Factors To Consider While Buying Family Health Insurance This post aims to highlight key factors to consider when purchasing a health insurance plan, ensuring you make a well-informed decision that best suits the needs of your family and you.
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Medical emergencies can arise at any moment. So, it is necessary to choose a health insurance plan for your family that provides you with the maximum benefits. With the increasing costs of healthcare, it is important to invest in a health insurance plan to ease stress and financial burden. However, the myriad of options available can make this task daunting. This post aims to highlight key factors to consider when purchasing a health insurance plan, ensuring you make a well-informed decision that best suits the needs of your family and you.
7 Vital Factors to Consider Before Investing in a Family Health Insurance Plan
Before investing in a health insurance plan for the family, ensure to compare various policies and consider the following factors:
1. Age
Age is the most important factor when purchasing health insurance. When buying a family health insurance policy, consider the ages of all family members. The premium cost is based on the eldest member's age in family floater policies, so you should check the age limits for each plan. Some health insurance plans begin at 91 days and go up to 60 years, while others range between 18 and 65 years. However, some plans have no age restrictions, offering more flexibility. Choose a policy that best suits your family's requirements.
2. Waiting Period
Knowing the waiting period of any health insurance plan is critical to making informed decisions. Insurers do not cover claims for pre-existing diseases or specific ailments during the waiting period, which can last between one and three years, depending on the plan. You can claim the benefits only after the expiry of the waiting period. The waiting period is applicable for health issues like blood pressure, diabetes, thyroid, and specific illnesses such as arthritis, varicose veins, and cataracts. Remember to choose a plan which has a shorter waiting period.
3. Cashless hospitalisation
Insurers have tie-ups with many hospitals that allow policyholders to get cashless treatment for medical emergencies and planned procedures. This not only relieves you from the stress of arranging for funds during times of medical emergencies but also eliminates paperwork for admission and other claims as the insurer directly settles the medical bill with the hospital chosen by you for treatment. Remember to get a list of all network/partner hospitals to know which healthcare establishments are in your vicinity. Choose an insurer with an extensive list of in-network hospitals.
4. Pre and Post-hospitalisation Coverage
Your health insurance policy should cover both pre- and post-hospitalisation expenses. The costs related to ambulance services, diagnostic tests, medicines, follow-up consultations, etc, should be covered by your healthcare plan. A policy that aims to cover all these expenses not only provides protection but also reduces the financial burden to be incurred during medical emergencies both before and after hospitalisation. You can avail of coverage for 30 days for expenses incurred pre-hospitalisation and 180 days post-hospitalisation. The period of coverage varies between insurers; hence, select an insurer that offers the maximum period of coverage for such expenses.
5. Maternity Cover
If you plan to get married soon or want to start a family, you should invest in maternity coverage. Health insurance policies with maternity coverage usually have a waiting period of two-four years. Opt for a plan that covers not only delivery charges but also newborn care expenses. Remember to invest in a plan with the shortest waiting period to avail the coverage when needed.
6. Claim Settlement Ratio (CSR)
A smooth claim settlement process and a good claim settlement ratio are important for a hassle-free experience. A claim settlement ratio is the percentage of claims that an insurer settles in a financial year out of the total number of claims received. Have a look at the claim settlement ratio and read customer reviews to assess the reliability and efficiency of the insurers you have shortlisted. Select an insurer with a good reputation for quick and transparent claim settlements.
7. Preventive Health Check-up Facility
Regular health check-ups are necessary for early detection as well as prevention of diseases and illnesses. Many insurers offer coverage for preventive check-ups, including screenings for chronic conditions. Ensuring your policy includes this benefit can help you save money on routine medical expenses and promote proactive health management.
Conclusion
With rising medical costs, you must invest in a health insurance plan for your family. A family floater plan is an economical choice when you want to cover up to six household members under a single policy. However, the plan you choose to invest in should be carefully evaluated on a number of parameters. Make sure you analyse your health insurance plan against the factors discussed above before investing in it.
