Best Health Insurance Plans for 2024

For the past few days, we have been scouring through the depths of the internet to discover what haunts people about health insurance. It turns out that one of the most frequently asked questions is, “How do I find out what the best policy for me is?”.

Well, there’s no one correct answer that fits everyone, but in this article, we have addressed a few common queries, including how to select the best policy for yourself.

And if you feel unsure after reading this article, you can always feel free to book a call with Ditto’s IRDAI-certified insurance advisors for honest, spam-free insurance advice.

To make it easy, we’ve compiled a list of the top insurers so you don’t have to.

Heads Up: It takes an average person up to 5 hours to read & analyze a term life policy, and 10 hours or more to compare different plans and make a decision.

This is why we propose a better alternative - taking a 30-minute FREE consultation with Ditto’s certified advisors. We have a spam-free guarantee, and we’ll never push you to buy a plan. Don’t delay this - we have limited slots every day, so book a quick call here before they run out.

How to Choose the Best Health Insurance Plans in 2024?

There are two aspects to choosing the best health insurance plan – the first is selecting one of the top insurers in the industry, and the second is choosing one of the best policies they offer. Let’s explore both of them in detail now.

Choosing the Best Health Insurers in 2024

Here are some important metrics to look for when shortlisting insurers:

• Claim Settlement Ratio – The Claims Settlement Ratio (CSR) is pretty straightforward. It is the number of claims the insurer settled against the total number of claims received by the insurer for a particular period. A higher ratio suggests a better track record of claim settlements, providing more reliability.
• Incurred Claim Ratio — The Incurred Claims Ratio (ICR) is the total amount of settled claims against the total amount of premiums collected. A good range for ICR would be 55-75%. This is generally considered a healthy ratio, indicating the insurer’s ability to pay out claims while being financially sound.
• Complaint Volume — The complaint volume indicates the number of complaints the insurer has received for every 10,000 claims received. Naturally, a lower complaint volume suggests better customer service and a higher net promoter score.
• Number of Network Hospitals — Health insurance policies often have a network of hospitals, clinics, and doctors with whom they contract to provide services for their policyholders. The higher the number of facilities they tie up with, the higher the number of facilities you, as the policyholder, have for cashless treatment. A more extensive network ensures better accessibility and convenience for you during medical emergencies.
• Customer Base — The number of policyholders an insurer has can also indicate its popularity and trustworthiness. A larger customer base reflects more customer confidence in the insurer's services.

PS: It might also be prudent to review what hospitals in your neighbourhood or city are part of which insurers’ networks and rank accordingly. For instance, Royal Sundaram has a strong network in Chennai, and Manipal Cigna has a strong network in Mangalore.

Feel free to go through this article for a more comprehensive overview of the top insurers in India in 2024.

Choosing the Best Health Insurance Plans in 2024

Now that you know how to select an insurer, here are some essential features to look for when choosing the actual health insurance policy:

• No Co-Payment — Co-payment is the percentage of the claim amount that you, as the policyholder, must pay out of your pocket while the insurer covers the rest. Opting for a policy with no co-payment ensures you don't have to bear any portion of the medical expenses, making the coverage more comprehensive and reducing your financial burden during medical emergencies.
• No Room Rent Restrictions — Many health insurance policies impose a limit on the room rent they will cover during hospitalisation. This restriction can lead to significant out-of-pocket expenses if you choose a room with a higher rent than the limit specified in your policy. Selecting a policy with no room rent restrictions provides greater flexibility in choosing a hospital room without worrying about additional costs.
• No Disease-Wise Sub-Limits — Some health insurance plans have sub-limits for specific diseases, treatments, or procedures. A policy without disease-wise sub-limits ensures you have full coverage for all treatments.
• Substantial Restoration Perk — The restoration benefit restores the sum insured if it gets exhausted within a policy year due to claims. Policies with a substantial restoration perk provide additional financial security by reinstating the sum insured, allowing you to claim multiple times for unrelated illnesses within the same year.
• Low Waiting Period — Health insurance policies often have waiting periods for specific ailments before you can make a claim related to those diseases. Insurers also impose a waiting period if you have certain pre-existing diseases. In case you want to make a claim related to a specific illness or a pre-existing disease, you need to wait until each of their waiting periods is completed. A good health insurance policy has the least waiting periods.
• Pre- and Post-Hospitalisation Coverage — Medical expenses are not limited to the period of hospitalisation. Pre-hospitalisation expenses (such as diagnostic tests and consultations) and post-hospitalisation expenses (such as follow-up visits and medications) can also slowly start adding up, especially for chronic illnesses such as cancer or heart disease. Choosing a policy that covers these expenses ensures you have a financial safety net for the entire course of treatment.
• Daycare Treatment Coverage — Many medical procedures no longer require extended hospital stays and can be completed within a day. Policies that cover daycare treatments include these short-duration procedures, providing broader coverage for modern medical treatments that do not require overnight hospitalisation.
• Domiciliary Coverage — Domiciliary hospitalisation refers to situations where you are treated at home due to a lack of hospital beds or because you cannot be moved to the hospital. A policy with domiciliary coverage ensures that you are covered for such home-based treatments, offering more flexibility and comprehensive coverage.
• Good No-Claim Bonus — If you renew your policy for the next year, a no-claim bonus (NCB) is a reward insurers give for not making any claims during the previous policy year. This bonus usually increases your sum insured without increasing the premium.

