Khota Paisa

Choosing a Health Insurance Plan

Posted in Insurance by khotapaisa on January 7, 2010

With so many players offering so many health plans, choosing one can be a frustrating task. In general, there are certain parameters like premium, exclusions, coverages etc that you are expected to consider while comparing health plans. But believe me, even with all this information in front of you, you will find it difficult to choose a plan. To keep it simple, I would try to list out some important points which you should keep in mind.

1. Go through the exclusion list. Read it in full and see if any of it is relevant to you.  Just go thruough the list.

2. Pre-existing diseases should generally be covered after 1 year.

3. Go through the list of network hospitals in your city. The policy you choose should cover most of the reputed hospitals in your city or the nearest big city.

4. Always go for a family floater plan unless you are single.

5. You must opt for atleast 3 Lacs of coverage.

6. Check out about the claim settlement record of the company. For this you could talk to your friends who have claimed earlier under health insurance. Typically, you will be paying higher premium for companies with better claim settlement record.

7. With the earlier point in mind, don’t just go for the cheapest plan.


8 Responses

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  1. Karthik said, on January 15, 2010 at 9:53 pm

    I am 28 years old, my wife is 26 years old and my child is 1 months old. All are healthy. We are staying Bangalore. My family is covered already by health insurance from my company. But i wanna to have family floater on my own. Could you please throw some clarity on better & low cost un-hassle clearance based insurance provider.

    • khotapaisa said, on January 18, 2010 at 5:26 pm

      Hi KKR,
      Since you have a company sponsored halth plan, you may not need a plan of your own. Still if you like to go for one, it’s a good idea anyway. See, there is no plan which is low-cost and low-hassle at the same time. Invariably, health insurance providers which have low-hassle claim process, are comparatively costly. So if you are looking for low-hassle providers, I would suggest Royal Sundaram, Bajaj Allianz etc. Whichever provider and policy you select, as a thumb rule, don’t go for the cheapest health plan. You might be paying little extra but when it comes to settlement, it is more than it’s worth.

  2. Vivek said, on January 28, 2010 at 7:14 pm

    This is with regard to your suggestions on choosing a health insurance plan. I would like to know which of the companies offers pre-existing disease coverage after 1 year coz i think none of them are offering the same before 3 years and in most cases 4 years.

    • khotapaisa said, on January 29, 2010 at 12:30 pm

      Hi Vivek,
      Thanx for the input. I have rectified the mistake. I confused the 1 year figure from corporate plan with figure from retail plan.

  3. Rohit Kumar said, on April 15, 2010 at 12:03 am

    Hi there..
    i am evaluating heartbeat policy from max bupa for my family. looks like they have good benefits and cover for maternity.. but i need an expert opinion. please suggest,

    • khotapaisa said, on April 15, 2010 at 2:34 pm

      Hi Rohit,
      I don’t have the details of the policy. But in general if you the policy exclusions are fine with you, you can go ahead with it. The important issue of claim settlement record is something you may like to look into by talking to friends who have existing policy.

  4. Purnendu Bagchi said, on April 20, 2010 at 11:21 pm

    I am a non-smoking male of 42 years. My wife is 40 years old housewife and we have a 6 years old daughter. We need a family floater plan for the family for around Rs 5.00 lakhs coverage.Presently, my company provides me a health cover of Rs 4.00 lakhs for the family but I need a personal one. Also, should I go for critical illness cover? I have accidental death insurance of Rs 18.00 lakhs and life insurance of Rs 20.00 lakhs for myself. Please advise a suitable health insurance policy.

    • khotapaisa said, on April 21, 2010 at 6:17 pm

      Hi Purnendu,
      It’s good to see that you are considering talking insurance for you & family. To answer your question, there are few things to keep in mind (as detailed in the post) while taking policy. The difficult question to answer is the claim settlement record of the insurance provider. As mentioned earlier in a comment on the post, some of the insurance provider that you could consider would be Royal Sundaram, Bajaj Allianz etc. On your side, you could talk to friends who have health insurance and get the feedback.
      As for critical illness cover, it is good to have one. So if you are fine with the premium, go for CI cover for yourself.

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