2. No room-rent capping
Always choose the health insurance plan, which gives you the freedom to select a hospital room of your choice and has no capping. No Capping means you do not have to pay extra for room rent at the time of admission for general, semi-private or private rooms.
3. High-claim settlement ratio
A health insurance plan from an insurer with a high-claim settlement ratio is ideal to look out while selecting a health plan. The claim settlement ratio is the number of claims settled by the insurance provider over the total received claims. So, look out for insurance providers with high claim settlement ratios.
4. Pandemic cover: Covid-19
We have all seen how the recent Covid-19 pandemic has disrupted our lives and health. Hence, it is better to look out for such a health insurance policy that covers pandemics like Covid -19 in the plan so that you don’t need to opt for individual policies for such infectious diseases.
5. Lifetime renewable option
While selecting the health insurance plan, check the policy term. Plans can have both limited or lifetime renewability. Given the rise in healthcare costs and lifestyle ailments that show up with age, it is always better to opt for a plan with lifetime renewability.
6. No waiting period
The waiting period in a health insurance plan is mainly of three types: initial waiting period, waiting period for pre-existing diseases, and disease-specific waiting period. People with pre-existing diseases like diabetes, thyroid, high blood pressure, diabetes, asthma, cholesterol should always look for insurance plans that give coverage from day one or have the least initial waiting period.
7. Cashless network hospitalisation
Choose a health insurance plan from an insurer offering a wide network of hospitals close to your location. These network hospitals include many public-private network (PPN) hospitals across India. Most health insurance providers have a dedicated tie-up with a chain of hospitals, and you can avail cashless health insurance facilities within these empanelled hospitals. So, in case of hospitalisation in any of these hospitals, you need to display your cashless claim card at the time of admission, and the rest will be taken care of by the Third Party Administer (TPA)/Insurer.
8. Add-on covers
Health insurance plans with add-on covers should be your first pick. These add-on covers increase your health insurance plan's overall coverage and value. Some of the important add-ons to look out for are:
- Critical Illness Cover
- Ambulance Cover
- Day Care Treatment
- Vaccination & health check-up charges
- Daily Cash allowance
So, the thumb rule in selecting the best-suited health insurance plans is to compare the premium rate, look for insurer’s claim settlement ratio, reviews and the exclusions keenly to have a hassle-free process. Once you are sure of these points, you will know that you have secured yourself and your family with a health insurance plan which is as per your needs.
To know more, visit www.bajajfinserv.in/insurance
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