6 Easy Steps to Get the Best Medical Insurance Coverage


No second thoughts should be given in buying medical insurance for you or your loved ones. The medical expenses in India are skyrocketing with the increase in the number of severe health conditions. You might have come across many health insurance providers in India, but might be confused to choose the right one. Contrary to the belief that buying an insurance policy is a cumbersome procedure, here are a few easy steps to guide you for getting the best medical insurance coverage:

  1. Analyze Your Requirements

The first step is to analyze your insurance requirements. You must have a clear view of the number of people you want to cover, the type of policy you want, and the premium amount you can pay. If you want to insure your family, evaluate the members’ age and choose the medical insurance plan accordingly. Similarly, if you’re going to insure your employees, you can choose a plan accordingly.

  1. Choose the Type of Policy

The type of policy can be selected according to your living status. A personal health loan will be enough if you live alone. A family floater health insurance plan is suitable for someone seeking health insurance plans for their family. Elderly insurance plans will be apt for the senior citizens in your home. Select the type of policy based on your requirements.

  1. Compare the Premium Plans

There is a wide range of health insurance plans offered in India. You can compare the insurance plans provided by various financial providers based on the premiums and the coverage. Select a plan that will give you more coverage in less premium and more benefits. Premium NBFCs (Non-Banking Financial Companies) like Bajaj Finserv provides a range of insurance products with attractive coverage at a lower premium.

  1. Decide the Coverage Amount

Deciding the medical insurance coverage of your policy is a crucial step towards buying an insurance plan. You must finalize the insurance coverage not only upon your current health conditions but also keeping in mind the unpredictable health hazards of the future. Another feature deciding the coverage amount is your preference for insurance coverage like hospital charges, ambulance, type of hospital, etc. If you prefer a high-end hospital, consider the amount accordingly. Similarly, if you wish for less insurance covers, you can opt for a low coverage value.

  1. Research about the Insurance Policy Provider

The credibility of the insurance provider plays a significant role in determining the coverage and the benefits associated with your policy. You must verify the company background, the procedure of claiming insurance amount, and the claim settlement ratio of the company. You can also determine the reliability of the insurance provider based on their certified rankings. Bajaj Finserv has been accredited with FAAA ranking from CRISIL and MAAA ranking from ICRA which is the highest ranking given to a financial provider.

  1. Check for Cashless Hospital Networks

Make sure to ask your insurance provider about the availability of cashless hospital networks. Usually, you need to inform your insurer about any health troubles that may lead to claim the insurance amount. Next, you pay off the bills and look after other expenses from your own pocket and claim for the money spent. This procedure may shake your financial stability due to the rising medical and healthcare costs. If you get admitted at a partner network hospital of your financial provider, you need not pay any bill, and your insurer will settle all the expenses issued during the treatment. You can ask for the list of network hospitals with your insurance company to avail this facility.

With the online application and renewal facilities offered by insurance providers, the process has become very simple now. When you apply/renew medical insurance online, you can avoid the charges applicable for documentation which is otherwise not possible. Moreover, the claim procedure is also simplified with an online process. You can check with your insurer for the availability of an online procedure for a quick and effortless experience.


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