Best mediclaim insurance company in india

1. HDFC ERGO Health Insurance
2. ICICI Lombard Health Insurance
3. Star Health and Allied Insurance
4. ManipalCigna Health Insurance
5. Niva Bupa Health Insurance
6. Navi Health Insurance
7. Reliance Health Insurance
8. TATA AIG Health Insurance
9. Go Digit General Insurance Ltd
10. New India Assurance

Before you decide or buy something, we recommend taking the time to go over the information thoroughly.

Getting health insurance is something we often put off until we realize how crucial it is. Before committing to a policy, it's essential to grasp the various advantages it offers, especially since medical emergencies can strike unexpectedly and leave a significant financial burden. Thus, it's recommended to secure health insurance at a young age, where you can enjoy full coverage at a reasonable cost, and also benefit from tax deductions on your premiums.

1. It allows for top-notch medical care without the fear of exorbitant bills.
2. It provides specialized protection for serious illnesses.
3. It covers the costs of emergency ambulance services.
4. It offers premiums that are more affordable for young people.
5. It offers the convenience of cashless claims, which means you can focus on your health rather than stressing over large medical bills.
6. It preserves your savings during health crises.
7. It qualifies for tax deductions under Section 80D.

In conclusion, health insurance is a safety net that provides immediate financial support during a medical emergency. It's a legally binding agreement between the insured and the insurance provider, which covers medical bills that may arise from illness, injury, or accident. If you have health insurance, the insurance company will cover some or all of the medical expenses, with the insured paying a premium.

• Direct Payment: In this method, the insured individual does not have to pay the hospital directly. Instead, the insurance company makes the payment on their behalf.
• Subsequent Claim: Here, the insured individual is responsible for settling their medical bills initially and then seeks reimbursement from the insurance company.

• Individual or Self-Plan Health Insurance: This type of policy is issued under the name of a single individual, meaning the coverage and benefits are dedicated solely to that individual and do not extend to anyone else. The individual purchases this policy to ensure their own health and financial security in the event of a medical emergency.
• Family Floater Health Insurance Plan: A family floater health insurance plan is a single policy that offers coverage to both the individual and their family members. Instead of purchasing separate policies for each family member, this plan serves as a comprehensive coverage for the entire family. The coverage is shared among all members covered under the same policy.

However, it is recommended to have a stand-alone policy for elderly parents or in-laws to keep costs down. Similarly, if a family member has a significant medical history, it might be more cost-effective to have a separate policy for them instead of including them under the family floater plan.

