Wealth Guide: Health Insurance - Expert suggests ways to choose the best policy

Wealth Guide: Health Insurance - Many a times, life is uncertain, and so can our well-being. Disease and health-related issues come uninvited and the worst part about getting sick is that it not only affects the well-being of an individual but also burns the pocket so deep that the hard-earned savings get exhausted. Moreover, in today’s time, when the cost of medical treatment has increased so much that it becomes imperative to have a Health Insurance policy. Ankit Agrawal, Cofounder, InsuranceDekho, shares his knowledge on health insurance and suggests ways to choose the best policy:-

"A Health Insurance policy helps to deal with any kind of medical emergency and offers much-needed financial aid at such unfortunate times. Owing to the importance of Health Insurance policies in India, a number of Health Insurance plans are now available in the market. So, to help you pick the best Health Insurance policy, we have enumerated some tips that you must keep in mind while buying a Health Insurance policy," Ankit Agrawal said.

Evaluate Coverage

"The first and foremost thing to do while buying any Health Insurance plan is to check what the plan offers. A good Health Insurance policy will offer coverage against most diseases as well as provide services such as cashless hospitalization, ambulance charges, and more. Furthermore, also select the right coverage type, for instance, if you have to include your family member in the policy, then opt for family floater health plans," Agrawal added.

Compare The Different Health Insurance Policies

"With so many Health Insurance policies now available, it is very important that you first compare the different plans and understand their pros and cons. Doing so helps you pick the best policy that suits your needs as well as fits your budget," he suggested.

Check The Waiting Period

"The waiting period refers to the period after which coverage for some selected ailments is offered. As the waiting period varies from insurer to insurer, it is thus always advisable to buy a Health Insurance policy that has a lesser waiting period," he further added.

Don’t Forget To Check  The Claim Settlement Ratio

"A claim settlement ratio indicates how many claims are settled against the total number of claims received by an insurer. Thus, in order to reduce the chances of having your claim rejected, always look for a Health Insurance policy with a high claim settlement ratio," he suggested.

Understand The Exclusions

"In most cases, policyholders fail to notice the exclusions in their Health Insurance policies. However, we recommend you keep a check on the exclusions as many Health Insurance plans do not offer coverage against dental treatment, cataracts, and many other health problems. Thus, a good Health Insurance policy would be one that has fewer exclusions," he explained.

"All in all, with a dire need to safeguard the health interests of yourself as well as your family, keeping these tips in mind is useful. So, adhere to these tips as your Health Insurance policy is sure to help you in the long run as well as during health emergencies," he concluded.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)