), coverage, waiting period, premiums, hospital connectivity, and reputation of the companies.
You can choose an individual or family insurance plan according to your needs. Each health insurance Plan offers different benefits from the others. Read this article to learn more about the types, the importance of choosing the right health insurance, key factors to consider, and top health insurance plans in India.
Table of Contents
Importance of Choosing Health Insurance
Health insurance not only gives protection against unexpected expenses but also provides security and overall well-being. It covers hospital bills and medications for preventive care services like routine checkups or screenings. All these services help to improve the overall well-being of insurers. Standard health insurance company a wide range of hospital connectivity that helps to get quality treatment in the required time.
It provides you and your family security from unexpected financial burdens and gives you peace of mind. It is the best decision to take health insurance for you and your family as early as possible.
Key Factors to Consider While Buying Health Insurance
Some key factors help you to choose the right health insurance while buying; let’s see the factors-
- CSR (claim settlement ratio): When choosing health insurance, always compare the CSR. It will help you understand the success rate of the settlement ratio.
- Coverage: Comparing the coverage will help you know the benefits of medical emergencies and choose the perfect one.
- Premiums: Premiums are another critical factor to look at. Always look for insurance that provides maximum benefits at a lower premium.
- Waiting Period: The waiting period is another essential factor to consider. Always choose insurance that has a minimum waiting period (2 years).
- Hospital Connectivity: A wide range of hospital connectivity offers quality and timely treatments. So, look for insurance that has a wide range of hospital connectivity.
- Reputation: Always check the reviews and testimonials from existing customers to be aware of customer satisfaction.
Types of Health Insurance Plans
Various health insurance plans offer multiple benefits; you can choose according to your needs. The primary types include Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), Exclusive Provider Organizations (EPOs), Point-of-Service (POS) plans, and High-Deductible Health Plans (HDHPs) often paired with Health Savings Accounts (HSAs). All these 5 types of plans offer different benefits, so let's discuss their unique benefits-
High-Deductible Health Plans (HDHP) with Health Savings Accounts (HSA)
HDHP categorised plans by higher deductibles and lower premiums. These plans are often paired with HSAS to save pre-tax on medical expenses. This combination helps to manage healthcare costs effectively and is suitable for those who do not frequently need medical care.
Top Health Insurance Companies
Numerous health insurance companies offer various benefits; we will choose the top health insurance companies according to CSR and other essential factors.
It has a 100% claim settlement ratio. It offers various plans and excellent customer service to its insurers.
2. Niva Bupa Health Insurance:
It has a 99.99% claim settlement ratio. It offers various health insurance products to fulfil customer satisfaction.
It has a 99.99% claim settlement ratio. It provides a variety of health insurance options with competitive pricing.
4. ManipalCigna Health Insurance:
It has a 99.90% claim settlement ratio. It offers a vast network of hospitals and diverse health plans.
5. Aditya Birla Health Insurance:
It has a 99.41% claim settlement ratio. It offers innovative health plans with wellness benefits to provide overall health benefits.
Best Health Insurance for Specific Needs
Numerous plans offer various benefits. You can choose according to your needs, such as individual, family, maternity, critical illness, top-up, etc. Let’s see the best plan for specific needs-
1. Individual Health Insurance
Niva Bupa Health Companion Plan-
It offers good coverage ranging from ₹2 lakhs to ₹1 crore. You can customise it according to your needs.
Cigna TTK ProHealth Plus
It offers good coverage with affordable premiums, wellness facilities, and health rewards.
2. Family Floater Plans
HDFC Ergo Optima Restore
It offers the unique benefit of having any family member replenish the insured sum. It ensures good coverage.
Aditya Birla Activ Assure Diamond Plan
It offers a wide range of plans suitable for families. You can get an appropriate plan for you at an affordable price.
3. Maternity Coverage
HDFC ERGO Health Suraksha
It offers the best benefits in maternity coverage after a minimum waiting period. It covers all expenses related to childbirth and newborn care.
Star Health and Allied Insurance Family Health Optima
It not only offers maternity coverage but also offers comprehensive health benefits. It is suitable for growing families.
4. Critical Illness Insurance
Bajaj Allianz Critical Illness Insurance
This plan is specially designed to cover a range of critical illnesses. It provides coverage from diagnosis to treatment of severe conditions.
Niva Bupa Health Companion Plan (Critical Illness Rider)
This plan can upgrade critical illness riders and offers additional benefits for severe health conditions.
5. Top-Up Plans
It offers additional benefits at lower premiums. It is beneficial for those who already have a base plan in Star Health Insurance.
This plan offers a cost-effective way to increase coverage limits. You can add top-ups to limit the premium costs.
Best Health Insurance Plans in India
1. Aditya Birla Group Activ Health Plan
Entry age: 18 years and above
- Provide coverage for all medical expenses for chronic illnesses and 527 daycare treatments.
- Covers treatment costs of 30 days pre-hospitalisation and 90 days post-hospitalisation.
Coverage: Up to Rs. 10 lakh
Hospital network: 10,000+
2. Niva Bupa Health Pulse
Age: 18-60 years
- Provide coverage of surgery-related expenses like doctor’s fees, ICU, and operation theatre charges, etc.
- Cover 30 days pre-hospitalization, 60 days post-hospitalization, and 536 daycare procedures to a limit.
Coverage: Up to Rs. 5 lakh
Hospital network: 8,500+
3. Bajaj Allianz Health Guard Insurance Plan
Age: 18-65 years
Age (dependent children): 91 days to 25 years
- Cover medical expenses 60 days pre-hospitalisation and 90 days post-hospitalisation, and 536 daycare procedures except for the outpatient department.
- Provide Rs. 5,000 allowances for more than 10 days of hospitalisation.
Coverage: Up to Rs. 50 lakh
Hospital network: 7000+
4. ManipalCigna Pro-Health Group
Age (adults): 18-65 years
Age (dependent children): 91 days to 25 years
- Provide 100% coverage for any medical expenses.
- It covers expenses for home care treatments and 500+ daycare procedures.
Common Mistakes to Avoid
Select based on recommendations: Many people select a plan based on friends' or others' recommendations. You should always choose a plan after comparing benefits with other plans, and you can also get an expert opinion.
Overlooking policy documents :
Overlooking policy documents can bring major problems in the future. Always check the terms and conditions for unexpected issues.
Misunderstand costs:
Understanding the cost is very important when choosing the benefits. A plan with low premiums and high deductibles can bring extra expenses.
Hiding medical history:
Hiding medical history to avoid high premiums can backfire. If your claim is related to your pre-existing diseases, it can cause rejection.
Not comparing different policies:
You may have better options if you do not experience rent policies. You can use online websites to compare different health insurance.
FAQs
Ques 1. Which company is best for Mediclaim?
Ans. Acko General Insurance Co. Ltd. Provides the best mediclaim for India. It has 83.88% CSR.
Ques 2. How much health insurance do I need in India?
Ans. If you want health insurance, purchasing one equivalent to at least half of your annual income is recommended.
Ques 3. What is the salary limit for mediclaim?
Ans. Under Section 80DDB, People below 60 will have a limit of upto Rs. 40,000, and those above 60 will have a limit of Rs. 1 Lakh.
