Health Insurance for family: Buying health insurance gives you financial protection against ever-rising and sudden medical expenses which you have to pay due to injury, illness, or accidents.
All of us want a safe and secure future for our family. Various factors impact our collective future and health is one of the most important factors. We try our best to maintain good health but unfortunately, sudden accidents and unforeseen health emergencies are unavoidable and you should stay ready for this situation and go for the right health insurance that covers most bases.
Health insurance, as the name suggests, covers the medical expenses of a person/s that is/are insured. Buying health insurance gives you financial protection against ever-rising and sudden medical expenses which you have to pay due to injury, illness, or accidents. Having a health insurance plan becomes critical in these situations to avoid financial strain on your pocket during a medical emergency.
Picking the right health insurance for your family is not rocket science but you must consider some factors into account before buying a family health insurance plan which is right and all-encompassing.
You should take care of a few things before purchasing health insurance. Here's a list of these aspects:
1. Health Insurance Coverage and Benefits
The health insurance policy's coverage and benefits are the first thing you should check while buying it for your family. Look for a health insurance plan that covers various medical expenses like the cost of surgery, hospitalization, path lab and diagnostic tests, charges of ambulance, and other pre- and post-hospitalization charges.
The health insurance policy should also offer coverage for critical diseases/illnesses such as cancer, heart and kidney diseases, etc. Also, look for a policy that also gives other advantages such as coverage for pre-existing illnesses and maternity benefits, etc.
There are also some optional riders that enhance the overall coverage of the health insurance policy. In case there is a senior citizen in your family, it is important that your health insurance policy also covers their specific healthcare needs. Such policies may provide coverage for age-related illnesses and chronic conditions that commonly plague the elderly.
2. Family Floater
These health insurance plans provide coverage to your immediate family members including spouse and children with just one annual payment. In case there are multiple hospitalizations in the same year, all family members will be covered under the health insurance policy up to the sum insured limit.
Additionally, it helps as a tax saver under Section 80D of the Income Tax Act. The limit of which is up to ₹25,000 annually. A big benefit of this policy is that you get coverage for all your family members by paying relatively affordable premiums.
In case one of the family members is ill, then in some cases, you can use the whole value of this health insurance policy for his or her care.
3. Premiums and Deductibles
The cost of premiums and deductibles is one of the important factors to look into before buying a family health insurance plan. The amount of money you pay to the insurer for your policy is the Premium, while deductibles are the amount that you pay before the start of your medical expenses coverage.
Compare the premium amounts of different policies on offer and pick the one which gives maximum benefits at a relatively affordable price. Also, check the deductibles of the health insurance policy and go for the policy which fits within your budget range.
4. Waiting Period
A health insurance policy's waiting period is the time when you cannot claim coverage for your illness under the policy, generally for pre-existing illnesses and maternity benefits.
The duration of the waiting period varies depending on the insurance provider and policy. That period ranges from a few months to several years in some cases. Before buying a policy, make sure that you check the waiting period as per your requirements.
5. Provider Network
Check the provider network before buying a health insurance plan. The provider network is the medical healthcare network that the insurer has contracts with like the hospitals, clinics, and other healthcare providers.
Choose a policy with a wide healthcare provider network in your area. Check the list and see whether it contains your preferred healthcare providers. You should choose a policy with a big network of healthcare providers. It saves some out-of-pocket expenses during hospitalisation or medical treatment.
6. Claims and Customer Service
Another important aspect to check before picking a family health insurance plan is the claims and the customer service of the provider. It is always better to go for a provider who has a proven track record of hassle-free claims process and good customer service.
Do not forget to check the insurance company's settlement claim ratio. This indicates the percentage of claims they have settled. Also, their turnaround time for claim settlement should be looked into. This is the period the insurer takes to settle your claims.
Choosing a perfect health insurance plan for your family ensures that your money is not affected too much while dealing with a health emergency and these situations do not balloon into a full-blown financial crisis.