Here’s How You Choose The Best Health Insurance Company in India

Growing old, we seldom think about our health. But the fact is that many times healthcare expenses are sudden and excessive. The uneven demand and supply of medical care have led to poor healthcare infrastructure in the country. Medical care facilities are available at skyrocketing costs across the country. Owning a health insurance plan in India is thus a critically important component of your financial portfolio. 

Choosing the right pick 

A health insurance plan covers your medical expenses. Picking the right plan is as important as deciding to have one. It is dependent on the premium you pay, coverage offered, and other requirements. The best health insurance company in India includes coverage for nursing, treatment, and diagnosis costs. It can also offer additional features for particular needs. 

Understanding what kind of policy works for you is crucial. But get that the sooner you get insured, the better it is.  

Below are some common types of health insurance plans in India. 

Different types of health insurance plans in India 

1.    Individual health insurance plan 

An individual health insurance plan offers benefits only for a single person. You can buy personal health insurance coverage in your name, your spouse’s name or your child’s name. The premium depends on the sum insured and the age of the individual. An individual plan suits early career professionals and young individuals who do not have health issues. The premium for this plan is generally quite low. The plan provides coverage for hospitalisation and keeps you prepared for any medical demand. 

2.    Family floater health insurance plan 

With a family floater plan, you can cover all the members of your family. Family health cover is a perfect option for you when looking to secure your entire family. They are comprehensive schemes that provide coverage for kids, adults, and older people, i.e., all age groups. In this way, you can take care of all your family members through one single plan without having to pay premiums for multiple individual plans. 

3.    Top-up health insurance plan 

A top-up plan is very similar to a regular health insurance plan. It covers your hospitalisation costs. The difference is just that the costs are reimbursed after a specific threshold limit. This limit is termed as a deductible, which is the amount payable by you to activate the top-up health insurance policy. Top-up plans usually have a lower premium as compared to regular health insurance plans. A top-up plan should be added to your plan for major expenses. 

4.    Critical illness health insurance plan 

Critical illness health insurance policies pay a full lump sum amount on diagnosis of severe and long-term illness. Most health insurance policies do provide a critical illness rider for an extra premium. You can even opt for standalone critical illness insurance for more comprehensive coverage. 

5.    Health insurance plan for senior citizens 

Health insurance plans designed for senior citizens take care of old age healthcare requirements. Individuals between 60 and 75 years of age can opt for such a plan. Some of its benefits include day-care expenses, pre-existing disease cover, and cashless hospitalisation cover. 

Factors affecting health insurance plans in India 

Before opting for a health insurance plan in India, consider the following factors. The factors listed below will help you in choosing the right insured amount. 

1.    Income

A health insurance policy premium should never be high enough to interfere with your monthly budget. A mediclaim policy is of no use if it eats into your overall financial health. Rather, a health insurance plan is meant to safeguard your health and finances in emergencies.

2.    Health

Your health insurance coverage is heavily dependent on your current health condition. If healthy, low coverage is adequate, but in case you have an existing health condition, you are more susceptible to greater medical intervention in the future. In the latter case, it is better to opt for a higher cover.

3.    Age

Your age is another critical factor in determining the coverage you require. Younger people can opt for lower coverage and gradually increase it. The premiums get costlier with age.

4.    Location

The city where you live determines to an extent the costs of medical care you’d require. Metropolitan cities like Mumbai and Delhi are more expensive than a tier-2 city. Also, people living in big cities are more prone to health issues because of the associated stress and pollution.