Looking for a Health Insurance Plan in India? Read These 10 Tips First

Accidents, illness, and other health issues can arise at any moment. Many people don’t have an expendable income or savings to pay for the medical bills. Even with health insurance, people end up paying at least some of the bill out of their own pockets.

However, with professional assistance, clients can find the best health insurance in India that fits their needs.

India is One of the Most Underinsured Countries Per Capita

India is the second-most populated country in the world. However, a whopping 56% of the country’s citizens don't carry health insurance. And those numbers are down from over 70% a few years ago.

One reason residents don’t have insurance is they don’t think they need it or that they can afford it. However, current events with the coronavirus pandemic show why health insurance is so important. No one expected a global pandemic. Only 4% of COVID-19 patients in India have health insurance before the pandemic hit.

10 Tips About Health Insurance

Many people forego health insurance simply because they don’t feel informed enough to navigate the different policies and coverage.

Here are 10 tips to get you started when looking for a health insurance plan in India:

1. Get the right amount of coverage.

It’s true that the health insurance industry has many different plans with varying coverages. Some health insurance brands, such as Max Bupa, use scientific data to determine the best plan for a client’s specific lifestyle. An experienced agent can help you find the best coverage for you.

2. Look for coverage within your budget.

Money concerns are another reason why people don’t have health insurance. No matter how much money you have, there is a health insurance plan for you.

3. Consider a family plan over an individual plan.

If you have kids, a family plan will likely make more economical sense than an individual plan.

4. Choose a plan that can be renewed.

When you sign up for a health insurance plan, there will be an agreed-upon term of coverage. Be sure to keep up on renewing your health insurance if it lapses.

5. Shop around for quotes.

While the coverage may be the same, each insurance company might have a different premium rate. Don’t settle for the first option. Collect quotes from several companies before choosing the best one for you.

6. Find a plan that offers a wide range of hospitals.

One thing that varies between plans is which hospitals are covered and which aren’t. It’s best to ensure the hospitals closest to you are covered by a plan before accepting the policy.

7. Research how many claims the insurance company has settled.

Each insurance company settles or contests claims from their clients. A company with a high settlement rate makes it more likely your claims will be settled, too.

8. Ask what the waiting period is before the policy goes into effect.

Many health insurance policies have a grace period or waiting period before they go into effect. Be sure you understand exactly when your insurance coverage starts before scheduling medical procedures.

9. Buy a health insurance plan early.

With the right policy, health insurance is meant to last a lifetime. However, it’s easier and cheaper to get health insurance when you’re young and healthy. As soon as you join the workforce, you should enroll in a health insurance plan.

10. Look for a policy with free wellness checks.

Your insurance company wants you to stay as healthy as possible for as long as possible. To that end, several offer free wellness checks with your primary doctor.