How to Buy the Best Health Insurance for Your Family?

Securing the medical needs of our family is always a top priority. We can’t consider something more important than our family. Then, why are you letting the health, happiness, and financial stability of your family at stake? With the growing risk of diseases and medical inflation, a sound health insurance policy for your family is the shield around their health. A good percentage of millennials know how to buy the best health insurance for a family, but a large percentage still look for adequate medical cover tips for a family. 

You know you should buy health insurance with maximum coverage. But with the availability of different health insurance plans, picking the right one is a bit confusing. Considering many policy types, their inclusions, features, and limitations sound daunting. To avoid the hassle or time constraints, many people end up buying health insurance plans for a family. 

With that in mind, we have drawn some useful tips to help you buy the best family health insurance for a family. But, before this, get insights into family health insurance.

Family Health Insurance

Family health insurance is a type of mediclaim policy that covers the entire family in a single sum insured. It can be further customized to meet your family’s specific needs. Under such an insurance plan, your family gets much-required coverage against rising medical costs such as expenses incurred during pre and post hospitalization, ambulance cover, doctor consultation, ICU, nursing expenses, and many other medical expenses arising in case of accidents or treatment. 

Tips to Buy the Best Health Insurance for Family

Adding New Family Members – While searching for the best health insurance for family, be sure the plan that you want to choose allows you to add a new family member easily. If a senior-most member dies or is no more eligible for the coverage, other members of your family can continue with the same plan without losing any benefit under the plan.

Waiting Period Clause – Checking the waiting period under health insurance is very important. In general, pre-existing diseases, maternity expenses, and treatment like varicose veins, cataracts, herniass are covered after the waiting period of  2 to 4 years. This time period varies from one plan to another. It is therefore imperative to check the time duration of the pre-existing diseases before choosing a policy. Select a mediclaim policy that comes with a minimal waiting period.  

Right Policy Coverage  – Choose a plan that offers the coverage  against a wide range of medical issues:

  •  Pre-hospitalization cover
  •  Post-hospitalization cover
  •  Cashless treatment
  •  Ambulance charges
  •  In-patient hospitalization
  •  Daily hospital cash benefit
  •  Critical illness cover
  •   Maternity benefits

If you think you are choosing the best mediclaim policy for families, think twice and ensure that the policy meets the needs of each member that has to be insured.

Consider your requirements. Compare different insurance policies. Check out the limitations and features of the policy. Confirm if there are no hidden factors, such as waiting period, or sub-limits. Therefore, make sure you have gone through the policy wording for all the terms and conditions. This will ensure you and your family will not have to face any trouble at the time of claim. 

Co-Payment Clause – Co-payment is a percentage of the amount that you’ll have to pay from your pocket. And your insurer will pay the remaining amount to the hospital. For example, if you have health insurance with a 15% of co-pay clause, it means that for a claim of Rs. 1 lakh, you will have to pay Rs. 15,000 from your pocket and your insurer will pay Rs. 85,000. It is good if you find health insurance plans for families without a co-pay clause. 

Checking Room Rent – Checking the room rent limit is another factor to consider when purchasing a mediclaim policy for a family. Whether you will be offered coverage for a private room, semi-private room, or a shared room in hospitals, it depends on the health insurance you have chosen. The best health insurance for a family is one that provides a higher room-rent limit so that you will not have to pay extra from your pocket. 

Lifetime Renewability – Don’t miss checking the lifetime renewability option. Confirm the number of years the policy will remain validated or it offers limited lifetime renewability or not. This is important because you will need a health policy most during the later years of age. Choosing a policy with a lifetime renewability option is recommended. This will let you continue with the plan in years to come without worrying about the expiry and risk of buying a new policy after crossing the age limit. 

Bottomline

These are important tips you should use to buy the best health insurance for your family. By using these points, you will make an informed decision, and not need to run from pillar to post at the time of claim. 

Have any queries related to health insurance plans for your family? Write in the comment box. Our health insurance experts will respond to you soon.

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