Healthcare does not necessarily have to be so expensive. There are a lot of affordable medical insurance plans out there that balance affordability with coverage. By taking the right approach, you will see that there are plenty of budget-friendly options out there. Read on to find more about them.
7 Best Affordable Medical Insurance Plans in India
Here is a list of some affordable mediclaim policy options to choose from, for you and your family:
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Comprehensive Medical Insurance Policy
Comprehensive health insurance policies refer to robust health insurance policies. They offer a wide range of benefits to suit a vast range of health and treatment needs.
- These policies are available either on a floater or individual basis.
- Covers for pre-hospitalisation and post-hospitalisation expenses.
- You get road ambulance coverage with comprehensive health policies.
- Coverage for newborns up to the specified limits.
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Individual Medical Insurance Policy
The individual health insurance policies offer reimbursement for any hospitalisation expenses incurred due to accidents/injuries/disease, and sickness.
- The basic sum insured of these policies is Rs. 1.5 lakhs.
- These policies have automatic sum restoration benefits upon exhaustion of the limit of total coverage during the policy year.
- Offers coverage for day-care procedures that take 24 hours or less.
- Modern treatments such as Intra-Vitreal injections, Oral Chemotherapy, etc, are also covered.
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Family Medical Insurance Policy
These comprehensive health insurance plans are ideal for families. They are also affordable in nature because they provide extensive coverage for all your family members under a single sum insured.
- Day-care procedures coverage is provided under the family medical insurance plans.
- Flexibility instalment options provide you with the chance to pay your premiums monthly, quarterly, or half-yearly.
- Modern treatments such as Oral Chemotherapy, Intra-Vitreal injections, etc, are also covered.
- Expenses incurred for AYUSH (Ayurveda, Unani, Siddha, and Homoeopathy) are covered in this policy.
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Critical Illness Medical Insurance Policy
These medical insurance policies provide a lump sum payout upon diagnosis of a critical illness stated in the policy. A few examples of such illnesses are heart attack, stroke, cancer, etc.
- These policies are available for a term of 1-3 years.
- The minimum sum insured of critical illness medical insurance policies is Rs. 5 lakhs.
- The premiums of these policies are payable on a half-yearly or quarterly basis.
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Senior Citizen Medical Insurance Policy
If you have any dependents between the ages of 60 and 75, then the medical insurance plan would be ideal to choose.
- There is no requirement for any pre-acceptance medical screening.
- These policies are available either on an individual or a floater basis.
- Day-care procedures coverage for cataract surgery and more are available with these policies.
- The insured is eligible for a second medical opinion coverage from a doctor listed in the network of medical practitioners of the insurance company.
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Medical Insurance Policy for Women
There are various affordable medical insurance plans for women that offer coverage for healthcare needs that are unique to women.
- Maternity coverage for delivery expenses of both normal and Caesarean section delivery.
- There are coverages for ante-natal pregnancy care policies provided after confirmation of pregnancy for the insured up to specified limits.
- The basic sum insured for these policies is generally Rs. 5 lakhs.
- Health Insurance Plans for Parents
There are various affordable parents health insurance that offer coverage especially for elderly parents.
- Health insurance plans tailored for elderly parents help address mobility and balance challenges by covering essential therapies like physiotherapy and rehabilitation. These plans also include benefits for orthopedic evaluations, diagnostic procedures, and surgeries related to age-associated conditions such as arthritis and osteoporosis.
- Health insurance for parents often includes coverage for mobility aids like walkers and braces, enhancing safety and independence. Many plans also offer home healthcare support, helping with daily tasks and reducing fall risks.
Additionally, these policies cover treatments for sensory issues, including eye and ear exams, surgeries for cataracts and glaucoma, and assistive devices like hearing aids and corrective lenses.
Ways to Determine Affordable Medical Insurance Plans
1. Type of Policy
There are a vast number of low-cost health insurance policies available. Hence, it is necessary to make sure that you are selecting one based on your requirements and lifestyle needs.
2. Sum Insured
You must choose the sum insured carefully. Getting a low sum insured just because of having to pay lower premiums is not viable. Rather, it can be financially more draining than beneficial.
3. Extent of Coverage
Check the extent of your medical insurance policy coverage and what inclusions and exclusions they have. Make this decision based on your medical history and lifestyle requirements.
It will also help you to avoid any surprises when you try to claim your insurance during an emergency in the future.
4. PED (Pre-Existing Diseases) Waiting Period
A waiting period for PED refers to a predefined tenure (which differs from insurer to insurer) that the insured person has to wait before they can make any claim related to the pre-existing condition.
5. High Claim Settlement Ratio
A higher claim settlement ratio is something that you need to actively look for when selecting health insurance companies. Companies which have a claim settlement ratio of above 90% are good to choose.
Final Words
With rising healthcare costs, it has now become more necessary than ever to secure financial protection against any unexpected medical emergencies. By determining the different types of medical insurance plans, and assessing your lifestyle needs, you can get a policy which best suits your and your family’s needs.
