What is Health Insurance Policy, Finding Best Health Insurance Policy. Buying Guide and other FAQ

What is Health Insurance 

Health insurance is a type of insurance that helps pay for medical expenses. It can help cover the costs of medical treatments, surgeries, and other medical services. Health insurance plans typically involve a monthly premium that you pay to the insurance company in exchange for coverage. There may also be deductibles, copays, and coinsurance associated with your health insurance plan, which are amounts that you may be responsible for paying out of pocket for certain medical expenses. Health insurance can help protect you and your family from high medical costs and can be an important part of a financial plan.

What are Available Health Insurance options in India: 

There are many health insurance options available in India, and the best one for you will depend on your specific needs and budget. Some of the top health insurance companies in India include:

• HDFC Ergo Health Insurance
• Religare Health Insurance
• Max Bupa Health Insurance
• Cigna TTK Health Insurance
• Apollo Munich Health Insurance
• ICICI Lombard Health Insurance
• Bajaj Allianz Health Insurance
• Tata AIG Health Insurance

When choosing a health insurance plan, it's important to consider the coverage offered, the exclusions, the premium, and the reputation of the insurance company. You may also want to consult with a financial advisor or insurance broker to help you find the right policy.

Selection of Best Health Insurance Policy:

As mentioned earlier, the best health insurance policy in India will depend on your specific needs and budget. Some factors to consider when choosing a health insurance policy include:

• Coverage: Make sure the policy covers the type of treatment you are likely to need. For example, if you have a pre-existing medical condition, make sure the policy covers it.
• Exclusions: Review the exclusions carefully to understand what is not covered by the policy.
• Premium: Compare the premiums of different policies to find one that fits your budget.
• Reputation of the insurance company: Choose a reputable insurance company with a good track record of settling claims.
• Claim settlement ratio: This is the percentage of claims that an insurance company settles as compared to the total number of claims it receives. A higher claim settlement ratio is generally a good sign.

It's also a good idea to read the policy wording carefully before purchasing a health insurance policy to ensure that you fully understand the coverage and exclusions.

Who must have Health Insurance Policy: 

Everyone can benefit from having health insurance, as it can help protect you and your family from the high costs of medical treatment. Some people are required to have health insurance by law, such as:

• People who are self-employed and do not have access to employer-sponsored health insurance
• People who are not eligible for government-sponsored health insurance programs, such as Medicare or Medicaid
• People who are not covered by their employer's health insurance plan
• People who are not covered by their parent's health insurance plan (if they are under 26 years old)

Even if you are not legally required to have health insurance, it is a good idea to have coverage to protect yourself and your family from the financial burden of unexpected medical expenses.