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Factors for Choosing the Cheapest Health Insurance Online in India?

27 May 2022, 10:11 AM

The alarming rising rate of healthcare expenses is not a new topic. For the past few decades, the slant is steeping upwards and higher speedily. Only half a week of hospitalisation is ideal to scrape off a considerable amount of savings. The conditions of the middle class and lower-middle-class families are even worse. The entire planning of the future gets hampered due to such unprecedented medical emergencies. Lots of families have been drowned into poverty because of such occurrences. 

The chief and the primary cause of such impoverishment lies in the fact that the medical expenses are way too high than the government provisions. So, what is the solution to cope up with such steeping medicare costs for the Indians?

Contributing towards health insurance is no more a foreign concept for any averagely educated person of the country. It is becoming even more popular and widespread with the increased use of internet and smartphones. Knowledge and thorough research about any health insurance plan is currently just a fingertip away. 

It has become far easier to avail health insurance with a smartphone. But the punch is to find and invest in the correct insurance that will provide all the necessary facilities at a considerable cost. The budget and the management of the fund is the principal factor here. Under the current circumstances, the market is flooded with plenty of health insurance policies. Therefore, gathering relevant information and proceeding accordingly is not that difficult now.

Primary Factors to Consider Before Buying Health Insurance

The primary factor to consider before buying health insurance is to note for whom the insurance is to be issued. 

Buying a family health insurance will also require to judge the nature of the family structure to serve the best interest.

  1. Cheap Individual Health Insurance Plan
    A policy by L&T ensures a monthly investment of just INR 430 to avail a health insurance coverage up to INR 5 lakhs for a person between the age group of 31 and 35 years.
     
  2. Family Health Insurance Plan
    The IFFCO Tokio plan proposes a family health insurance requiring a monthly investment of only a little above INR 400 to avail an insurance coverage of INR 5 lakhs.

     a. Health insurance for a Family with Kids
     Under this category, IFFCO Tokio offers the cheapest plan with a monthly investment of around INR 600 avail an insurance coverage of INR 5 lakhs for the entire family consisting of a couple with 2 kids.

     b. Health insurance for Older Family with Grown-up Kids
     Under this category too IFFCO Tokio wins the race by offering a plan with a monthly investment of around INR 1300 to avail the insurance coverage of INR 5 lakhs.

Why Go Cheap with Health Insurance?

To keep up with the constant sky-rocketing inflation of the average healthcare costs, average savings is not sufficient. Careful investment in a proper health insurance plan is essential to deal with this serious issue. Moreover, it is best to start early with careful investment options for a secured future.

However, always remember that the cheapest plan may not be the best as price comes with benefits. So, choose a health insurance plan with the necessary benefits and then opt for the most cost-efficient plan.

Chief Considerable Factors

While choosing a cheap health insurance plan online, the principal factors that need to be considered include:

  1. Limit of the Room Rent
    This is the most vital factor under this head because the type of room chosen determines the entire hospitalisation cost. Therefore, it is better to consider the insurance limit and choose the room accordingly as higher room rent will trigger the entire cost of hospitalisation which will be declined by the health insurance company
    To cope with this issue, it is best to remain within the stipulated limit of the insurance plan or choose a plan that does not pose any restriction to the room rent limit. Most new-age health insurance plans do not have any room rent sub-limit.
     
  2. Waiting Period for Pre-existing Diseases
    This is a vital factor that causes a lot of misunderstandings at the time of claim or payment. All the health insurance policies of the country ensure a strict waiting period for certain pre-existing diseases or ailments of the policyholder. This period normally ranges from 2-4 years. It is advisable to choose a cheap plan that has a waiting period of 2 years, as the minimum waiting period, the minimum drainage of money of the policyholder, in case you have any pre-existing ailment.
     
  3. Claim Settlement
    There needs to be ambiguity regarding any clause at the time of settlement. The policyholder must consider all the terms and conditions of the plan before proceeding to buy it. The waiting period factor is essential in case of emergencies. It is best to choose the insurers that settle the claim within 30 days of the issue of the plan and provide coverage of up to 80% ratio.

Opt for Top Up Health Insurance

Instead of worrying about buying the cheapest health insurance plan to enhance your coverage, you can always

 team it up with a top up health insurance plan. It is definitely cheaper than a regular health insurance plan but it comes with a deductible.

Conclusion

From the above discussion, a marginal glimpse is presented of the importance of having a health insurance policy. To keep pace with the increasing medical costs, this has become an indispensable tool. However, there are certain factors that need to be clarified before investing in buying the policy to avoid misunderstandings at the time of emergencies or settlement. The advent of the online facilities of the insurance policies—like online premium payment, online claim settlement, etc. have popularised the trend even further.

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