Explore Health Insurance Plans That Suit Your Needs – Financenu

Health insurance helps you pay for your hospital and also covers medical insurance. With this insurance, you can file multiple claims in a year, as soon as it does not exceed the sum assured amount.

Health policies are vital today as they ensure policyholders can access quality healthcare fast without worrying about rising hospital charges.

Listed below are some of the top insurance companies offering health insurance policies. The insurance companies have been ranked based on the Incurred Claims Ratio of every insurer. This is the ratio between the premium earned and the total claims incurred by the insurer.

This is the ratio that is generally used to determine how an insurance company is performing. A higher incurred claims ratio means the insurance company has a better track record of settling the claims they receive. It is always good to opt for an insurance company with a high Incurred Claims Ratio.

The following are the documents you will require to purchase health insurance in India:

Age proof:

• Birth certificate
• Passport
• 10th or 12th class marks card
• Voter’s ID
• PAN card
• Aadhaar card
• Driving license

Proof of identity: The following documents can be submitted as ID proof when applying for a health insurance plan:

• Aadhaar card
• PAN card
• Voter’s ID
• Passport
• Driving license

Proof of residence: A permanent address proof must also be submitted when applying for health insurance. The following documents can be used for this purpose:

• Telephone bill
• Passport
• Electricity bill
• Driving license
• Ration card
• Voter’s ID
• Aadhaar card
• Passport-sized photographs

The common eligibility criteria for Health Insurance in India are as follows:

Minimum Entry Age: The minimum age to avail of the benefits of health insurance for your child under a child plan is usually 16 days to 18 years. The entry age of a policy for adults ranges from 18 up to 65 years. It can also be 70 years and above based on the plan and insurer.

Pre-Existing Medical Conditions: If you are purchasing health insurance after the age of 45, you may have to go through various medical tests before getting health coverage.

In order to keep the policy in force, regular payment of a fixed premium is essential. Did you ever think about how this premium is calculated? There are certain factors that affect health insurance premiums such as the medical background of your family, sum insured, cumulative bonus, your personal medical history and so on.

Based on that, you might want to calculate your premium to figure out how much you would have to pay for the policy. It can be done through a health insurance premium calculator. A premium calculator is an online tool that calculates the premium to be paid as per the information provided by you, such as the preferred sum insured, age of the insured, etc. At Policybazaar.com, you can calculate your health insurance premium online easily.

Based on a combination of various factors, your health insurance premium is defined by the following:

Age - While health conditions are on a rise for both people young and old, younger people are still a lot healthier due to stronger immune systems. Additionally, the younger you are, the more time you have to complete your waiting period for specific illnesses and covers. Therefore, the younger you are, the lesser is your premium!

Lifestyle - More than 61% of deaths in India are due to issues stemming from lifestyle diseases, including pollution levels! Therefore, your lifestyle habits such as if you’re a smoker or not will have an influence on your health insurance premium.

Pre-existing diseases or conditions - If you’ve already been facing symptoms of some kind, or have a family history of a particular illness, then your health insurance premium will probably be higher due to the higher risk involved.

Location - Your premium will be affected by the city you live in because every city is different, in terms of risks and medical costs. For example, people living in North India are a lot more prone to lung diseases, due to the high percentage of pollution.

Additional Covers - One can customize their health insurance plan based on their personal requirements and health conditions. Therefore, when you opt for additional covers like a Maternity Benefit or AYUSH benefit, your premium too increases by a small margin.

Choosing the right insurance plan can be a difficult task, but thanks to advancements in technology, the internet can now grant you access to a large number of options .This can be assessed and compared before you pick the plan that best suits your needs. People tend to make common errors when purchasing health insurance, and avoiding these mistakes can help you make the most of your health insurance policy. The following are the common mistakes you must avoid when purchasing health insurance:

• Inadequate Cover

  The amount for which you are covered plays a crucial role in determining which policy will best suit your needs. Most people tend to choose plans with lower coverage as it helps them save some money. Lower coverage will help reduce the amount you pay as premium for your insurance policy. While it is important to save money, it is also crucial to ensure that you don’t be too stingy when it comes to buying health insurance as it could prove to be a hassle later.

• Missing the Fine Print
  • It is important to have a look at the fine print before choosing the insurance policy. Going through the fine print will tell you all about the coverage offered by your health insurance policy
  • It will also tell you about the exclusions so you are aware of what you can and cannot claim
• Comparison of Insurers

  Many people tend to go with the first insurance company they find. When purchasing a health insurance plan, it is crucial to compare as many plans as possible as it will help you identify which one best suits your needs.

• Falsified Medical History

  People tend to lie about their medical history when purchasing health insurance as it tends to lower their premiums. When you purchase a health insurance plan, it is essential to be truthful about your past medical health and situations. When you lie about your medical history, there is a chance that your claims could be rejected if the insurer finds out about the same.Ensure that you submit the correct records so that you do not have to encounter a problem later.

• Cashless Hospital

  The cashless facility is one of the most important things to look for when purchasing a health insurance plan. However, many people tend to even consider this facility when looking for policies. By finding an insurance provider that offers the cashless facility, you can rest assured that you will receive immediate treatment in case of emergencies and the insurer will cover the costs.

• Careful Selection of Premiums and Co-pays

  When you purchase a health insurance policy, the insurer will provide with an option of co-pay. If you choose this option, you will have to contribute a certain pre-determined amount at the time of making a claim, and the remainder will be paid by the insurance company. The sum assured will not be affected by the co-pay amount.

• Choosing Too Many Additional Riders
  • It is good to buy additional riders at the time of purchasing an insurance policy. This will enhance the protection you receive from the insurer at the time of a claim.
  • Make sure you do not opt for add-on covers just to add more protection to your policy. Purchase add-on covers that will be of use for you and your family.

Premiums:The sum you pay routinely to keep your health insurance dynamic.

Deductibles:The sum you pay routinely to keep your health insurance dynamic.

Co-payments:The sum you pay routinely to keep your health insurance dynamic.

Coinsurance:The sum you pay routinely to keep your health insurance dynamic.

Systems:The sum you pay routinely to keep your health insurance dynamic.

Preventive Administrations:Numerous plans cover preventive administrations like immunizations and screenings at no additional fetching.

1. Monetary Security:Shields you from tall restorative costs; protections make a difference and cover bills for specialist visits, clinic remains, and more.
2. Preventive Care:Empowers schedule check-ups, immunizations, and screenings, anticipating genuine well-being issues.
3. Get to to a Network:Gives get to to a arrange of healthcare suppliers, guaranteeing quality care.
4. Crisis Scope:Offers scope for crisis medical circumstances, giving peace of intellect amid unexpected health emergencies.
5. Medicine Solutions: Covers a parcel of the taken toll of endorsed drugs, making basic drugs more reasonable.
6. Mental Health Administrations:Numerous plans incorporate scope for mental health administrations, supporting all-encompassing well-being.
7. Maternity Care:Offers scope for pre-birth care, labour, conveyance, and postpartum administrations.

1. Survey Your Needs:Consider your health history, way of life, and budget to select an arrangement that fits your prerequisites.
2. Arrange Contemplations:Check on the off chance that your favoured specialists and clinics are within the plan's organisation.
3. Get to to a Network:Gives get to to a arrange of healthcare suppliers, guaranteeing quality care.
4. Scope Limits:Get the limits and avoidances of the arrangement to guarantee it meets your well-being needs.
5. Compare Plans: Assess distinctive plans based on premiums, deductibles, and scope alternatives.