• Step 1: Selecting The Right Insurance Provider: Here are a few things to consider when picking the right health insurance provider
  1. Variety of Plans Available: Explore the different kinds of plans a provider offers, along with their unique selling points. Some providers have a wide selection of products to meet the diverse coverage needs you might have. Look for a provider with a broad selection of plans to ensure you find the perfect policy for your needs.
  2. Hospital Network Coverage: The coverage of hospitals in the provider's network is crucial for making cashless claims. A larger network is generally better. This will make it easier for you to find the nearest cashless hospital.
  3. Success Rate in Claim Settlement: The success rate in claim settlement reflects how often a company settles claims. A higher rate shows the company is reliable in settling claims, which is beneficial for the insurer.
  4. Premium Adjustments Based on Claims: Some providers increase the cost of your policy if you file claims in previous years. This can lead to higher premium costs. Avoid providers that implement this policy.
  5. Premium Costs: The premium costs are determined by the provider's pricing strategy compared to its competitors. You can compare the premium costs of similar plans across various providers.For example, the Aarogya Sanjeevani policy offers consistent coverage features across all providers. However, the cost of the policy varies based on the provider's pricing strategy. Compare the premium costs of the plan across providers to find the one that charges the least. It's likely that the pricing strategy will be fair across all its plans.
  6. Simplified Claim Process: Insurance companies are modernizing their claim processes to make them easier. Concepts like AI-enabled claim processing, WhatsApp notifications, digital documentation, and quicker approvals are becoming more common. Look for providers that offer these features for a smoother and quicker claim process.
  7. Customer Feedback: Lastly, pay attention to customer feedback and reviews. Many providers display customer reviews on their websites. You can also ask friends and family about their insurance providers. If they have made a claim, inquire about their claim experience to determine which company follows best practices.
• Step 2: Selecting the Perfect Plan: With numerous insurance companies and a variety of plans available, you're spoiled for choice. However, making the correct choice is essential.Therefore, here are a few key factors to consider
  1. Coverage Benefits: The initial thing to examine is the coverage benefits each plan provides. While many plans include basic coverage benefits, seek out those with unique features.
     First, evaluate your coverage needs and then look for plans that meet those needs. For example, if you're expecting a child soon, prioritize plans that include maternity coverage. On the other hand, if your family is complete, you might not need such plans.
     Second, consider additional features that could expand the coverage's reach. For instance, look for plans that offer higher sum insured, generous no claim bonus, extra benefits, annual health screenings, etc.
     Select a plan that offers the broadest coverage. This will reduce your out-of-pocket expenses during claims and provide greater financial protection.
  2. Customization Options:Look for plans that allow you to tailor the coverage to fit your specific needs. This is achievable through add-ons that health insurance policies provide. These add-ons enable you to add extra coverage features as needed, making customization possible. Choose a plan with the most reasonable premium for the same coverage benefits, even if it means switching to a different insurance company.
  3. Premium Cost: Naturally, the cost of the premium is a significant factor. Review the premium in relation to the coverage provided. To gain a better understanding, compare the premium across other plans from different insurance companies that offer similar coverage. Determine if the premium is fair or excessive for the coverage received.
  4. Limitations: Health insurance policies may include limitations on various costs such as the cost of a room, the price of an ICU bed, coverage for alternative medicine, at-home care, and more. These limitations reduce the extent of coverage and could lead to expenses that you have to pay out of pocket. Therefore, it's advisable to select a policy that doesn't have any such limitations to ensure you get the most comprehensive coverage possible.
  5. Deductible ClauseHealth insurance policies often have deductible clauses for various reasons. A deductible means that for every claim you make, you are responsible for paying a certain portion of the claim yourself. For example, a deductible of 10% means you would have to pay 10% of the claim amount out of your pocket. Common deductible clauses are seen in the following situations: - If the insured person is 62 years or older when they purchase the policy - If the policy is bought in a city of a lower rank and the treatments are sought in a city of a higher rank - For specific diseases and treatments Look for health insurance policies that don't have a deductible clause. Even if there is a clause, like in the case of policies for seniors, choose policies with a lower deductible
  6. Waiting Period: The waiting period is the time during which certain types of coverage are not provided by the health insurance policy. After this period ends, coverage is reinstated. Health insurance policies introduce waiting periods for various reasons.
     These include:
     1. A waiting period of 30 to 60 days for coverage of certain illnesses. This period is also known as the cooling-off period during which the illness is not covered. Accidental injuries, however, are covered from the start.
     2. A waiting period for specific illnesses or treatments such as hernia repair, fissure surgery, hydrocele surgery, tonsillectomy, cataract surgery, joint replacement, etc. This waiting period is usually 24 months. However, in some policies, the duration of the waiting period may vary.
     3. A waiting period for pre-existing conditions, which can range from 12 to 48 months. This period is for conditions or medical issues that were present before the policy was purchased. Complications related to these conditions are not covered during this time.
     4. A maternity waiting period that can be as long as 48 months.
     5. A waiting period for outpatient services, bariatric treatments, etc.
     Waiting periods are unavoidable. However, you can search for a plan that has a shorter waiting period. This is particularly important if you are looking for maternity coverage or if you have pre-existing conditions and you need coverage for them as soon as possible.
• Step 3: Find the Right Coverage Amount: With numerous insurance companies and a variety of plans available, you're spoiled for choice. However, making the correct choice is essential.Therefore, here are a few key factors to consider

  An optimal sum insured is important to ensure that your health plan sufficiently covers your medical expenses. A low sum insured defeats the whole purpose of investing in health insurance and is a strict no-no.

  Selecting the right sum insured is easier than you think. You just have to consider the following factors:
  1. The number of members being insured under the policy
  2. Whether you or any other member suffers from any pre-existing condition
  3. The basic cost of hospitalization and medical treatments
  4. The rising medical inflation
  5. Most insurers help you calculate the ideal sum insured based on your income, expenses, existing coverage and members to be insured. You can also estimate the optimal requirement through a simple formula which is as follows:

     Sum insured = 50% of your annual income + total hospitalization costs incurred during the last 3 years

     For instance, say your annual income is INR 15 lakh and in the last three years you have incurred a hospital bill of INR 5 lakh. In this case, the optimal sum insured would be calculated as follows:

     50% of INR 15 lakh + INR 5 lakh = INR 12.5 lakh

• Making Impulsive Decisions: It's important not to rush into selecting a health insurance policy. It's wise to take the time to research and choose the best policy for you or your family. You can conduct your own research and compare the costs of different policies online before making a decision.
• Choosing Too Little Coverage: The cost of the premium is a key factor to consider when buying health insurance. Don't opt for policies with too little coverage to save money. Instead, choose a policy that offers comprehensive coverage, taking into account the size of your family, your medical history, and your financial situation.
• Keeping Health Information Hidden: When applying for health insurance, be honest about all relevant health information, lifestyle habits, and any pre-existing conditions. Keeping important health details hidden can lead to insurance claims being denied if the undisclosed information is found.
• Overlooking Policy Details: It's crucial not to overlook the terms and conditions of your health insurance policy. This includes coverage details, premium costs, renewability conditions, discounts, sub-limits, free-look periods, waiting periods, co-payment clauses, and any deductibles. All of this information is clearly stated in your policy document. If you have any questions, don't hesitate to contact the insurance company for further clarification on your health insurance policy.
• Buying for Tax Benefits Only: Avoid purchasing health insurance just to save on taxes for the premium paid. While it's important to understand the tax benefits of your health insurance premium, the primary reason for having health insurance is to ensure you and your family have adequate coverage to financially support you during medical emergencies.

Best Mediclaim Insurance Company in India