What you should now about health insurance plans? 10 best health insurance companies

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Health Insurance Plans

Human life is indeterminate, and we cannot predict precisely what happens in the next moment. Most of us wish to enjoy financial freedom yet when it comes to action point, we tend to ignore the importance of insurance in enjoying financial freedom despite unforeseen events. Further, we tend to ignore the fact that just the savings will not assure us the financial freedom. We need to protect our savings with due care. A few of you may disagree with me and say that the focus on earnings would be enough and no need for insurance protection. But the fact of the matter is that if your savings are drained out due to COVID-19 pandemic and other unforeseen emergencies. Also, what if your earning capacity is lost due to various reasons. A comprehensive health insurance plans save individuals from such traps and help them survive and sustain the same standard of living. Health Insurance policy is required for everyone, considering the rising medical expenses and spout of lifestyle ailments amongst the people. A medical crisis can outbreak anybody, anytime, and influence an individual expressively and monetarily. Financial advisers consequently propose that it is judicious if you buy a health insurance policy early during our life.

Health Insurance Plans, Best Health Insurance Plans Family, Health Insurance, Plans Best health insurance companies in India
Best Health Insurance Plans

Best Health Insurance Plans

Due to the rising inflation level, healthcare services becoming costly. For a common man with a defined level of income, it is too hard to come up with the rising cost of medical expenses. So, it is important to cover the health of family members under the insurance policy. The family may include, father, mother, brother, sister, spouse, children, grandparents. However, most of the insurance plans cover up to five members in the family. The sum assured assigned to the policy can be utilized by members of the family.

Family Health Insurance Plans

Family health insurance plans save your money during health emergencies, relieve you from financial pressure and tension. In India the number of people buying family health insurance is consistently rising due to the financial burden individuals would otherwise face in the absence of an insurance plan. Family health insurance plans come with two categories’ Medical insurance and critical illness cover. Medical illness policy covers hospitalisation expenditure. The policyholders can either go for cashless hospitalisation or first take the treatment and submit bills to claim the settlement later. However, it depends on the circumstances. If the policyholder visits the network hospital of the insurance company with a validity policy document, he can opt for a cashless facility.

A critical illness plan is another type of insurance in which the major disease or health problems like a Kidney stone, heart attacks, cancer care, stroke, and other critical health problems are covered. However, age plays an important role in determining the premium amount for a policy. Age is directly proportional to the premium of the policy. Higher the age, the bigger the premium amount will be and vice versa. We need to understand that disclosure of material facts related to the health condition of family members is of utmost importance also it will save you from the rejection of claims during your hospitalisation.

When you are buying a health insurance plan, do not forget to check the settlement ratio of the insurance company. For example, you would see, 90% settlement ratio indicates that the company has settled around 90% of the claims submitted and 10% of the claims are rejected for various reasons. This 10% is very important and you need to check the reasons under which the claims are getting rejected by an insurance company. In a general sense, 90% of the claim settlement ratio is not very impressive yet, can be considered good. There is always an alarming signal when the claim settlement ratio of an insurance company is lesser than 95%.

When you are taking an insurance policy you should not forget to check and validate the following aspects.

  • Policy details including what is covered and what is not covered
  • Price of the same policy from the different health insurance provider
  • Claim settlement ration including review feedback on social sites
  • Quality of after-sale service from the health insurance company
  • Strength of network hospitals available with the insurance company

 

Advantages of buying the health insurance policy

Below are some of the advantages of taking a health insurance policy.

Health Insurance Plans, Best Health Insurance Plans Family, Health Insurance, Plans Best health insurance companies in India
Benefits of Family Health Insurance plans
  • Hassle-free health Coverage

Family health insurance reduces the burden of an individual health plan. I mean to say, it reduces the need for paying a premium for each member in the family separately.

  • Better Sum Assured

The family health insurance policy offers a better sum assured compared to individual health insurance policies.

  • Better Discounts

Under the family insurance plan, you can obtain incentives and obtain better sum assured.

  • Convenience

Family insurance plans reduce the pain the arranging separate documents and insurance cards during the claim of insurance.

Best health insurance companies in India

Several health insurance service providers are operating in India. They are shown in the image below:

Health Insurance Plans, Best Health Insurance Plans Family, Health Insurance, Plans Best health insurance companies in India
Best health insurance companies in India
  1. Bajaj Allianz
  2. Religare
  3. New India Assurance Company Limited
  4. Oriental Insurance Company Limited
  5. Universal Sompo
  6. Medi assist
  7. Go digit
  8. HDFC Ergo
  9. Max Bupa
  10. Apollo Munich

 

While we understand the family health insurance policy, we would also require knowing what all services covered in health insurance plans especially family health insurance policies. Here is a partial list of facilities covered under the family health insurance policy. However, the list of features may differ from one insurance company to another.

  • Inpatient Hospitalization
  • Pre-hospitalization expenses
  • Post hospitalization expenses
  • Hospital Cash
  • Surgery expenses
  • Daycare treatment
  • Ambulance charges
  • Domiciliary Medical Treatment
  • Cashless Home Healthcare
  • Save tax up to ₹75,000*
  • Cashless Claims

While buying a family health insurance plan, you would require understanding the waiting period for certain medical treatment and how the insurance company treats pre-existing diseases. For example, some insurance companies do not cover pregnancy for the first three years of purchasing a policy while many policies cover this with immediate effect by charging a higher premium. When the family health insurance policy is purchased through your employer, you are most likely to get maximum benefits since the corporate plans buy health insurance policy in bulk resulting in better bargaining power for the employers. The corporate health insurance plans taken for the family would have a higher sum assured, longer duration, a greater number of inclusions, coverage of pre-existing diseases, lessor premium, and many more benefits.

I hope you enjoyed the article and got an understanding of Health Insurance Plans, Best Health Insurance Plans Family, Health Insurance, Plans Best health insurance companies in India.

Feel free to share your thoughts in the comments section.

 

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About Pavan kumar C

Pavankumar Chandrappa is an excellent academic writer, learning designer, research scholar, and blogger in the management domain. He has more than a decade of blended experience in academia and industry with great exposure to writing on various paradigms of business management. He has published a series of research papers on various paradigms of learning. You can access his detailed biography by typing"Pavankumar Chandrappa" on google search.

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