In India, a Health Insurance policy is looked at as a mere tax-saving instrument. But, the growing health problems at an early age and the astronomical treatment costs clearly spell the need to have comprehensive health coverage in today’s day and time. While Health Insurance plans for family may be an option out of the many types of plans available, it is vital to assess one’s needs and requirements before buying a plan. Read on to learn some tips for choosing the best family health coverage policy.
Why Buy Family Health Insurance?
Family Health Insurance policies offer coverage to all family members under a single policy. They cover exorbitant treatment costs involving all kinds of hospitalisation expenses. They also offer coverage for injuries owing to accidents and other health contingencies that might burn a hole in your pocket without a Health Insurance policy.
Tips to Choose the Best Health Insurance Policy
Here are some useful tips to be mindful of before buying Health Insurance plans for family:
- Consider Coverage: Always go for a Family Health Insurance policy that safeguards you and your family members against a range of health problems. It must cover pre- and post-hospitalisation charges, transportation costs, critical illnesses, maternity benefits, cashless treatment, daily hospital cash benefits, and daycare expenses. Besides, it is important that your policy covers any illness that has a family medical history. In addition, go through all the terms and conditions and carefully check if the plan meets the needs of all the family members involved.
- Keep Affordability in Mind: Before buying a health plan make sure it suits your pocket and doesn’t hit your budget hard. It is advisable to opt for a reasonably priced Health Insurance policy at first in order to ensure that you are covered properly at affordable premiums.
- Check Claim Settlement Ratio: CSR is defined as the number of claims settled by the insurer against the total received claims. Insurance providers with a high claim settlement ratio must be considered.
- Look for Renewability Option: One requires a health plan more in the later years of life when the odds of falling sick and hospitalisation are higher. That is why it is important that your policy has a lifetime renewability feature. Always check the number of years for which your policy will cover you and your loved ones before buying a Family Health Insurance plan.
- Compare Quotes: You must request quotes for Family Health Insurance plans online and compare estimated premiums against the coverage offered, sum insured, and other benefits to arrive at a decision. Buy the policy which caters to your needs the most.
- Look for Flexibility: It is vital to check if you can add new members like a newborn baby or your spouse later. This flexibility saves you the cost of buying a separate health coverage plan.
- Check Waiting Period: It is important to check the waiting period, the time during which no claims are accepted by the insurer. Notably, it is applicable for pre-existing diseases, specific health conditions like hernia and varicose veins, and maternity expenses.
- Read Co-payment Clause (If Any): Simply put, it is the percentage of the amount that you will have to bear in case of an emergency, while the insurer will pay the remaining hospitalisation expense. Consider buying a policy with a no or low co-payment clause.
- Scan the list of Network Hospitals: Check the list of empanelled hospitals to learn if your preferred diagnostic centres and doctors are covered. Also, go with a plan having a wide network of hospitals worldwide.
- Room Rent Capping: While comparing Health Insurance plans for family, shortlist the ones having fewer restrictions on room rent so that you enjoy the freedom to select a hospital room which can be fully private or semi-private.
Conclusion
Who wants to fall sick? None! But, health problems are undeniable. And, here comes the need to buy a comprehensive family health coverage plan which will prepare you financially to face a health problem. When buying a Health Insurance policy, it is important to consider what all diseases are covered, the claim settlement ratio, the flexibility to add new members and the lifetime renewability option. You can also check out Health Insurance plans for family offered by ACKO to safeguard your loved ones.
