All of us want to create more wealth. That is why we invest in various schemes with the hope of getting better returns. Let me ask you a question, what is the greatest wealth in this world? Is it money? No, it is health. Health is Wealth.
Everyone should invest some amount in a good health insurance policy in our new normal, and treat it as an investment. Some of you must know that in 2014, I had to lead a restricted life of five months because of Hepatitis A. The first shock came when the doctor prescribed medical tests of around ₹40,000. For the first few weeks, the average daily expenditure on my medicines was around ₹300. The doctor gave me the fitness certificate after two months but the disease relapsed after 15 days, and it stayed for another two months. In this period, my father spent around ₹80,000 towards my treatment.
After returning to my normal schedule, my father told me to find a good health insurance policy. Selecting a good health insurance policy can be tricky, especially when you have around 30+ players in the market. In the next section, I am going to share the factors that I had checked before selecting a health insurance policy for my family. In the lockdown period, I was getting a lot of queries on how to take a health insurance policy in India in the new normal.
Choosing the best health insurance policy in India
To choose a good health insurance policy, you need to check the following factors:
- Claim Settlement Ratio: From this ratio, you can find out the percentage of claims that have been approved by the company. Claim settlement ratio should be above 90%.
- Premium and Sum Assured: Look for a plan whose premium is comparatively low, and coverage is comparatively higher than its peers. You should factor in the inflation before deciding the Sum Assured.
- Cashless facility: Medical insurance policies with cashless facilities allow the health insurance provider to settle the bills directly with the hospital, at the time of hospitalization. Do check its network of hospitals, and the presence of leading hospitals in your city.
- Day-care and OPD: Day-care treatments like cataract, tonsils, etc. take less than 24 hours. Your health insurance policy should also take care of the outpatient department (OPD) expenses. In my case, it was purely OPD. Do check the list of day-care and OPD facilities.
- Alternative Medicines: Not all of us take allopathic treatment. Some people also go for alternative medicines like homoeopathy, Ayurveda, naturopathy, etc. Some health insurance providers allow a certain percentage of the Sum Assured for these kinds of treatments.
- Waiting period for pre-existing disease: Many health insurance providers do not cover your pre-existing illness for up to four years. The waiting period should be minimum.
- Check the exclusions: You should always choose a health insurance policy with fewer exclusions.
After checking these factors, I had shortlisted around 5 to 7 plans. Before finalising, I decided to have a word with my father’s financial advisor and asked him for his suggestion. He said, “ICICI Lombard…go for it…ICICI Lombard has specially crafted policies for your safety.”
After getting his recommendation, I researched and found that ICICI Lombard has gone a step further and released the Take Care app that is geared to providing you healthcare on your fingertips! We decided to avail ICICI Lombard’s health insurance policy.
If you are stuck in a wrong insurance policy, hope this post will help you #RestartRight. Have any questions related to health insurance? Feel free to ask them in the comments section.
Disclaimer: The information contained in this post is provided for informational purposes only, and should not be treated as advice on any matter. Insurance is a subject matter of solicitation. Please consult your financial advisor and review the offer document carefully before investing.