When 25-year-old Manik got his first job, he was thrilled with its salary and benefits package. His parents were also covered under the company’s group health insurance planWhich seemed like a good deal then. But a few months later, the pandemic struck and Manik’s mother had to be hospitalized. While part of the medical bills were covered by the company’s insurance, Manik quickly realized that the coverage was limited. Whatever he had saved so far went towards covering the remaining hospital expenses.
That experience opened Manik’s eyes to the importance of a comprehensive health plan. Today, at the age of 29, Manik is married and has an 8-month-old child. Now he has a personal health insurance Plan in addition to your company’s group policy. He knows that if a medical emergency arises, he won’t have to dip into his savings to cover the costs.
If you have a family, Manik’s story may sound familiar. to have rights Health insurance plan for your family It’s an investment in your family’s financial security against the unpredictability of life. Despite understanding the importance of health insurance plans for families, many of us find it difficult to choose one that best suits the needs of the family.
In this blog we will tell you some important tips to keep in mind while shopping family health insurance,
Things to keep in mind while buying family health insurance
There are different types of health insurance plans that you can invest in. However, with such an abundance of options, choosing the best one may seem a bit daunting. Also, keep in mind that the idea of the best health plan may vary from family to family. So, instead of looking for the best health insurance policy, it is best to choose the one that best suits your family’s needs.
Here are 13 tips for choosing the best health insurance for your family. Keep the following things in mind when considering purchasing a health plan:
1. Plan your budget
The first and most important step is to create a workable budget. People usually have various financial commitments. So, sorting out the premium health insurance plans There can be a collaborative decision. You need to plan it to avoid financial mess. After calculating your ongoing expenses, savings goals, and emergency fund, you can be able to create a workable budget for a family health insurance plan.
Pro Tip: To get a fair idea of how much a health insurance plan might cost, use online health insurance premium calculatorThese online tools are free, accurate, and very useful.
2. Plan with adequate sum assured
Sum insured is one of the most essential factors to be considered. Since a family health insurance plan is a shared health coverage, the sum insured should be adequate. You must choose an insurance amount that can meet the medical needs of your entire family, otherwise you may have to pay huge medical bills from your pocket.
3. Analyze your family’s needs
For a family floater health plan, you need to consider the needs of your entire family. This may include your spouse, aging parents and dependent children. People of different age groups may have different medical needs. While young couples may look for maternity coverage, aging parents may need critical illness coverage or pre-existing coverage. Therefore, you need to find a plan that meets most of these requirements.
Pro Tip: If someone in the family is suffering from a specific disease or if any disease runs in your family, make sure to invest in a plan that covers the cost of such health conditions!
4. Which coverages do you prefer?
Depending on your insurer, coverage under family health insurance may vary. However, there are some coverages you may want in your health plan. Some of these may include:
- Expenses before and after hospitalization
- room rent
- daycare procedures
- ambulance charges
- hospitalization expenses
- ayush treatment
- household expenditure.
Pro Tip: If you are planning to start a family, you may want to invest in a family health plan or add-on that also covers maternity expenses to avoid out-of-pocket expenses later on!
5. List of Network Hospitals
Network hospitals are those where insured members can avail cashless hospitalization. Policyholders do not have to pay out of pocket at a network hospital, where the health insurance company settles the bills directly. Therefore, a health insurance company with a wide range of network hospitals is more likely to provide better access to cashless treatment, no matter where you are in India.
Pro Tip: Try to choose an insurance provider that offers cashless coverage near you or at your preferred hospital.
6. Choose add-ons wisely
Additional covers, also called riders, may provide additional coverage. You can customize a health plan by investing in suitable add-ons. So, you can choose a plan that offers useful add-ons. However, choose add-ons wisely as they may increase your premium.
7. Look for discounts/offers
The premiums for health insurance plans can be a matter of concern for many people. Therefore, make sure you know about the premium charged and other related charges. When you are shortlisting the plans, keep an eye on the ongoing discounts and offers that can help you get health insurance plans at lower rates. Besides, you can also get the benefit of discount during policy renewal.
8. No Claim Bonus
When you do not make any health insurance claims in a policy year, your insurer rewards you with a no claims bonus. This can be used to get premium discounts during policy renewal, or you can get an increase in the sum insured. Make sure you know about the NCB benefits of the health insurance provider.
Pro Tip: Some insurers offer you the benefit of protecting your NCB as an add-on. This allows you to make certain claims in a policy year without losing NCB benefits!
9. Know what is not included
It is equally important to understand the exclusions of a health insurance plan. These are conditions that are not covered by a health insurance plan. You can check the policy documents of the health insurance plan to know these details!
10. Claim Settlement Ratio and Process
What is the claim settlement ratio of the health insurance company you have chosen? CSR or Claim Settlement Ratio refers to the claims settled by a company in a policy year. This gives you a quick idea of a company’s claims handling capabilities!
Apart from CSR, as a policyholder, you also need to understand the claim settlement process of the company! You should know if the company offers online claim settlement, claim settlement period, etc.
11. Market Review: A Must
People who are already benefiting from health insurance plans from specific insurers can provide useful information. You can simply look for customer reviews on search engines. Ground reality from existing customers can be helpful in your decision making!
Pro Tip: You can also ask your friends and family if they have already invested in family health insurance plans! However, choose a plan that meets your specific needs.
12. Compare plans
Based on the above factors, you may be able to shortlist some plans that fall within your budget. The next important step is to compare the shortlisted plans. You can simply download the brochure of various family health plans and see the difference. You can compare the sum assured, premium and coverage offered by each of these plans. The one that offers the most useful coverage under your budget may be the right choice for you!
13. Read the fine print
Once you have shortlisted and finalized the health insurance plan, you must read the policy document. This can be a difficult step, and you may feel encouraged to skip this step. However, this is not a good idea. As a policyholder, you must know about your health insurance plan in detail. This helps you take quick decisions at the right time and get the most out of your health plan. Understand terms like co-payments, deductibles, sub-limits, consumables, etc.
The best family health insurance plan is not just one that comes at an affordable premium. It is an insurance plan that offers quality coverage at affordable rates. It is always best to take a comprehensive health insurance plan for your family rather than compromise on the sum insured. Investing in the right health insurance plan for your family gives you the much-needed peace of mind that your family is protected from unexpected health crises.
Make sure to weigh all the essential factors before saying yes, such as your family’s needs, company’s reputation, market reviews, coverage offered, premium charges, sub-limits, etc.! Last but not least, don’t skip reading the fine print, as it will give you a detailed understanding of your family health insurance plan!
- The above information is for reference purposes only: policy assurances and claims are at the discretion of the underwriter.
- All plan features, benefits, coverage and claims are subject to the terms and conditions of the underwriting policy. Please read the brochure, sales prospectus and policy documents carefully.
Disclaimer – The above content is non-editorial, and TIL disclaims any and all warranties, express or implied, relating to it, and does not guarantee, endorse or necessarily endorse any content.
