How to Choose Best Health insurance plans in India?

Posted by sanam on July 4th, 2017

Buying health plans provide risk coverage against expenditures caused by any unforeseen medical emergencies. In current times of high medical inflation rates, failing to hold adequate amount of health insurance plans cover can prove to be a major personal finance disaster. This could lead to either poor health care because of non-affordability or spiral an individual into financial distress due to high medical bills. This is where the whole concept of medical policies comes into play. Best health insurance plans plans cover medical costs during hospitalization as well as pre and post stages of hospitalization.

The level of coverage mostly depends upon the type of the Medical insurance policy. A lot of companies now offer health insurance plans in India and therefore as a consumer, you have multiple choices from leading brands. To choose the best health insurance plans policy you should take advantage of our comparison services. Some of the brands offering health plans are MaxBupa, Bharti-AXA, Tata AIG, Apollo Munich, Star Health etc. helps you compare and choose the best health insurance plans plan for you.

Types of Health insurance plans in India

Following are three major types of mediclaim policies available in India.

Individual Mediclaim

This is the simplest type of all health insurance plans schemes and is called the individual healthcare policy. Such a scheme covers hospitalisation expenses for a person up to the sum assured. The yearly premium payable is usually directly proportional to the sum assured. For instance, if there are three members in your family, each of them can buy a standalone cover of Rs2 lakhs each. All the policies are independent of each other. If all three members require hospitalisation, all can get their hospitalisation expenses covered by up to Rs 2 lakhs.

Family Floater Policy

These are enhanced versions of the individual mediclaim policy. Here, the sum assured is floated among family members named in the policy. That is, it covers the medical expenses of the full family, up to your sum assured. The premium payable for a family floater policy is usually less than individual policies taken by each family member. Suppose, there are four members in your family; you can buy a family floater mediclaim for ? 6 lakhs. Now anyone of the four insured can claim up to the full amount for expenses. But the cover will come down by the claimed amount for that policy year. So when a member of your family gets hospitalised and expenses in this regard is ?4.5 lakhs, the cover for the family floater policy would be reduced to ? 1.5 lakhs. Upon renewal, the policy will again resume from ?6 lakhs. A family floater mediclaim policy makes sense because each member gets a big cover. Also the chance of more than one member getting hospitalised in the same year is quite low.

Unit linked Health Plan (ULHP)

Health insurance plans companies have recently introduced ULHPs that combine health insurance plans and investment, and return an amount once the term of insurance ends. The return, of course, depends upon the market conditions at that time. But these plans are still in the development stage and are recommended for those who can handle products like unit linked insurance plans (ULIPs) and unit linked pension plans (ULPPs).

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