When you plan to buy a policy, especially a health cover, you need to be able to compare health insurance policies before finalizing one. This ensures that you get the right kind of cover with respect to your health and age. There is no one-size-fits-all approach to buying health insurance and hence, no “perfect healthcare policy”. You must be able to carefully look at what you need from your cover to be able to get the best possible for you and your family. Here are few parameters that can help you decide the best health insurance coverage for you.
What Should an Ideal Health Insurance Cover?
Every policyholder would have different demands from his/her healthcare policy which ideally increases with age. The IRDAI has clearly laid guidelines for the insurance companies to make the interpretation of policy terms easier and less ambiguous for the policy buyers. We have picked up few of the main parameters that you must check to compare health insurance policies.
#1. Hospitalization Expenses
You need to account for the pre and post hospitalization expenses that you may incur in case you get hospitalized for some specific medical condition. This would include and not restricted to the hospital accommodation, medicines, treatment, hospital cash, ambulance charge, etc. In case you have some pre-existing health condition, an ideal insurance policy would be able to cover you against such ailments with the lowest possible waiting period.
Normally, there would be sub-limits on the amount and specific conditions for which you would get hospitalization expenses. However, an ideal health insurance coverage would have lesser sub-limits. In case you require cover for some specific medical conditions, your policy should be covering that as well. Also check for additional features like organ donor expense, the allocation for day care procedures, alternative treatment expense, and domiciliary hospitalization benefits in your policy for added protection.
#2. Maternity Benefits
For those wanting to start a family, this parameter would definitely be a deciding factor while comparing health insurance policies. While most of the insurance cover maternity benefits only a few also provide health coverage to the newborn. Check for healthcare policies that cover the newborn automatically after its birth till the expiry of the policy year. Even though the presence of maternity benefit and the newborn baby cover is going to make your policy more expensive, it will definitely benefit you when you start your family.
Cashless Treatments and Hospital Cash
Certain policies cover you against daily hospitalization charges for a fixed period of days. Through this, you would get a fixed amount for a stipulated number of days of hospitalization. Also, an ideal insurance policy would be able to provide with cashless treatment facility across many hospitals in India. Some would also give you coverage against alternate treatment methods (Ayurveda, Unani, Allopathy, etc.).
Where to Look for the Best Health Insurance?
As the insurance market is flooded with options, it is practically impossible to check every insurance company personally. While there is no “perfect policy” that would fit everyone, here are some popular ones in the market
#1. Apollo Munich Optima Restore
This covers you against pre-hospitalization expenses for around 60 days before hospitalization and in-patient treatment for the duration of 24hrs or more. The policy covers around 144 types of daycare expenses along with domiciliary treatment expenses.
#2. Bajaj Allianz Health Guard Plan
While there are many innovative health care plans from Bajaj Allianz, we would concentrate on their Health Guard Plan. It offers pre and post hospitalization expenses not restricted to medicines, consultations, follow-ups, and tests pertaining to the ailment. The plan also has a lifelong renewability feature and offers cashless treatment facility across 4000 hospitals in India.
#3. ICICI Lombard Complete Health Insurance- iHealth
This health insurance policy gives you a premium of INR 10,643 for a sum insured of Rs. 10 lakhs. You would also get cashless hospitalization, free check-ups and look-up period of around 15 days. It also covers expenses due to day-care procedures.
#4. Religare Health Insurance- Care
This is a comprehensive package which covers you against many medical emergencies. It also covers you against hospitalization charges like room rent, ICU charges, ambulance expenses, day care procedures, medical follow-ups, pre and post hospitalization expenses. The best part is that there is no upper age limit for any health insurance plan from Religare.
#5. Cigna TTK Pro-Health Insurance Plus
This comes with a sum insured of around Rs. 4.5 lakhs and Rs. 10 lakhs and has lifelong renewability. The plan gives you critical illness cover along with maternity and newborn baby cover.
You must never choose your health insurance plan based only on the premium amount and must check if it gives you the kind of health cover you and your family would need in the future. Coverfox.com would help you compare health insurance policies and select the best one based on your healthcare needs.