It is crucial to protect your family from the financial hardships that can result from unforeseen medical situations. Purchasing a family plan with health insurance benefits is one way to go about it. Finding an ideal health insurance coverage might be challenging, but it doesn’t have to be. Therefore, before carrying out this duty, you must consider a few things. Here is a list you can use:
- Whether your family can be adequately covered by the sum insured
Make sure the amount insured in the plan is sufficient to cover your family’s medical needs before purchasing health insurance. Take into account the family’s age, any current medical conditions, etc. You could require a larger insured amount if your parents are included in your health insurance for family because medical costs rise as you become older.
- Verify the premium amount.
The premium is the sum of money you must pay your insurer to maintain your insurance. The premium amount may increase along with an increase in the amount insured. In addition, the premium for a family floater plan is determined by the age of the oldest family member. Additionally, the cost of your family’s health insurance may rise once again if you choose add-ons.
- Check how comprehensive the insurer’s hospital network is.
Check the number of network hospitals included in the coverage when purchasing health insurance. A more extensive network of hospitals is preferable because it can make it simpler for you to use cashless treatment. You do not have to pay the hospital directly while receiving care there from a network facility. Your insurer may speak with the hospital directly to settle your bills.*
- Ensure that hospitalisation costs are paid both before and after discharge.
Pre-hospitalization and post-hospitalisation expenses should both be covered by a family health insurance plan. You might need to visit the doctor frequently and submit to a lot of testing both before and after being hospitalised.*
- Check the claim settlement ratio and process.
The insurer’s claim resolution processes ought to run smoothly. It can be determined by looking at the insurer’s claim settlement ratio. The claim settlement ratio is derived by dividing the total claims paid by the total claims submitted. Selecting an insurance with a greater settlement percentage is a sensible choice. Otherwise, you would have to jump from pillar to pillar to get your medical expenses paid.*
Other than this, look at whether your insurance covers ambulance charges, daycare charges and alternative treatment. Also, confirm the waiting period. During this time, you won’t be able to make a claim related to those illnesses. Hence, look for a health insurance plan for family with a short waiting period.*
You should be aware of the medical treatments and conditions that are not covered by the health insurance plan, as well as its advantages. Therefore, before choosing one, take the time to read the list of exclusions. Furthermore, keep in mind that there is no market for universal health insurance plans. But for a fair amount, you may tack on customisations to the default plan. Choose a family health insurance plan from an insurer that offers extras and attentive customer service.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
