Step-by-step Guide to Choosing the Best Health Insurance Plan

Compare different types of health insurance plans:

Keeping in mind the need of the policyholders, insurers have come up with a wide variety of health insurance options -

- Individual health insurance
- Family floater policy
- Maternity health insurance
- Personal accident insurance
- Group/employee health insurance
- Top-up health insurance
- Critical illness insurance

Study the inclusions and features of the available options to determine the best option for you.

Consider network healthcare facilities:

Health insurance entitles you to avail cashless treatments from network hospitals. Network hospitals are a group of hospitals associated with an insurer. For example, if you are availing a health plan from Bajaj Finserv, you can avail treatment from the hospitals that are in Bajaj Finserv’s network hospital list. Make sure medical facilities near your present location are covered in the network hospital list.

Calculate related costs:

Consider the amount of out-of-pocket expenses you will be making. Compare the premium charged by different insurers, contact your preferred insurer to gauge the premium amount. Also remember to consider deductible and co-payment charges you may encounter. Generally, the lower your premium, the higher are your out-of-pocket costs.

Compare benefits offered:

By now, you might have narrowed down your options. To zero in on the best option, compare the benefits offered by each plan. Some may have critical illness coverage another might be useful in case of emergencies. Consider factors like your current health situation, pre-existing conditions, renewal age, waiting period, exclusions, coverage amount, etc., to get the best possible cover.