In 2021,NITI Aayog (Source taken by niti.gov)launched a report stating at least 30% of the Indian population—around 40 crore individuals—are devoid of financial protection for health. This group of people is called the missing middle. The Government believes that expanding health insurance and assurance coverage can be the national effort or pathway to achieving Universal Health Coverage. It is possible to manage catastrophic healthcare expenditure by choosing insurance plans focused on each individual and family. Individualistic efforts to choose and pay for the right insurance plan contribute to a collective effort of good healthcare status in a country.
Introduction
Choosing the best health insurance policy may seem daunting. There are several factors to consider, and it can be difficult to know where to start. However, you can make the process easier by taking the time to understand your options and needs. In this article, we will provide some tips for choosing the best health insurance policy in 2022.
1. Know your needs
The first step in choosing the best health insurance policy is to assess your needs. In FY 2021, over 514 Million (Source Taken By statistics) Indians were covered under health insurance schemes. Most of them chose government-sponsored schemes compared to individual insurance plans. You must understand your needs so that you can choose a plan that fits you the best. For example, if you have a pre-existing condition, you'll want to ensure that your plan covers it. It would help if you also considered your budget —whether you need coverage for prescription drugs or dental care. Do you need comprehensive coverage, or are you just looking for basic protection? Do you want an individual plan or a family floater plan? These are all important factors to consider when choosing a health insurance policy. Ask yourself what you need coverage for and what you can afford to pay. This idea will help you narrow down your options and choose a policy that fits your budget.
2. Consider your family's needs
When it comes to the best health insurance, there is no one-size-fits-all solution. The best policy for you and your family will depend on several factors, including your age, health status, and budget. Therefore, you must consider your family's needs when shopping for health insurance. For example, if you have young children, ensure your policy covers them. Decide whether you need coverage like maternity care or mental health services. If you have a family member with a pre-existing condition, ensure that your policy covers them as well. Health insurance policies provide much better coverage when you apply earlier with a minimal list of pre-existing conditions to cover. By evaluating your options, you can find a policy that meets your needs and provides the coverage you need at a price you can afford.
3. Compare policies
Once you know what you need, you can start comparing policies. There is a wide range of health insurance policies available in the market, so it's important to compare them side-by-side. The Ayushman Bharat scheme proposes subsidised packages with yearly coverage of RS 5 Lakh for a respective family on a floater basis. However, it is supposed to cover the secondary and tertiary healthcare needs of 50% (approx) (SourceTimesofIndia) population at the bottom of the economic pyramid. For example, if you're looking for comprehensive coverage, you'll want to compare policies that offer this type of protection. Compare various factors such as deductibles, co-payments, and coverage levels. Research each provider and their network of doctors and hospitals to ensure access to the best healthcare in the time of your need.
4. Read the fine print
Before you sign a policy document, be sure to read the fine print. It will help you understand the policy's coverage and exclusions. Many of the best health insurance in India use technical terms and difficult language in their policies, making it hard to understand the actual extension of coverage. For example, some policies may only cover hospitalisation, while others may also cover prescription drugs and preventive care. A recent Times of India article shed light on the consequences of not reading the fine print. In the news report, person A had been paying for a Rs 4 lakh coverage plan with a certain insurance company for over 25 years. In the face of a medical crisis, the policyholder had to undergo surgery. They received a cashless pre-approval of Rs 42,500 for a procedure that is usually charged between Rs 65,000 and Rs 1.5 lakh. On asking, the insurance company revealed that their standard practice allows pre-approval of 25-50% of the estimated treatment cost, while the final payout is considered after the officials confirm and clarify the non-claimable items. The patient must pay for these non-claimable items/consumables. Consumables, as the insurers state, do not include food items or similar expenses but things such as ultrasound tests, bandages, hypodermic syringes and so on. Clearing your queries about the fine print and taking the precious time to read it before signing the papers can save you a lot of trouble in times of need.
5. Get quotes
The last step in choosing the best health insurance policy is to get quotes. Contact different insurance companies and ask for quotes. Be sure to compare the quotes side-by-side to ensure you're getting the best deal. When you get quotes, ask each company about its coverage options. With the right insurance plan, you should be able to get cashless treatment at a network hospital without worrying about financial pressure. Make sure to ask about things like deductibles, co-pays, and out-of-pocket expenses. This way, you can ensure you're getting the coverage you need at a price you can afford.
Conclusion
The pandemic has reinstated the need for a good health insurance plan at all times. The mantra, however, remains the same—affordability, coverage, and hospital network.
By following these tips, you can choose the best health insurance policy that meets your needs. Remember to assess your needs and compare policies before making a decision. This effort will help you find the right policy for you and your family.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.
