Health Insurance policies cover all your expensive medical bills and provide the best treatment. Know about the best affordable health insurance plans in 2023.
As someone said, Saudi “health is wealth,” and it is our sole duty to take care of ourselves. It is important to take all precautions and keep diseases far away. While taking precautions include eating right, exercising, and getting good sleep, it is also important to have health insurance. Health insurance will cover all your medical expenses, including hospitalizations, on-prescription drugs, daycare, etc.
In recent times, there has been a significant increase in the number of lifestyle diseases. With time these health conditions increase your chances of falling sick now and then.
Paying all that expenses from your own pocket can be difficult on your financial side. Now some of you might wonder – “what are the best affordable health insurance plans”? No worries, we have got you.
Keep on reading and find out more about health insurance policies. This article is all about health insurance plans, their benefits, and some of the most affordable health insurance companies in 2023.
What is health insurance, after all?
Health insurance, as the name suggests, is a policy that covers your medical expenses due to illnesses, accidents, and injuries. Your insurance provider will pay for all the unfortunate health problems you face.
It could be an accident or some major illness. Imagine spending a huge medical bill from your income or your savings. As dreadful as it sounds, it is more devastating than it appears.
With an increase in the number of casualties, a health insurance policy might come to your rescue. Not only will it reduce your financial burden, but it will also lessen all your worries.
You can get very good medical intervention and care through your insurance money. That’s why you should look for the best affordable health insurance plans.
Now is that all it, or is there more to it? You need to know some other things about a health insurance policy.
What are the types of health insurance policies?
There are five broad types of health insurance policies:
- Health insurance for individuals:
As you can guess from the name, individual health insurance will cover an individual’s medical expenses. This will protect the treatment costs for yourself, your spouse, your children, and your parents. Every family member gets an individual amount as their medical insurance sum.
If you go for INR 5 lakhs per individual for a family of 4 members, then the total insured amount will be INR 20 lakhs. That means each family member can claim up to INR 5 lakhs every policy year.
2. Family Floater Insurance:
Unlike individual insurance, in a family floater insurance policy, the entire insured sum is shared among all the members. That means if you get an insured amount of about 5 lakhs, you can claim up to 5 lakhs for the entire family.
If your father claims INR 3 lakhs, then you can claim up to 2 lakhs and not more. While this might cover some of your medical expenses, this is not ideal for all families. Nuclear families are best suited for family floater insurance policies.
3. Senior Citizens Health Insurance:
Older people are the wisest among us, but they are also vulnerable to frequent illnesses. Thus, it is important to take care of their health as well. Insurance companies also provide affordable health insurance for senior citizens. This policy will cover all the hospitalization costs, pre and post-hospitalization costs, daycare expenses, home treatment costs, etc.
4. Critical Illnesses Insurance:
There is also a provision to apply for insurance that covers your expenses for any critical diseases. As there is a rise in the number of chronic diseases like cardiac issues, kidney diseases, etc., that need long-term treatment.
Thus, all the best affordable health insurance plans have introduced this policy. You can also use it as an add-on to your existing health insurance policy.
5. Group Health Insurance:
Employers buy group health insurance policies for all the employees in an organization. A group manager often buys this for a large number of individuals.
These plans are affordable but may not cover all health expenses of the insured. These are often purchased as an “extra benefit” for the employees. Now, let’s know why you need a health insurance policy in the first place.
What are the benefits of a health insurance policy?
There are several benefits of a health insurance policy:
- Dealing with hospitalization expenses:
Any alarming health ailment requires medical attention as early as possible. In many cases, hospitalization is a preferable option. As hospitalization is not anticipated, you might have to pay for the medical bills if you still need health insurance. The costs include injuries due to accidents, admissions due to critical health conditions, etc.
Now paying all that from your bank account can cause financial stress. That is why it is wise to have an insurance policy that will cover your medical bills on your behalf.
2. Pre and post-hospitalization charges:
The doctors conduct various diagnoses before admitting you to the hospital. These costs are included in the pre-hospitalization cost.
