How to choose the best medical insurance coverage for your needs?

Did you know that 63% of Indian families face out-of-pocket medical expenses each year? We are living in an era where health issues are drastically on a rise each day. A major health emergency can significantly impact a person’s finances, often depleting their savings. In this context, selecting a good medical health insurance policy in India has become crucial. 

What is medical insurance coverage?

Medical insurance coverage is a kind of financial shield to the insured and their family in case of a medical emergency. The sum insured provides coverage for these incurred medical expenses. 

Health insurance covers a wide range of  expenses like hospitalisation, diagnostic tests, medications, surgeries, and preventive care. You can enjoy several other benefits depending on the health cover plans and coverage, such as maternity coverage, wellness programs, and mental health support.

Tips to select the best medical insurance coverage for your needs

Choosing the right health insurance policy that meets your needs is nothing short of an art. 

Here are some of the helpful tips to select the best medical health insurance policy for your requirements:

• Pick a suitable plan: If you are looking for medical coverage for yourself, then you must choose individual health insurance. However, if you want to opt for family coverage, you should choose a family floater health insurance plan instead of buying individual health plans for each member. 
• Adequate Sum Insured Amount: You should always choose the appropriate amount of sum insured as per your requirements. While the high sum insured might lead to a high premium amount, it would also cover multiple medical aspects.
• Select plans with no sub-limits or copayments: While looking for a comprehensive health insurance plan, it is advised to look for plans without any sub-limits or co-payment clauses. However, sub-limits and co-payments increase your out-of-pocket expenses, so avoid buying plans with these clauses and avoid any financial burden during claim settlement.
• Choose Plans with a Lower PED Waiting Period: If you are planning to get a health insurance plan for your parents or senior citizens, prefer plans with a low PED waiting period. As elderly people have more health-related issues, a lower PED waiting period shortens their wait time for filing claims.
• Hospitals Network: You should buy a health insurance plan that includes a wide network of reputable hospitals and healthcare providers in your area.
• Claim Process: An easy and transparent claim process is essential for a hassle-free experience. To enhance the efficiency of the health insurance plan, choose a straightforward claim process. 
• Premiums: Consider your budget constraints and buy a health insurance that offers a reasonable premium while still providing the necessary coverage for your healthcare requirements.

Benefits of medical insurance coverage

Medical insurance coverage offers several benefits, helping individuals and families manage their healthcare costs and achieve peace of mind.

Let us further understand the benefits of medical insurance coverage in detail:

• Ensures peace of mind: The health insurance plans offer financial security by eliminating out-of-pocket expenses.
• Quality care: It provides access to quality network hospitals, ensuring timely care through cashless benefits. 
• Tax benefit: Premiums paid towards medical insurance are eligible for tax benefits under Section 80D.
• Coverage for critical illness: Some plans include specific coverage for critical illnesses like cancer, heart disease, or kidney failure. 

Features of medical insurance coverage

With the right medical insurance policy, you do not have to worry about those medical treatment costs. It is always good to check about its features and what it covers.

Let us further discuss the basic features of medical insurance coverage:

• In-Patient Hospitalisation: In case of a medical emergency, your health insurance will cover in-patient cashless hospitalisation facilities. These expenses include room charges, nursing expenses, ICU, surgeon’s fees, doctor’s fees, blood, oxygen, and OT charges.
• Pre- and post-hospitalisation: Health insurance plans also cover all pre- and post-hospitalisation expenses, such as diagnosis, treatment, medicine expenses, and doctors’ consultation fees. 
• Annual Health Check-Ups: You can get an annual health check-up once in a policy year, which is applicable for all insured members. It includes tests for blood sugar, urine routine, blood groups, kidney function, and ECG check-ups.
• Daycare Treatments: It also covers daycare treatment, which does not require admitting you to the hospital for 24 hours. Cataract surgery, chemotherapy, dialysis, etc., are some examples.  
• Domiciliary Hospitalisation: If you are not in a condition to go to the hospital, you can also use a domiciliary hospitalisation facility. You will be refunded for over three consecutive days.
• Tax Exemption: Under section 80 D of the Income Tax Act 1961, the premium paid for the health insurance policy for self, dependent parents, children, and spouses are exempted from tax. 

Cutting to the chase

Choosing the best health insurance policy safeguards both your health and financial future. By carefully evaluating your needs and comparing plans, you can make an informed decision that provides peace of mind and comprehensive care for you and your family.

Take your time and prioritise your requirements to choose a plan that truly supports you when you need it most.