5 tips to choose best family health insurance plans in India – Free Press Journal

Health insurance is an essential component of every family’s yearly financial planning. While planning your healthcare budget or expenses, you should prefer a health insurance plan offering comprehensive coverage for yourself and your family members. A family health insurance plan covers the healthcare needs of your entire family. Under one family cover, you can include your spouse, children, parents, parents-in-law etc. all this by paying a single premium. A family plan’s sum insured acts like a pool of funds you can share among all family members while extending the coverage to up to six family members.

However, while choosing the right health insurance for your family, you may be amazed by the variety of health covers available in the market. As a foremost tip, you must consider your family’s healthcare needs and medical history that would help you select the ideal family cover. Besides ensuring inclusion of wellness services, planning for a mediclaim policy for your family involves selecting sufficient sum insured. It helps you utilize your family’s savings for other important life events. . So, if you too are planning to purchase a family health cover, read on for some must-know tips:

Buy Early to Save More

● Health Insurance policies purchased between 25 and 30 have a lesser premium than policies purchased later in life.

● The insured is eligible for a no-claim bonus when no claims are submitted against a health insurance policy the year.

● Buying health insurance later in life might lead to a few complications especially when the applicant has already been diagnosed with an illness.

● Under various health insurance plans, treatment coverage for pre-existing conditions is subject to a waiting period. The waiting period might range anywhere from a few to upto 48 months, depending on the type of illness and the cost of treatment.

● When you’re under 30, your chances of filing a claim are less, and you still have plenty of time to elapse the waiting period.

Important things to include in the coverage:

● Choose a health cover that includes post and pre-hospitalization, critical illness , cashless treatment, consumable expenses , maternity benefits, ambulance costs etc.

● When purchasing health insurance for your family, make sure that the plan covers medical conditions of every family member.

● Compare your health insurance plan based on sum insured, hospital network, claim settlement ratio, and other factors that make the insurer, a suitable service provider.

● Also, study the policy’s critical details, including terms & conditions, sub-limits, waiting period, etc.

Evaluate the Insured Sum Amount

● The most beneficial thing about a family floater is that the sum insured is shared.

● Even if one of the members is admitted to the hospital and uses up a portion of the sum insured, the remaining amount is available to other members if the need arises.

● Individual policies do not allow for this flexibility.

Customize your Family Health Cover

● While selecting a family health insurance plan, always look for customizable plans wherein you can add any new family member.

● You can also include your parents or even in-laws under the same policy.

● Also, if you are planning your family , you can look for covers offering maternity benefits& newborn cover under standard coverage or as an optional benefit.

Check the Co-Pay Clause

● The co-pay clause is one of the most crucial points to consider while selecting a family cover that includes senior citizens.

● It needs you to pay a portion of the entire medical expense from your pocket while the insurer pays the major part of the cost.

● Therefore, you must consider buying a mediclaim policy for family that has a lesser co-payment clause or the one that offers a co-payment waiver as an add-on benefit.

● For example, suppose your coverage has a 10% co-payment clause. You need to pay Rs. 10,000 for a claim of Rs. 1 lakh, with the insurer will cover the remaining Rs. 90,000 as part of the claim.

Care Health Insurance offers comprehensive health insurance plans designed to safeguard your family from financial strain/stress in a medical emergency. By choosing Care Health Insurance’s family plan, you get the advantage of cashless treatment at one of the top network hospitals in your city and direct claim settlements. Care Health’s family health insurance plan ensures you receive a hassle-free treatment, lifelong renewability and other add-on benefits across 16500+ healthcare providers.

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Published on: Monday, January 24, 2022, 02:41 PM IST