Health insurance policies have become an essential part of a person’s or family’s financial planning. With the rising costs of medical treatment and the increasing prevalence of lifestyle diseases, having a good health insurance policy has become necessary. However, with so many options available in the market, it can be overwhelming to choose the right policy. In this article, we will discuss the important benefits and features to compare before buying a health insurance policy and also provide a comparison of three popular health insurance policies in India.
Important benefits and features to compare before buying a health insurance policy:
Sum Insured: Sum insured is the maximum amount of money that the insurance company will pay for your medical expenses in case of hospitalization. It is important to choose a sum insured that is adequate for your needs. The sum insured should be based on factors like your age, health condition, lifestyle, and family medical history.
Network Hospitals: Check if the policy has a tie-up with a network of hospitals where you can avail of cashless treatment. This feature is important as it can save you from the hassle of arranging funds at the time of hospitalization.
Pre-existing Diseases: If you have any pre-existing medical conditions, make sure to check if they are covered under the policy. Some policies have a waiting period before they cover pre-existing conditions, while some policies exclude them altogether.
Co-payment and Deductibles: Co-payment and deductibles are the amounts that you have to pay from your pocket before the insurance company starts paying for your medical expenses. Check the percentage of co-payment and the amount of deductibles in the policy.
Room Rent: Check the maximum amount that the policy will pay for room rent in case of hospitalization. Some policies have a limit on room rent, and if you opt for a higher room category, you may have to pay the difference from your pocket.
Claim Settlement Ratio: Claim settlement ratio is the percentage of claims that the insurance company settles. A high claim settlement ratio indicates that the insurance company is reliable and pays claims promptly.
Comparison of three popular health insurance policies in India:
To make it easier for you to compare health insurance policies, we have provided a comparison of three popular policies in India – HDFC ERGO Health Suraksha Gold, ICICI Lombard Complete Health Insurance, and Max Bupa Health Companion.
*The claim settlement ratio data has been sourced from the IRDAI Annual Report 2020-21.
Note: The comparison table may carry inaccuracies. The policies are compared for illustration purposes only and are not recommendations.
In conclusion, when it comes to selecting a health insurance policy, remember to compare all benefits and features of the policy to avoid rude financial shocks after a medical emergency.