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Tips To Choose The Right Medical Insurance Plan


Medical Insurance: A word which usually creates confusion, doubt and anxiety amongst people. We all understand how important is our health and hence, how important is it to secure it. But purchasing the right plan is something which many of us do not know how to do. In this article, we would share some important tips which will help you make a wise decision.


Understand the type of health cover required

The first tip which will help you, in the long run, is to understand the type of coverage offered. Basically categorized, there are two types:

  • Indemnity Plans
  • Defined Benefit Plans

In the first type, the insurer will cover the hospitalization expenses. In the second type, a lump sum amount will be given no matter how much are the medical expenses. See which suits you best and then move forward. In most cases, the basic coverage which should be opted for is the indemnity plan.


Hospital Room Rent

This might seem insignificant as compared to the medical costs, but hospital room rents can add up to a significant amount very quickly. A smart health insurance plan should cover room rents as well. Some insurers cap the rent as a percentage of the sum assured. For instance, 1% of the sum assured. Some others cap it on an amount per day. Say INR 5,000 per day. While you do your research, pay close attention to this detail.


Pre-existing illness and waiting periods

If you have a pre-existing illness, this factor is extremely important for you. All insurers have certain conditions regarding the claims made if you have a pre-existing illness. As a fact, if you have a pre-existing illness, you might be able to file a claim after you serve a defined waiting period. In general, this period is between 2 to 4 years. Choose wisely and opt for the minimum waiting period requirements to have a better and faster settlement in the future.


Network of Hospitals covered

Before deciding on a plan, compare its network of hospitals with other plans. This analysis becomes even more important when you want to opt for a cashless treatment. If the insurer has a big network of hospitals, it can help you in emergencies when you need a cashless treatment. There is no point in purchasing an excellent plan with a poor network of hospitals.



In today’s digital age, reviews can make or break your decision. And they could be very helpful in making a smart choice, the right choice. Pay close attention to other’s experiences and try to understand the advantages and disadvantages. Often, reviewers have specific situations and this would give you good key points to consider.



Like everything else, insurances also come with certain exclusions. They could be conditions such as cataract, joint replacements, dental treatments or others. Consider the exceptions in accordance with your pre-existing illnesses and/or family medical history. As a rule of thumb, opt for a plan with fewer exceptions.


The above-mentioned tips along with factors such as premiums, co-payment options and no claim bonus will guide you in the right direction. Remember, the more research you do before buying a plan, the more benefits you will avail in the later stages.


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