After you discharge from the hospital, there are charges for follow-up checkups, medicines, injections, etc. Bearing all these costs yourself is a big deal, but a health insurance policy can handle that.
3. Cashless Claims:
This is another unique advantage of going for a medical insurance policy. The most affordable health insurance companies of 2023 have many network hospitals that give you the “cashless claim” benefit. You can easily receive decent medical care without any worries. But, you must take care of deductibles and expenses not covered under the policy.
4. Daycare procedures:
There are several daycare procedures like dialysis, chemotherapy, radiotherapy, angiography, etc. Most health insurance plans cover the costs of daycare procedures as well.
5. Ambulance charges:
Ambulance charges can also bother you because many premium hospitals charge a hefty amount. With a decent insurance policy, you can get your ambulance charges covered, nothing on roadways and airways.
What are the best affordable health insurance plans for 2023?
There are several options in the market, so you might need help to settle for the right. But, as usual, we have got you covered. Here are some of the best affordable health insurance plans out there.
Aditya Birla Activ Health + Multiply Fit Combo:
This is one of the decent health insurance options in the market in 2023. The best part about this policy is the insured amount which ranges from INR 2 lakhs to 2 crores.
There are more than 10,000 network hospitals, and the entry age begins at 5 years, and there isn’t any maximum limit. It also offers you handsome discounts and wellness points.
But, there is a downside to this policy. The waiting period is significantly high, i.e.
- 30 days as an initial waiting period.
- 3 years for pre-existing diseases.
- 2 years for specified medical procedures.
ICICI Lombard- Complete Health Insurance policy:
This is a comprehensive health insurance policy for both individuals and families where you can choose the sum amount within the range of INR 1lakh to 50 lakhs. The minimum and maximum entry ages are 91 days and 18 years, .
There are more than 6500 network hospitals under this policy. It also provides you with sub-plans according to your requirements.
Though it is a decent option, you have to additionally pay a premium to cover doctor expenses, pre-existing disease coverage, availing donor benefits, etc.
HDFC Ergo My- Health Women Suraksha:
This policy is specially tailored for the health conditions of women. The coverage is very wide, including several minor injuries, major illnesses, and surgeries related to women. The insured sum ranges from INR 3 lakhs to 24 lakhs.
There are more than 13,000 network hospitals under this policy. The entry ages range between 18 years to 55 years.
But, pregnancy and newborn baby complications are not covered under this policy. You have to pay a premium in that case additionally. The waiting period for major and minor illnesses is 90 days and 180 days, respectively.
Care Youth Health Insurance Plan:
This policy is best suited for young individuals. The minimum and maximum entry ages are 18 years and 35 years. The insured sum ranges from INR 3 lakhs to 25 lakhs. There are more than 19,000 network hospitals under this plan.
You can also avail of extra benefits, a no-pay clause, and new-age perks like e-consultations, user-friendly health portals, etc. But you won’t be paid for maternity and newborn cover. You have to apply for an extra premium for that. You also have to face the initial waiting period (30 days).
Niva Bupa Health Pulse Policy:
Forbes Advisor gives this policy a whopping 4 out of 5 because it is very pocket friendly. The policy has two variants- The classic plan and the Enhanced plan. There are more than 8600 network hospitals under Niva Bupa Health Pulse Policy. You can claim for an insured sum between INR 3 lakhs to 25 lakhs at affordable prices.
Though this is one of the best affordable health insurance plans for younger people, the classic plan has a 20% co-payment. Other benefits like online consultation and accident and critical illness coverage are available for an extra premium.
The Bottom Line:
As health is the greatest wealth, it is imperative to take care of and live healthier. While the right food, exercise, and sleep are great for health. And paying for expensive medical bills is financially stressful. In such cases, a health insurance plan will take care of all these expenditures and reduce your worries.
You should also pay for the best affordable health insurance plans that meets your requirements. Before going for any policy, make sure to conduct a lot of research on your own.
Try and find the most affordable health insurance companies in 2023. You can even compare all the prices, coverage, and terms and conditions and then make an informed decision.