Options are right for shopping, but it can take you into a confusing situation while choosing health insurance. These days due to competition, you can find a plethora of health insurance for individuals; some offer numerous benefits, some have a low premium, while some offer discounts. What to buy? If this question also scorches your mind, here are some quick considerations:
Pre-Policy Medical Check-Up: You do not need to get into the cumbersome formalities of medical check-ups to buy the policy. Look for the health insurance providers that offer health insurance without pre-policy health check-ups; this saves your time and money.
Eligibility: Before opting for individual health insurance, you should check its minimum and maximum entry age. Go for the policy that offers minimum age criteria and lifelong renewability.
Comprehensive Coverage: Make sure you buy personal health insurance that offers you comprehensive coverage, including in-patient hospitalization, pre and post-hospitalization, diagnosis, annual health check-ups, ambulance cover, and a lot more.
Waiting Period: Health insurance plans for individuals come with the waiting period. It means that you cannot make any claim during this tenure. It can range from 30 days to 48 months depends on the plan. So, opt for the policy with a minimum waiting period.
COVID-19 Coverage: Good companies like Care Health Insurance offer coronavirus coverage. They cover treatment and quarantine expenses. You can also opt for an add-on like Care Shield that covers even non-payable expenses also. Check their plans for more details.
Lower Premium: While opting for health insurance for individuals online, you can compare the premium. Use the health insurance premium calculator available on the companies’ official websites and pick the most affordable plan.
Alternate Treatments: Health insurance plans for individuals also cover alternative treatments like AYUSH (Ayurveda, Unani, Siddha, and Homeopathy). So, know how much coverage policy offers for AYUSH without a hitch.
Daycare Procedures: Gone are the days when you need to admit to the hospital for 24 hours or more for small procedures. Now you can go for daycare procedures; the health insurance for individuals covers them too. So, check which policy covers daycare treatments.
Lifelong Coverage: Look for a lifelong renewability feature in the policy to avail the continuous coverage on break-free renewals. It keeps you away from the hassle of buying health insurance again and again.
Network Hospitals: Cashless hospitalization facility is possible at the network hospitals. Thus, opt for the health insurance plans for individuals from the company with a broader network of cashless healthcare providers.
Look for CSR: CSR is a claim settlement ratio that shows the company’s ability to settle the claims. It is advisable to invest in a company that has higher CSR. It ensures timely claim settlement with lesser chances of rejection. Below are the companies for your reference with their CSRs:
| Health Insurance Company | Network Hospitals | Claim Settlement Ratio |
| IFFCO Tokio | 4000+ | 92.66% |
| Care Health Insurance | 8350+ | 95.2% |
| HDFC Ergo | 10000+ | 90.32% |
| Max Bupa Health Insurance | 4500+ | 83.92% |
| Star Health | 8800+ | 78. 15% |
Additional Benefits: Buy personal health insurance that offers extra benefits to enhance the policy coverage-no claim bonus, international second opinion, co-payment waiver, and reduction in a waiting period are a few of them.
Customer Reviews: Read the customer reviews and check the companies’ ratings before buying personal health insurance. It gives you a clear picture of how good the companies are doing with the customers.
Suggestion
Healthcare is one of the most important aspects that you need to look into, so make sure to check trusted sites that offer assistance in determining the type of coverage that you need. While you’re there, you can also ask the experts about the other types of coverages they offer like home insurance, general liability insurance, and an SR22.
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