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How To Choose A Good Health Insurance Plan?

How to choose a good health insurance plan? is this a question in your mind? Read this article to know about the points you should consider while buying a Health Insurance.

  • 2,015 Views | Updated on: Apr 08, 2024

The joy of life is not found in material possessions but the times you spend with your loved ones. The high-stress environment in which you all live is bound to have negative effects on your health at some point, and in order to ensure that these difficult periods do not overshadow the wonderful memories you make with your family, it is critical to invest in a good term health insurance so that you can relax knowing that your family’s financial resources will not be impacted due to any unforeseen illness and its associated medical expenses.

Learn About the Basics Of Term Health Insurance

A health insurance term plan is a contract between both the policyholder and a health insurer that includes all expenditures linked to the insured’s medical costs. The policyholder has to pay a premium for the same as per their chosen frequency (single, quarterly, etc.). It can be purchased for an individual or a family and could be used to obtain proper medical care in the event of an emergency or even a scheduled medical operation without fear of financial consequences.

People have many misconceptions when it comes to health plans. For instance, it is not true that health insurance for senior citizens is the only form of health insurance available. Anyone may get a health insurance term plan, and it is advisable to get it in your early years of life to get the most out of your chosen plan. With so many health insurance options available, it’s always a good idea to consider some important factors before you choose one. Here are some tips you can look at before deciding whether to get health insurance online or offline to meet your needs.

Tips Tricks To Choose A Good Health Insurance Plan

Budget Mapping

While it is necessary to get a health insurance term plan, it is also necessary to get one that is not too heavy on the wallet. Therefore, it’s critical to compare health insurance online among the numerous alternatives accessible. You may choose health insurance types with single premium health insurance policies or monthly premium payments - whatever suits your requirements the best. Also, it is vital to realise that one should not avoid purchasing term health insurance.

Coverage Required

You should ideally choose a health plan that covers a variety of medical issues; for instance - pre and post-hospitalisation coverage with critical illness health insurance. Have a look at what all the plan caters to - such as ambulance costs, cashless treatment, maternity benefits, daily hospital cash benefits, hospitalisation, and so on. Additional things can be covered by adding riders.

Reliable Insurance Provider

You need to get your policy from an insurer who is approachable and has a good reputation. The insurance company must have an excellent customer service network, a good ranking, and high claim settlement ratios.

Hospital Network

Hospital affiliations are included in all term health insurance policies. They are generally known as networks of hospitals. Check the list of hospitals in health insurance online to see whether your preferred hospital is included or not. This will allow you to get treatment under the plan in a facility that is suitable for you.

Claim Settlement Ratio

The number of claims settled by insurance carriers as a percentage of total claims received throughout the policy’s lifetime is referred to as the claim settlement ratio. As a result, selecting an insurance company with a high claim settlement ratio is suggested.

To summarise, the aforementioned suggestions will definitely help you decide on an ideal health insurance plan. Ensure that you look around for health insurance online to find the best insurance for you and your loved ones!

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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