12 tips for choosing the best medical insurance plan in India

Nothing hurts more than the scarcity of money in case of emergency. In India most people don’t realize the need for a medical cover and this has led to burgeoning medical expenses per capita. The apathy towards insurance is also due to ignorance surrounding the medical insurance and the general feeling of skepticism towards the insurance companies. But in times of increasing medical costs, it’s better to have one. If you haven’t chosen any, it’s better late than never. To help you in this task, we provide you with 12 tips that might do the trick. We will also cut out the legal jargons here and present it to you raw.

i. Individual and family floater insurance policy

Look for individual insurance cover if you are single and family floater health insurance policy if you have a family. They come with lower premiums and provide cover to your entire family.

ii. Maximum coverage limit

In this age of uncertainty, do not settle for a lower amount. Rather chose one which provides the maximum cover amount. You never know what future holds for you.

iii. Minimum waiting period for pre-existing conditions

Don’t wait out the summers of your child birth to get insurance cover for their pre-existing conditions. It’s better to get them covered as soon as possible to support their treatment.

iv. Get on the insurance bandwagon early in your life

Pre-existing condition or not, don’t wait for the grey hairs to get an insurance cover. Take it early so that even if you don’t use, you get bonus.

v. Pick the right amount for your insurance

Keeping in mind your age and that of your family, chose the insurance amount carefully. As already mentioned above, it’s better to go with the maximum cover. But premiums should also be kept in mind.

vi. Hospital network coverage

Most insurance companies offer network coverage for many hospitals and medical centers in a city. Try to look for one which covers the widest area possible.

vii. High claim settlement ratio

This one’s pretty obvious. Many people don’t opt for insurance cover precisely because they think companies won’t fulfill their obligations and this is true to some extent. Before you choose the final option is sure to look for those with high claim settlement ratios.

viii. Chose policies with sub limits

Many insurance covers come bundled up with associated costs like renting charges, transportation costs etc. Be sure to pick one which has most of the ‘sub-limits’ covered. This will save you some money.

ix. Maximum age renewal

You might have got an insurance cover early in your life and that too having the maximum coverage limit but it’s for anyone’s guess that one is more prone to ailments in later half of his/her life than when he/she is young. So go for those schemes which have option to renew your age limits to maximum.

x. Exclusions and critical riders

Many insurance companies tend to avoid covering critical illness or exclude certain medical conditions. Always be careful to know all about the exclusions and riders so that you are not left in lurch when time comes. The ones with minimum exclusions are thought to be better.

xi. Buy insurance covers through credible brokers

This is another area where many fail. Due to lack of knowledge many fall in trap of fraudulent brokers and end up losing money. Opt for brokers who you believe can back up your claims strongly.

xii. Look for ratings and reviews and compare

Many sites offer customers the option to rate and review the services they have used. Before buying an insurance cover it’s always wise to go through these websites and compare different insurance options. Ambulance service aggregators like AMB life also offer you the option of rating and reviewing.

Be smart. Be careful. Choose wisely.

AMB life is an online platform that allows private ambulance service carriers around the globe to register their ambulance and other ancillary services on its platform. People can choose services based on country, state, city or even their own location. Both air ambulances as well ground ambulance can be booked based on their rating and review.

Visit www.amblife.com to know more about them.