Indian government allocates just 1.1% in budget for health. This rate is well and truly dismal compared to other countries around the world. Not only the developed countries like The US, France that allocate 18% and 12% respectively but even most Asian nations also spend about 5% on health.
Medical expenses are already extremely high in India and with such directives it will soon go beyond the affordability of common people. A comprehensive health insurance policy is the best way to cope up with this rising cost.
Owing to the various means of advertising, you are now quite familiar with the reputed health insurers operating in India. But your mind gets clouded with confusion when you come across a diaspora of health insurance policies at once. To help you cherry pick one, Here are some simple steps to help you decide on the right health insurance plan.
In India, more than 25 general insurance companies offer health insurance plans. All these companies are not equal in terms of services provided to policyholders. So, you should take time to check out the overall standard of these health insurance providers in terms of various parameters such as management, background,claim settlement ratio and claim process instead of jumping on a health policy in haste. It is always better to select a provider that operates only in health insurance orbit such as Star Health, Religare and Apollo Munich.
Type of policy & Sum Insured
While buying a health cover you have to select the right category. The selection of correct type of health policy depends largely on your marital status. In case you are single, an individual health policy will suffice your needs. If you are a married person with children, your best bet is a family floater health policy which offers coverage to your spouse, kids and yourself. In case you are looking for a health plan for your parents who are over 60 years of age you should ideally go for a senior citizen health insurance plan.
Your focus should neither be on the cheapest health policy nor on a high-end health cover with an array of unnecessary features. You should be eyeing on a health plan that caters to your need within your budget. Expensive health plans, more often than not, come up with benefits like wellness benefits, vaccination cover that you don’t need. Very cheap plans, on the other hand, may fall short of covering your basic needs. A health policy in the mid-range with wide coverage should be your best bet.
Network of cashless hospital
As per IRDAI, total cashless claim settlement is just half of the total reimbursement claim settlements for same disease. This means cashless claim settlement is not easily available in India. Therefore, you have to keep a close eye on the hospital network of all the major health insurance providers to locate the insurer with maximum number of hospitals with cashless facility. The reimbursement method of settling claims can influence the standard of treatment one chooses. Because of limited fund, one may not be able to avail best possible treatments upfront. Cashless facility also saves one from the pain of arranging and submitting all the documents and follow up for reimbursement.