Well they say “Its never too late”, however, it will be time and money saving if you do these things before your 30s.
There are many health insurances out there, however its very important to go with the one which is very hasslefree. Choose after discussing with multiple insurance agents. (You’d think its time consuming but its worth it.)
How to find out how much cover you’d need?
First things first, let’s figure out what kind of coverage you need. Think of it like choosing your superhero suit. ♀️ Do you need a basic shield to block major medical blows, or are you looking for full-on Iron Man vibes with all the bells and whistles (preventive care, fancy prescriptions, dental X-rays that make you look like a cyborg)?
Considering one person being insured, lets say you have some decease which can cost you 10-15 days hospitalization, a lot of medical treatments and medicines, etc. This will cost something around 5L to 10L. (If there is any other critical illness, make sure it is covered in your health cover. Otherwise it will not be settled in your claim.)
The most important thing is to include other people in your health insurance, which are near and dear to you. So it can be used by anyone in the family (You can only give it to your dependent childs or parents, not siblings unfortunately.)
Calculations to keep in mind:
If you have 50k salary, then go for 5L cover. You can have increasing cover also which will add-on some more every year as it passes by.
Now there are some more information available online. The next thing is about that.
Publicly available study material about Insurances
Once you know your coverage goals, it’s time to pick your plan type. Here’s a quick rundown of the most common ones:
- HMO: This is like having a BFF doctor who knows all your boo-boos and hooks you up with specialist friends if things get serious. Think cozy neighborhood clinic with maybe a cactus collection in the waiting room. vitalityinternalmedicine.com. HMO Health Insurance with a cactus in the waiting room
- PPO: More like that cool older cousin who lets you crash at their place whenever you want, even if it’s not their network. You can visit any doctor, but it might cost you extra moolah if they’re not family (in-network). Think swanky city hospital with a fancy coffee machine. ☕
- POS: This is the chill middle ground. You can see your in-network fam for less dough, or venture out to the cool cousin’s place for a bit more. Think hybrid car – good gas mileage with a touch of adventure. www.insurance.com POS Health Insurance with a hybrid car
- HDHP: This plan is like a treasure chest with a hefty lock. Lower premiums are the loot, but you gotta pay a higher deductible (like the key) before the insurance fairy sprinkles coverage dust. Often paired with an HSA, which is basically a piggy bank for medical goodies.
Now, let’s talk about the doctor network. Make sure your chosen plan has a crew you dig. You wouldn’t hire a dentist who judges your music taste, would you?
Benefits are like the sprinkles on your insurance sundae. Preventive care, prescriptions, vision checkups for those times you accidentally put on your grandma’s glasses – make sure your plan has the toppings you crave.
And lastly, don’t forget about customer service! You want an insurance company that’s there for you like a supportive cheerleader, not a used car salesman.
Remember, choosing the right health insurance is like picking the perfect pair of shoes – it’s gotta fit your needs, your budget, and your style. So take your time, compare options, and don’t be afraid to ask questions. You got this! ✨
P.S. If you need a hand navigating the insurance jungle, there are tons of resources available online and even helpful humans who can guide you through the process. You’re not alone in this!
Now the important part of this.
#3 Top Health Insurances in India
Some of the top contenders known for their claim settlement ratio and customer experience:
Based on Claim Settlement Ratio (ICR) (data from IRDAI Annual Report 2021-22):
- Navi General Insurance (erstwhile DHFL General Insurance): 99.99%
- Aditya Birla Health Insurance: 99.28%
- ManipalCigna Health Insurance: 99.14%
- Niva Bupa Health Insurance (erstwhile Max Bupa): 99.07%
- Star Health Insurance: 98.83%
- Tata AIG General Insurance: 94.21%
Based on Customer Experience:
- HDFC Ergo: Known for their smooth and hassle-free claim settlement process, wide network of hospitals, and responsive customer service.
- Niva Bupa Health Insurance: Appreciated for their proactive communication, quick claim settlement, and diverse product offerings.
- Care Health Insurance: Often praised for their transparent policies, efficient claim processing, and focus on customer satisfaction.
- Bajaj Allianz General Insurance: Recognized for their strong network of hospitals, competitive premiums, and user-friendly claim settlement procedures.
- ICICI Lombard General Insurance: Renowned for their innovative digital platforms, quick claim turnaround times, and value-added services.
Additional factors to consider:
- Coverage: Compare the specific benefits and limitations of each plan to ensure it meets your needs.
- Network of hospitals: Choose a plan with a wide network of hospitals for easier access to healthcare services.
- Premiums: Evaluate the affordability of the premium while considering the coverage and benefits offered.
- Brand reputation: Research the company’s track record, customer reviews, and financial stability.
It’s best to compare plans from different insurers based on your specific needs and budget before making a decision. For personalized recommendations, consider consulting a health insurance advisor or using online comparison tools.