There is no way to predict when a person may have to undergo expensive medical tests or get hospitalised for an emergency
Healthcare expenses often come unannounced and can place a significant burden on your finances. There is no way to predict when a person may have to undergo expensive medical tests or get hospitalised for an emergency.
With the increasing healthcare costs, it becomes even more important for you to find the best health insurance in India for you and your dependents. However, careful financial planning is crucial before selecting a plan. Consider the economics of health insurance to manage cost, coverage, and healthcare inflation.
Why Healthcare Costs Keep Rising
Medical care is getting more expensive year after year. Technological advancements, better treatment options, increased hospital costs, and higher prevalence of lifestyle diseases all contribute to the rising cost of healthcare. What may have cost Rs. 3 lakhs a few years back might cost twice as much today. Such rapid inflation can significantly erode long-term savings and derail financial plans.
To protect you and your family from this risk, it is wise to get a good health insurance policy. Instead of paying a huge amount, you can pay only a fraction of the cost as a premium annually.
Understanding the True Cost of Health Insurance
Most people only look at the premium when buying a health insurance policy. However, if you want the best health insurance plan, it is important to understand that the cheapest plan may not always offer the coverage you need. A very low premium often comes with trade-offs such as lower coverage or more restrictions.
The best health insurance in India is one that offers the best balance of premium costs and benefits. It should cover hospitalisation costs, pre- and post-treatment costs, and advanced medical treatment costs. While looking for the best health insurance in India, consider these factors:
- Premium amount
- Deductibles and co-pay provisions
- Sub-limits on room rents and treatments
- Waiting periods applicable to specific ailments
- In many cases, paying a slightly higher premium can lead to better healthcare benefits.
Coverage – The Heart of Every Health Insurance Plan
The true value of a health insurance policy lies in the breadth and depth of its coverage. Having good healthcare coverage means having protection against various medical needs, not just hospitalisations.
A good healthcare policy should have the following benefits:
- Inpatient hospitalisation benefits
- Day care procedures
- Pre and post-hospitalisation benefits
- Ambulance charges
- Mental health support
Some comprehensive plans also offer additional benefits such as OPD and home healthcare coverage. These add further value to the policy over time.
The Role of Preventive Care in Saving Money over Time
The best health insurance policies today offer preventive care benefits. This is not only good for health but also good for your wallet.
The preventive care benefits may include:
- Health check-ups annually
- Wellness rewards
- Discounts for healthy habits
Even minor illnesses can lead to frequent doctor visits and tests, adding up to high costs over time. So, a health insurance plan with preventive care benefits can help you stay healthier and reduce long-term medical expenses.
Cashless Treatment and Claim Efficiency – The Best Part of Health Insurance Plans
In a medical emergency, it is always difficult to pay the hospital bills up front. The best thing about health insurance is that it provides cashless treatment. Choose a policy with a wide network of hospitals that offer cashless treatment. A larger network increases your chances of finding a nearby hospital where you won’t have to pay upfront.
The claim settlement ratio is equally important. The higher the claim settlement ratio, the better the insurance company is at settling claims efficiently. This reduces financial uncertainty during emergencies.
Full Coverage vs. Focused Coverage
Most people look for a full coverage health insurance policy. However, what qualifies as complete coverage can vary from person to person. Instead of focusing on the full coverage of a policy, people should go for a cover that is suitable for their life and requirements.
For example:
- Young people should look for a higher sum insured and coverage for accidents and critical illnesses.
- Families should look for insurance that covers maternity and children's care.
- If you're looking for medical insurance for parents, then look for insurance that includes coverage for chronic illness, routine care support and higher room rent limits.
How to Choose the Right Health Insurance Company?
The best health insurance company in India is not just the one that offers the lowest premium policy, but also offers the best service and can be trusted during tough times.
Before selecting a health insurance provider, consider the following:
- Claim settlement ratio
- Hospital network
- Policy benefits
- Customer service reviews
Final Thoughts: Finding the Right Balance
The right health insurance policy is the one that offers the right balance between rising healthcare costs and the security that a good policy offers. The right policy should:
- Offer comprehensive healthcare coverage plans
- Encourage regular and preventive care
- Access to smooth and cashless facilities
- Offer affordable premiums
A carefully selected health insurance plan functions more than just as a policy. It can be a powerful tool for protecting health, wealth, and peace of mind against future increases in healthcare costs.
Disclaimer: No Asian Age journalist was involved in creating this content. The group also takes no responsibility for this content.
