Medical Insurance or Health Insurance is not just an investment anymore. It has become our need in today’s world. The risk of critical diseases such as cardiac arrest, cancer, and liver failure has increased over the past decade worldwide. It has become our responsibility to be prepared for such unwanted circumstances financially.
Health Insurance not only safeguards us from critical health issues but also covers day-to-day hospital and checkup expenses. There are multiple Medical Insurance Plans in India that you can buy to get financial protection for you and your loved ones.
In this blog, we will discuss everything about Health Insurance Plans. Let’s get started.
What are Medical Insurance Plans in India?
Medical insurance plans in India are insurance policies that provide financial assistance in case of any medical emergencies. It helps you to pay your hospital bills without having any stress about funds. You get financial support for expenses like doctor visits, medicines, surgeries, and hospital stays just by paying a fixed premium amount.
These plans protect you from high medical costs and give peace of mind during health problems. Different companies in India offer various medical insurance plans to suit individual and family needs. You can also add and customise the coverage as per your needs.
Who Should Buy Medical Insurance Plans in India?
Everyone from the following list is advised to buy medical insurance plans to get health coverage and financial security:
- Young Adults: At a younger age, you can get health insurance plans at low premiums.
- Self-Employed: Anyone who is employed yet uninsured should get financial coverage for health.
- Families: To get better coverage for the family members.
- Middle-aged adults: Medical Insurance helps to cover lifestyle diseases for middle-aged adults.
- Senior citizens: It is suitable for senior citizens as it covers rising medical expenses.
What an Ideal Medical Insurance Plans in India Cover?
A suitable medical insurance plan should cover most or all of the following, based on your needs:
- Hospitalization expenses
- Pre- & post-hospitalization costs
- Daycare treatments
- Ambulance charges
- Cashless treatment at network hospitals
- Pre-existing diseases (after waiting period)
- Maternity & newborn care
- AYUSH treatments (Ayurveda, Yoga, etc.)
- Domiciliary treatment or Home treatment
- Preventive health check-ups
How to Buy Medical Insurance Plans in India?
To buy a suitable and efficient plan, you should follow the given steps:
- Assess your need: Check your needs and preferences based on age, number of people, coverage, and budget.
- Compare Plans: Visit the website of your favorite insurer to compare and check available medical insurance plans. Compare premiums, coverage, exclusions, network hospitals, and claim settlement ratios of different plans.
- Check Eligibility & Terms: You should check age limits, waiting periods for pre-existing diseases, co-payment clauses, etc.
- Get Quotes Online: After entering details such as age, health issues, and dependents on the website, you can get the policy quote easily.
- Fill Application Form: After checking all the details, you can apply to the suitable plan of your choice.
- Get a Medical Check-Up: Some plans require a medical check-up. You have to get a medical follow-up in such a case.
- Pay Premium: After the application, pay the premium amount to the insurer.
- Download Policy Document: Now, download the policy document.
- Use Free-Look Period: Most insurers provide a 15–30-day free-look period to cancel or modify the policy if you are not satisfied. You can cancel or modify your plan in such a case.
Top 5 Medical Insurance Plans in India
Here is the list of the top 5 medical insurance plans in India:
| Medical Insurance Plan | Cashless Hospitals | Claim Settlement | Age Limit |
| HDFC ERGO – Optima Restore/Secure | 13,000+ | 94.32% | Child: 91 days to 25 years Adult: 18 years and older |
| Care Health – Care Supreme | 9,400+ | 87.44% | Child: 91 days to 24 years Adult: 18 years and older |
| Star Health – Smart Health Pro Plan | 12,000+ | 74.90% | Child: 91 days to 25 years Adult: 18 years to 75 years |
| Aditya Birla – Activ One | 13,000+ | 94.47% | Child: 91 days to 25 years Adult: 18 years and older |
| ICICI Lombard – Elevate | 11,000+ | 85.44% | Child: 91 days to 30 years Adult: 18 years to 125 years |
Factors to Consider Before Buying Medical Insurance Plans in India
There are some factors that you should consider in the medical plan before buying it. These factors are as follows:
- The type of coverage you want (individual or family floater)
- Coverage amount as per your budget (sum insured)
- Cashless Hospital Network of the insurance company
- Claim Settlement Ratio of the insurer (% of claims settled by the company)
- Waiting period for pre-existing disease or maternity benefit
- Inclusions and exclusions of the plan
- Available riders (add-ons)
- Eligibility criteria, including age limits
- Available tax benefits
Conclusion
Buying a medical insurance plan is very important to protect you and your family from rising medical expenses. Before choosing any plan, always check the coverage offered, hospital network, claim ratio, waiting period, and other limits. Then, you can pick a policy that fits your health needs and budget.
You can also visit a broker company to get better assistance with plan quotes and comparisons. A good plan will give you peace of mind, better treatment options, and financial safety in difficult times.
FAQs
What is a medical insurance plan in India?
A medical insurance plan pays your hospital and treatment bills when you fall sick or meet with an accident.
Why should I buy a medical insurance plan?
You should buy it to protect your savings from high hospital costs and to get better healthcare without worry.
What does a medical insurance plan cover?
It covers hospital bills, pre and post-hospitalization, ambulance charges, daycare treatments, and sometimes maternity as well. Some medical insurance plan in India also covers critical illness exclusively.
When should I buy medical insurance?
You should buy it as early as possible because premiums are cheaper at a young age and waiting periods end sooner.
Can I cover my whole family under one plan?
Yes, you can buy a family floater plan that covers your spouse, children, and sometimes parents.
Does a medical insurance plan cover pre-existing diseases?
Yes, the medical plan covers pre-existing disease. But after you complete the waiting period given in the policy.