Step-by-step guide to choosing the best health insurance plan
Purchasing the ideal health insurance plan for you and your family can be a difficult task. This detailed explanation on how to choose the best health insurance plan will make the job at hand easier.
Choosing a good health insurance plan has now become a necessity for all Indians. With medical costs steadily on the rise, it is imperative to invest in a suitable insurance plan that will help reduce your financial burden.
For this, it is advisable to follow a step-by-step guide that will help in your efforts to choose the best health insurance plan:
- Carry out a detailed comparison between plans
Many health insurance plans are available to applicants, each with a set of benefits and drawbacks. Depending on which health insurance plan you choose, you will be able to calculate your out-of-pocket costs and manage your finances better. It is advisable to check the summary of benefits provided by each insurance provider, which will also list the clinics and doctors that are a part of the programme as well as the network.
- Consider the health plan network
A doctor that is a part of the network of your insurance provider usually charges a lower fee. This is due to a tie-up between the network’s doctors and your insurance provider. If you consult with a doctor who is out-of-network, both you and your insurance provider must bear higher costs. Another way to approach this would be to ensure that your preferred doctors are affiliated with your health plan. As a thumb rule, pick an insurance provider with a large network, so you have ample choices.
- Consider out-of-pocket costs, such as premiums and facilities not covered
Your health insurance plan should clearly explain how much you will have to pay on your own. Generally, the lower your premium, the higher will be the out-of-pocket costs. It’s wiser to pay higher monthly premiums for a plan if you frequently need emergency care, plan to have a baby, or have a planned surgery coming up. Otherwise, it’s better to opt for lower monthly premiums if you rarely need medical care or can’t afford higher premiums.
- Evaluate all benefits
To help decide the best health insurance plan for your individual needs, try reviewing the summary of benefits so you can see which one covers the most services. Some plans are more beneficial for mental health care, while others favour physical wellbeing. Ask whether certain treatments will be covered with the chosen plan, what will happen if you get sick when travelling abroad, what are the documents required, and so on.
It is important to go through this detailed checklist when opting for a health insurance plan. Then, select the one that offers the most benefits. Learn more here.