Selecting health insurance can be really confusing. There are lots of things to think about, like deductibles, copays, doctor networks, and more. It’s no surprise many people feel lost trying to compare plans. But don’t worry, this article will help you out. We’ll discuss in detail how to find coverage that matches your budget and what you need.
How to Select the Best Health Insurance Policy
Here are some key parameters to consider best health insurance:
1. Understanding Personal Needs
Take stock of your existing health conditions, doctor consultation frequency, hospitalisation history, preferred healthcare providers, etc.
2. Research and Compare Plans
Shortlist plans from different insurers and thoroughly compare coverage details, exclusions, claim processes, network hospitals, etc.
3. Coverage and Benefits
Check if the policy provides adequate coverage for daycare procedures, pre- and post-hospitalisation expenses, restoration benefits, unlimited reinstatement options, etc.
4. Sum Insured
Calculate an optimal sum insured amount based on your family’s historical claim amounts, treatment costs in your city, inflation trends in healthcare costs, etc.
5. Premiums
Compare premium rates across insurers. Estimate the tax savings you may enjoy on premiums paid.
6. Network Hospitals
Verify if your preferred hospitals and healthcare providers are part of the insurer’s network.
7. Waiting Periods
Check if there are any initial waiting periods to cover specific treatments. Also, see if any benefits have waiting periods when policies are ported from one insurer to another.
8. Exclusions
Carefully examine the list of exclusions, i.e., treatments, procedures, or expenses not covered. Avoid policies with too many exclusions.
What is a Health Insurance Premium Calculator?
A health insurance premium calculator is a quick and convenient online tool provided by insurance marketplaces, policy advisors, and insurers to help estimate approximate premium costs for a health insurance policy.
Premium calculators take into account parameters like age, gender, medical history, lifestyle habits, preferred sum insured, policy coverage features, insurer claim settlement records, etc., to provide customised premium rates for you to compare.
How to Use a Health Insurance Premium Calculator?
Here is a simple step-by-step process to use a health insurance premium calculator effectively:
- Visit a Reputable Health Insurance Website
- Enter Your Details
- Specify Coverage Needs
- Add Extra Benefits (if needed)
- Review coverage
- Compare Different Plans
Benefits of Health Insurance Premium Calculator
1. Accurate Cost Estimation
The primary benefit premium calculators provide is the ability to get an approximate estimate of the annual premium costs for a particular health insurance policy customised specifically based on your individual parameters.
2. Time-Saving and Convenience
Premium calculators save time and effort as you only need to provide some basic details once. There is no need to fill in lengthy proposal forms with each insurer separately.
3. Comparison of Multiple Policies
You can use premium calculators to generate indicative premium rates across various combinations of sums insured, optional covers, insurer options, etc.
4. Customisation and Flexibility
Premium calculators allow tweaking various parameters, such as age, location, lifestyle habits, pre-existing illness declaration, etc., to view the customised impact on premiums.
5. Informed Decision-Making
The estimated premiums, along with claim settlement records, reviews and comparisons with competitor policies, help you make an informed decision on the appropriate health insurance policy suitable to your budget and needs.
Conclusion
Choosing the right health insurance plan need not be confusing anymore. A health insurance premium calculator is an invaluable tool that simplifies selection and provides customised recommendations based on your unique parameters and coverage needs.