What are the Best Health Insurance Plans in 2024?

1. HDFC ERGO Optima Secure: Optima Secure is one of HDFC ERGO's premier health insurance policies, offering comprehensive coverage. This plan now covers individuals up to 100 years of age, making it suitable for senior citizens, too. It provides 2X coverage right from day one, doubling your coverage without an increase in premiums. It also offers the choice of any hospital room without additional costs and covers pre- and post-hospitalization expenses for 60 and 180 days, respectively. HDFC ERGO does not impose co-payments, and this policy even covers consumables, which not many policies do.

Drawbacks:  One of the few drawbacks is that HDFC ERGO policies are more expensive than those of other insurers. It also does not cover maternity or international treatments, which might be a limitation for some.

2. CARE Supreme: Care Supreme is known for being a highly affordable and comprehensive health insurance plan. This policy covers individuals up to the age of 99 and is suitable even for those with benign pre-existing conditions like BP or hypothyroidism. It features no co-payments, room rent restrictions, or disease-wise sub-limits. It covers daycare procedures, AYUSH treatments, and domiciliary treatments and includes air ambulance coverage up to ₹5 lakhs per year. The policy offers a restoration of the sum insured up to the base amount for any illness, and its NCB offers a 50% bonus up to 100%, with an add-on that can increase it up to 500% annually.

Drawbacks: Care, as an insurer, has a slightly higher complaint ratio, and Care Supreme has a longer PED waiting period of 4 years. Unlike most insurers, this policy does not include annual health checkups, but these can be purchased as an add-on.

3. NIVA BUPA ReAssure 2.0: ReAssure 2.0 by Niva Bupa comes in three main variants, each offering slightly different features and several add-ons. It is suitable for individuals aged 18-65 with benign pre-existing conditions like BP or hypothyroidism. The Family Floater Option can cover up to 6 individuals, including parents and in-laws. This policy has no co-payment, disease-wise sub-limits, or room rent restrictions. It covers daycare, AYUSH, and domiciliary treatments. The standard waiting periods are 30 days for initial coverage, 2 years for specific illnesses, 4 years for PED in Bronze and 3 years for Titanium and Platinum variants.

Drawbacks: The CSR is slightly less than that of its competitors, and Niva Bupa also has a higher complaint volume of ~ 44 for every 10k claims. But if you are looking for a plan with great features and are okay with the higher complaint volume, this policy is for you.

4. Aditya Birla Activ One: The Aditya Birla Activ One health insurance plan is designed to encourage a healthier lifestyle while offering comprehensive coverage with a high base cover amount of up to ₹ 6 core. This policy comes in several variants that cater to a wide range of audiences. All variants of Activ One offer extensive pre- and post-hospitalisation coverage, an excellent no-claim bonus of 100% per annum, up to 500%, and unlimited restoration. This policy also provides extra wellness benefits, such as discounts on gym memberships and health check-ups, making it a comprehensive option to consider.

Drawbacks: One of the very few pitfalls of Activ One is that they have a 10% co-payment for non-PPN (non-network) hospitals. And as an insurer, we feel that Aditya Birla’s operational metrics can be slightly improved.

5. Bajaj Allianz Health Guard Gold: Health Guard Gold is a top policy from Bajaj Allianz, offering a wide range of benefits. This plan offers coverage from ₹1.5 lakh to ₹50 lakh, making it suitable for various budgets and coverage needs. It includes pre-hospitalisation expenses for 60 days and post-hospitalization expenses for 90 days, apart from day-care procedures, annual health check-ups, etc.

Drawbacks: However, considering the premiums, this policy has slightly more drawbacks. For sums insured up to ₹5 lakh, there is a room-rent restriction of a single private room, while higher coverage amounts allow for any room category. The complaint volume for Bajaj Allianz is slightly above the industry average, indicating a need for improved customer service.

Despite its higher premium, we feel this plan is ideal for those seeking extensive health coverage with added benefits like maternity cover and wellness perks.

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Conclusion

Purchasing a good health insurance policy is essential to protecting yourself and your family from unexpected medical expenses and ensuring you receive superior healthcare without financial pressure.