Health care Insurance is a monetary or financial arrangement that gives protection and coverage for different clinical costs and services. Individuals or families can buy the best health insurance to safeguard themselves against the high expenses related to medical services. Health Insurance is a significant tool that ensures that necessary health care is available to everyone without heavy financial burdens.
In today’s world, there is an expansion in the way of life stress among individuals, and the expansion in serious ailments is enormous. Around 50 Lakh people die due to medical negligence every year in India . Buying the best health insurance gives you a surety of getting better treatments.
What are the Benefits of Health Insurance?
Here are the various benefits associated with buying the Health Insurance plan:
- Financial Stability: In emergency conditions, it might require costly medications, surgeries, operations, etc., which are not easy to handle. These hefty costs not only make you feel financially burdened but also mentally distressed.
- Emotional Well-being: Health insurance is a physical safeguard for our health and provides mental peace. The thought of costly medical costs can be a significant source of stress and anxiety. But if you have health insurance, you are satisfied and relaxed mentally.
- Getting good Healthcare: When insured by health insurance, it's easier to see a doctor when needed. Sometimes, due to financial problems, we delay going to the doctor, and the illness might worsen with time.
- Protection for the family: Health Insurance ensures security for the whole family. Family healthcare is very significant for everyone. Family Health Insurance ensures the entire family is provided the best possible Medicare without a heavy financial load.
What are the Stepwise Procedures to Buy the Best Health Insurance Plan?
In the giant insurance landscape, health insurance covers a vast portion with many options. Many plans, terminologies, and considerations are associated with it, making buying the health insurance process confusing. Therefore, in this blog, we will present you with a step-by-step guide to buy the best Health Insurance for you. The insurance will align the best with your needs and provide the mental satisfaction that your and your family's health is insured and that you will get the best health insurance plan.
Understanding the Basics: What is Health Insurance?
The first step to buy the best Health Insurance is to understand What Health Insurance is. Health insurance is like a financial safeguard when it comes to medical expenses. It is like a pact between you and an insurance company, where you pay a premium, and in return, the insurer covers a portion of your healthcare costs. Health insurance coverage includes doctor visits, hospital stays, prescription medications, and other medical services.
Assessing Your Needs to Buy the Best Health Insurance
Evaluating yourself is a major step to buy the best Health Insurance. Understand your health needs, existing medical conditions, lifestyle, and financial situation. You have to ask yourself a few critical questions:
- How often do I visit the doctor?
- Do I have any chronic health conditions?
- What prescription medications do I take?
- What is my budget for health insurance premiums?
- Do I want the Health Insurance for me only or for my family also?
Then intelligently analyze your needs and priorities and plan accordingly to have the best health insurance policy.
Therefore, the need for Health Insurance is increasing exponentially with the increasing ailments. The Government understands this and is providing Health Insurance under various central and state-funded schemes :-
Central Funded Schemes health insurance schemes are
- RSBY(Rashtriya Swasthya Bima Yojana)
- CGHS(Central Government Health Scheme (1954))
- Employee State Insurance Scheme
- Swavlamban
- Nirmaya-Disability Health Insurance Scheme
- PMJAY
State Funded Schemes health insurance schemes are
- Ayushman Bharat
- Deen Dayal Swasthaya Seva Yojana (2016) by the Goa government
- Aarogyasri Scheme (2007) by the Telangana state etc.
Choosing the Right Type of Health Insurance
The types of healthcare can be primarily categorized as:
- Basic Health Plans
These cover the core medical expenses like doctor visits, hospital stays, room charges, nursing care, essential medications, etc. These also include the costs of prescription medicares which are very expensive due to high rising inflation.
- Specialized Plans
You can always go for these plans if you have specific health concerns. Some are Dental Insurance, Mental Health Coverage, Vision Insurance, Maternity Coverage, etc. These are purpose-related medical care insurance.
There are various Health Insurance plans, and you must choose accordingly. Some of them are:
Health Maintenance Organization (HMO):
- Pros: Lower out-of-pocket costs and primary care physician (PCP) coordination.
- Cons: Limited choice of healthcare providers, referrals needed for specialists.
Preferred Provider Organization (PPO):
- Pros: More flexibility in choosing healthcare providers, no referrals for specialists.
- Cons: Higher premiums and out-of-pocket costs.
Exclusive Provider Organization (EPO):
- Pros: A balance between HMO and PPO, no out-of-network coverage.
- Cons: Limited network choices.
Point of Service (POS):
- Pros: It combines HMO and PPO features, the referrals needed for specialists.
- Cons: Limited provider network.
Understanding these plan types helps you align your needs with Insurance plans. It will help you choose what is best for you.
What should your Health Insurance Plans Include?
A good health insurance plan should cover all the essentials that you require. Look out for these critical components:
- Ensure that your health insurance plan covers the costs of hospital stays, surgeries, medications, and associated expenses.
- Your Health insurance Plan should cover the expenses related to doctor visits, diagnostic tests, and outpatient procedures.
- You should pay attention to the thing that your plan should include coverage for the prescription drugs you regularly take because it is one of the most costly expenses.
- Look for coverage for preventive care, vaccinations, and screenings to keep you healthy.
Check the balance between premiums and deductibles
Dont forget to check the balance between premiums and deductibles:
- Premiums:- Charges are the little installments the policyholder provides for the organization after a typical stretch for a specific time frame.
- Deductibles: Deductibles are the amount the policyholder is responsible for paying.
- Out-of-Pocket Costs: Additional expenses you pay for medical services, even after insurance coverage. This includes copayments etc.
Make sure there is a perfect balance between your plan's premiums, deductibles, and out-of-pocket costs. Consider your existing financial needs, your healthcare wants and needs, and risk tolerance.
Check your Health Insurance Provider Networks
Before you buy the best Health Insurance, you must check the provider networks, which include doctors, specialists, and hospitals associated with them. Consider the following for analyzing whether health insurance fulfills your needs.
- Is your preferred doctor in the network?
- Are there ample choices for healthcare providers near you?
- Are you comfortable with the network restrictions, if any?
- In case you have some chronic illness, Check for the fact that it provides specialists and unique medicare.
- Ensure that it covers all the necessary treatments, medications, and specialists.
You can also consult insurance brokers and counselors. These professionals are equipped with knowledge and experience to guide individuals, families, and businesses in making informed decisions about their insurance needs. They have proper market knowledge, customized solutions to your problems, and can provide appropriate risk assessment, etc.
What are the Top Ten Health Insurance Companies in India?
The Top Ten Health Insurance Companies in India are:-
- Aditya Birla Health Insurance
- Acko General Insurance
- Bajaj Allianz General Insurance
- Cholamandalam MS General Insurance
- Manipal Cigna Health Insurance Company
- Edelweiss General Insurance
- Future Generali India Insurance
- Kotak General Insurance
- Go Digit General Insurance
- HDFC ERGO General Insurance
Conclusions
Buying the best Health Insurance is not just a mere financial decision but a commitment to yourself and your family. So, you must take it wisely and intelligently, considering all the essential factors. Good health Insurance will be a significant step towards leading your life with excellent Health and a lot more savings to your wealth. Take the decision thoughtfully.
