When it comes to choosing a health insurance plan, the most economical one isn’t always the best option. You should always prioritise choosing a plan that provides the most value for your money and meets your unique requirements. But how can you find the right insurance policy?
When you’re buying a health insurance plan, there are certain factors that you need to consider before going ahead with it. The following sections highlight the factors and help you find the right one for your needs.
Why is Value for Money Important in Health Insurance?
When talking about health insurance, value for money means that the premiums you will pay for the policy are justified by the benefits that it offers. Some of the main features of a health insurance policy are inpatient coverage, outpatient coverage, cashless treatments, and a wide hospital network throughout the country.
When you’re choosing a policy, ensure that your insurer offers these benefits. The best health insurance premium for you is the one that doesn’t force you to pay for services you may never need.
Top Health Insurance Plans that Give the Best Value for Money
Choosing a healthcare insurance plan is not easy, given the number of available options. This list highlights some of the best health insurance plans that offer affordable health cover, good claims settlements, and competitive premiums. The insurance plans have been selected for their performance in the industry, consumer experience, and value for money.
ACKO Health Insurance – ACKO Platinum Health
Key Feature: No room rent restrictions; digital policy management
ACKO Platinum Health Insurance offers hospitalisation coverage without room rent limits and supports digital policy servicing. It offers coverage from the first day of the policy and zero co-pay, making it appealing to those who value quick access to coverage and a simplified insurance experience.
HDFC ERGO Health – Optima Restore
Key Feature: Automatic restoration of sum insured; no room rent restriction
Optima Restore is known for its restoration benefit, which replenishes the sum insured after a claim. This feature can be useful for individuals or families concerned about multiple hospitalisations within a policy year.
Care Health Insurance – Care Advantage
Key Feature: Higher coverage options and wellness-related benefits
Care Advantage offers higher sum insured options along with wellness features that encourage preventive healthcare. It may suit those looking for broader coverage while keeping premiums relatively moderate.
Star Health Insurance – Star Health Family Health Optima Insurance Plan
Key Feature: Comprehensive family floater coverage with hospitalisation and newborn benefits
Star Health Family Health Optima Insurance Plan is designed as a family floater plan, allowing multiple members to share a single sum insured. It includes hospitalisation benefits and related medical expenses such as pre- and post-hospitalisation care and daycare procedures.
How to Choose the Best Health Insurance Plan?
Here’s how to choose the most affordable health insurance plans:
1. Consider Your Family Needs and Life Stages
The health insurance requirements also vary with life stages. A youth may require basic hospitalisation insurance, while a family may require broader protection. For families that are planning to have kids, affordable maternity insurance plans can be a great addition. This is because maternity services always come with waiting periods. Therefore, timing is important.
2. Senior Citizens and Long-Term Care
Having senior citizens as dependents can make it difficult to look for the cheapest health insurance plans. Senior citizens are at a greater risk of needing more medical attention, and this generally increases the premium amount payable. You need to be more cautious when selecting low-cost health insurance for senior citizens to ensure you’re not compromising their needs for lower premiums.
3. Compare Quotes and Providers
Always check for customer reviews, the insurance company’s reputation, claim-settlement ratio, and other terms and conditions before you go with a low-cost health insurance plan. When you’re browsing the cheapest health insurance plans, make sure that they have a high claim-settlement ratio and excellent customer reviews.
Conclusion
There are a lot of health insurance policies in the market. However, not every health insurance plan that is cost-effective will be suitable for you. The best health insurance policy is the one that meets all your requirements and gives you all the necessary benefits that you can anticipate that you will need in the future. Always consider your age, family size, health status, and finances before buying a health insurance policy.
The insurer must have an excellent claim-settlement ratio, and the health insurance policy should have cashless treatments, a wide hospital network, and sufficient coverage for you and your family.
