First step of financial planning is securing yourself Your insurance is a an important part of it We have already made a video on life Insurance Today we will discuss about health insurance Hi guys, welcome to Siya Vibes. My name is Siya. In this video you'll learn the factors to choose health insurance And how can you select one, as per your need First we'll talk about general points First and most important is claim Settlement Ratio It is the ratio for total number of claims the company had and how many of them were settled A company with good settlement ratio should settle your claim easily and in a hassle free way 90% above is good enough If it is between 85-90% and is meeting your other requirements then you can consider it as well Second, cover to premium ratio This is, how much premium you have to pay for the amount of cover you'll get A company can ask for Rs 2000 per month for a cover of 3 lakhs While the other company might ask for Rs 1000 only This comparison can be easily done on sites like Policybazaar.com I'll give 2-3 links in the description box where you can compare the premium and cover of different companies for your profile Third, different insurance companies have tie-up with many different hospitals
You need to know how many hospitals in your area or in your city have tied up You get cashless facility from the tie-ups In most of the cases you go for check-up, pay the bills and that is reimbursed by the insurance company But with cashless facility, you just need to go for check-up and come back You do not need to pay anything Everything would be paid by the insurance company This is very helpful, specially when the amount of claim is big Forth is other facilities available Like OPD facilities, pre and post hospitalisation charges If there is some treatment going on before going to hospital Or the time for which medication expenses will be taken care of The more is the time period for cover, more beneficial it is Fifth, bed facilities Sometimes insurance companies do not agree to pay charges for private room You need to check it An AC room is not a compulsion But there should be facility for a private room It's not that you can't go in double occupancy room of general ward But, usually private rooms have better facilities and treatment And sometimes you need that privacy Even if it is costs a little more try going for the cheapest possible private room facility Take care of these 5 factors while selecting insurance policy There are two type of insurance plans
First is Indemnity plan Second is definite benefit plan In Indemnity, Insurance company will pay all the hospital expenses In definite benefit plan, there's a fixed condition where you can get claim for a particular amount You do need bills too You have to select a plan as per your requirements I would suggest Indemnity plan because it will cover some extra expenses Even if it is less, you'll be tension free Especially if you're getting cashless facility Then, you need to decide whether to go for Family floater plan or an Individual plan You can take for your whole family Family means husband wife and parents and children who are dependent on them Let's say you are a family of four That member has buffer of 10 lakhs This is family floater plan In Individual plan, every member will have its restricted limit A different plan of 2.5 lakhs for each member You need to select a plan as per your requirement Third important thing is the top up plan Like critical illness cover or accidental covers In these cases, it's not just about paying to the hospital At that time, when you are not able to work You can also run errands from the insurance money You'll get these benefits if you take extra covers If you are already taking life insurance which I suggest for every earning member Then take critical illness and accidental covers with that
We had also discussed in that video Reason being, life insurance premium is fixed and health insurance premium is not fixed So, it's better to take them with life insurance and keep your premium fixed First of all, know your needs As we had discussed, family floater plan for family Or you need critical illness cover in health insurance only Or you need to mention some special disease like if you have a pre-existing ailment Always remember to specify the pre-existing illness, if any Many companies, after 2-3 years, provide claim on pre-existing illness as well In this case, it can become a big factor to choose the plan Also, if you take any other treatments like ayurvedic or physiotherapy Are they also covered in plan? Or any maternity benefits you need In this way, note down all your needs After that, go to some portal where you can compare all the insurances Compare every insurance not just on cover vs premium But also on other facilities provided by them Accordingly, select a few policies and talk to agent and understand in details In the end I would say, the more simple and clear to understand policy you get with less exclusions, the better it is for you Read the policy carefully Read all the inclusions and all the exclusions Fill the form carefully because it is your responsibility and not that of the agent All the links to the sites needed to check claim settlement ratio and premium vs cover are given in the description box Do not forget to check that You also need to know the limit you need Take minimum cover of 4-5 lakhs If you cannot take cover of 4-5 lakhs directly Then you can extend your cover with medi-claim in the form of top-up or super top-up plan Do not forget to check that in your policy Ensure that you have a minimum cover of 4-5 lakhs And can be extended if needed depending on your family health history
