For our Forbes Advisor India ratings, we considered the following key factors that help consumers decide whether to opt for a specific health policy. We have ranked these best mutuals based on these parameters:
Insured amount (20% of score): When analyzing the plans mentioned above, we first checked the coverage offered by these plans. Select the insured amount based on your needs and those of your family. Don’t choose a policy that provides more coverage than necessary as this will increase your premium. Focus on customizing the plan by choosing different racers as needed.
Hospital network (30% of score): It is always best to check if the insurance company has a wide list of hospitals in the network. The official website of these insurance companies contains this information. These network hospitals would offer cashless inpatient services, where the insured is not required to pay the hospital bill. And, always check network hospitals that are nearby.
Sub-limits and co-payments (10% of score): A health policy that has no sub-limits on hospital room rent or co-pay clause, is also an important factor when considering a health policy. We have carefully analyzed these clauses and limits in each of these plans and also mentioned, if there is presence of such limits or no limits in the plans.
Claims payout ratio (20% of score): This is a very important factor because the only reason the insured buys the policy is in hopes of a speedy claims settlement process in the event of an unfortunate event. A higher ratio shows that the company is determined to settle its claims.
Waiting period (10% of grade): This is also a very important parameter, because the insured will not be able to activate the policy if the waiting period has not ended. However, these waiting periods are unavoidable. Thus, you can find a plan where this period is relatively less.
Additional benefits (10% of score): Health policies offer a multiple range of optional benefits such as international cover, maternity cover, personal accident and critical illness covers, daily hospital cash, term policy, flexible sum insured option, cumulative premium, etc. Always choose these benefits as per your requirement which can provide extra security in addition to the regular health plan at quite affordable rates.
Buying a health insurance policy is a big decision, and if you are not sure how to choose the best one for you, keep the points mentioned above in mind to avoid mistakes. when choosing the best health insurance policy.