In this edition of the Simply save podcast, Kapil Mehta - Co-founder and CEO of SecureNow Insurance Brokers - explains how to buy an independent health insurance policy and identify the right plan.
November 24, 2022 / 05:23 PM IST
COVID-19 has forced many to recognise the importance of having an independent health insurance policy in place, irrespective of whether they are covered under their employers' group covers or not.
This is because your personal cover is renewable for life. This is not the case with the employers’ group cover, which will cease to exist the once you switch jobs. Moreover, there is a growing realisation that a Rs 5-lakh health insurance cover will be inadequate, particularly in metropolitan cities where healthcare is costlier.
Also read: How much health insurance cover do you need?
“The average sum insured that individuals look to buy now is far higher – closer to Rs 10 lakh,” says Kapil Mehta, co-founder and CEO of SecureNow Insurance Brokers.
Now, the next step is to identify and buy the health insurance policy that suits your needs the best. And this decision will depend on several factors including your age, family size, health history, cost of healthcare in your city of residence and, of course, the insurance company’s reputation and claim settlement track record, among other things.
This is a highly complex task that few can accomplish without expert, unbiased advice. After extensive research over many months, Moneycontrol, along with SecureNow Insurance Brokers, recently unveiled our inaugural Health Insurance Ratings to help you pick the right policy.
“Every product available in the market has been considered during the process,” says Mehta. That is, 130 health insurance policies across 27 general and health insurance companies. The purpose is to identify products with well-rounded offerings along with good claim experience track record.
Moneycontrol-SecureNow Health Insurance Ratings evaluated products on the basis of features, premiums, restrictions such as co-pay and sub-limits, claim experience and claim complaints. Mehta explained the objective, methodology and advice on using the ratings tool to make the right decision.
Key takeaways from the podcast:
Group health insurance covers provided by employers cease to exist once you switch jobs or retire.
Young professionals need health insurance covers as well. It is easier to obtain one when you are younger and healthier, free from lifestyle diseases.
With 130 health insurance products across 27 insurers evaluated, Moneycontrol-SecureNow Health Insurance Ratings is your ideal guide for picking the most suitable health insurance policy.
All policies are assigned a score on the basis of several factors including premiums, waiting period, room rent sub-limits, claim settlement rate and claim complaints.
‘A-rated’ policies get the top billing, but those with affordability and health status constraints can look at ‘B’ and ‘C-rated’ plans too.
Preeti Kulkarni is a financial journalist with over 13 years of experience. Based in Mumbai, she covers the personal finance beat for Moneycontrol. She focusses primarily on insurance, banking, taxation and financial planning