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Thursday, June 20, 2024

How to Choose The Best Health Care Plan in India

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As we start growing older, the probability and frequency of unforeseen and exorbitant health care expenses rise, and it can hit your savings hard. Furthermore, with India’s developing healthcare infrastructure and the exponentially increasing prices of medical care, getting a health insurance plan has become a necessity.

With dozens of plans out there such as Bajaj Finserv’s Complete Health Solution Silverand ICICI Lombard’s Health Policy, choosing the right one for you might seem a little overwhelming. It is critical that you pick the right health planthat works for you, and we will tell you exactly how to do that.

Health policies often include the expenses of nursing, treatment, diagnosis and other factors; it all depends on your needs. It is important that you understand what type of health plan works for you so that you can get insured as soon as possible.

1.    Individual Health care Plan

An individual plan is a type of plan who’s benefits extend to only a single individual. You can get one for yourself or a loved one, and the premium would depend on the age, underlying conditions (if any) and the sum insured for.

This plan is recommended for those who are young, single and do not have many health issues. The cost of the premiums tend to be lower, and they cover expenses related to hospitalisation, covering you in case of any medical emergency.

2.    Senior Citizen Plan

These plans are tailored to meet the needs of senior citizens and help them take care of the numerous health complications that come with old age, and usually, those between the ages of 60 to 80 are eligible.

These plans have a plethora of benefits, including pre-existing disease and new disease cover, day-care costs, hospitalisation, nursing, operations and so on. They are the perfect plan of if you or the person you’re securing the plan for is in their old age.

3.    Family floater Plan

This is the best plan for those who are looking for health insurance for the entire family. They are very detailed and comprehensive schemes offering numerous healthcare solutionsthat offer insurance coverage for individuals belonging to various age groups; young adults, children, middle-aged and older people.

It is very convenient and easy to manage, and the insurance of all the family members are taken care of through a single plan with a single premium. The entire family is under the umbrella of one plan, and you would not have to worry about managing numerous premiums, each for a member of your family.

4.    Top-Up Plan

This plan is a little different from a regular health insurance plan. It covers the policyholder’s medical expenses just like all other plans do, but only if it exceeds a certain threshold limit. This limit is known as a deductible, which needs to be paid for the necessary medical expenses before the top-up insurance policy can be activated for use.

These plans are usually cheaper compared to regular healthcare solutions and plans. They are usually opted for as a supplement to a regular health insurance plan, as they cover large expenses.

5.    Critical Illness Plan

In this health plan, you get a lump sum once you have been diagnosed with a serious and/or long-term illness that requires extensive and expensive treatment.

Most health insurance providers give this option as an add-on to a pre-existing plan, on payment of a higher premium amount. This plan can also be utilised as a standalone plan.

Factors That Affect The Price Of Premium

  1. Age: Premiums get more costly as you get older, and you might have to opt for higher coverage amounts too as the years pass due to the increased probability of sickness.
  1. Heath: If you have underlying conditions or are in bad health, your health care premium would be much higher, as your probability of needing the insurance is high, and on the other hand, if you are healthy, it will be lower

You must also consider your income and location before choosing a plan, as premiums are higher in metropolitan cities, and you must also make sure the premiums to not make a dent into your day-today expenses, Plans like Bajaj Finserv’s Complete Health Solution Silver, are very useful and more information is available online.

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