How do you buy a health insurance plan? If you just
settle with the plan your agent sells or are happy knowing you have
bought the cheapest plan, there is a bit of unlearning and a lot of
learning in store for you. A health insurance policy packs in several
features and caveats. To give you a ready comparison, we designed Mint
Mediclaim Ratings (MMR), which was developed by SecureNow Insurance
Broker Pvt. Ltd. The full ratings along with the methodology can be seen
here:
In the ratings, for family floater plans, we have considered two sum insured amounts (Rs.10 lakh and Rs.20
lakh) and three age categories in each—eldest insured member is 35, 45
or 65 years old. For individual plans, the age categories are the same
but the sum assured is Rs.5 lakh. The newest edition of the ratings (January 2015) has a new category of individual plans of Rs.10 lakh for senior citizens aged 70 years.
This week, we spotlight family floater policies with sum assured Rs.20 lakh, the eldest person being 45 years old and the coverage is for two adults and two children.
We also explain some of the important aspects that one
should look at while choosing a policy. Let’s look at disease-wise
capping. Other than the waiting period, insurers will also specify the
amount that they would pay for specified illnesses. For instance, most
insurance companies specify caps on cataract. That’s because the cost of
treatment varies from Rs.10,000 to Rs.1
lakh. So, in order to limit its risk, an insurer may institute caps.
Other than that, insurers may also want to limit their liability on
major illnesses. Insurers do this to bring their risk down, which may
get reflected through cheaper premium. We, however, prefer a
comprehensive plan with fewer sub-limits, hence lower the sub-limit,
higher the score.
[Source : http://www.livemint.com/Money/xFXkvqJb6o3ZPLNrJc32GJ/Best-health-insurance-plans-for-you.html]
