With the sky-rocketing medical costs being brought about, a good medical insurance plan helps us by not letting a sudden illness or accident take a toll on our lives financially. It protects you from high medical costs and unforeseen medical expenses. There are several insurance companies like Care Health Insurance offering family health insurance plans and hence, the process of picking the right insurance plan for your family can get quite tricky.
10 Things to Consider While Buying a Family Health Insurance Plan
Here is the list of 10 important things to keep in mind while buying a medical insurance plan for a family:
- Choose a Family Floater Health Insurance Plan
- Maximum Coverage Amount
- Low Waiting Period for Pre-existing Diseases
- Compare Premiums
- High Health Insurance Claim Settlement Ratio
- Exclusions
- Network Hospital Coverage
- Maximum Age Renewal
- Critical Illness Coverage and Accident Coverages
- Learn from Others Experience
Choose a Family Floater Health Insurance Plan
If you have dependents or a family, the family floater medical insurance plan is a good pick for you. These family health insurance policies have lower premiums than individual insurances. However, they work favourably only for young families as the premiums are based on the most senior citizen of the family.
Maximum Coverage Amount
To keep up with the escalating medical costs, ensure that you pick a family health insurance plan with maximum coverage amount. You could choose your high-risk health insurance plan depending on the need for it.
Low Waiting Period for Pre-existing Diseases
It is important to make sure you buy medical insurance for family that have a low period of waiting time to cover pre-existing diseases to gain maximum benefit from it.
Compare Premiums
While the coverage amount of a medical insurance policy is important, it makes no sense if the premiums are high. So, compare and choose a Mediclaim policy with a reasonable premium rate and good coverage.
High Health Insurance Claim Settlement Ratio
A medical insurance policy that has a high claim settlement ratio ensures that none of your or your family’s claims are rejected based on unreasonable grounds.
Exclusions
This is one of the most overlooked, yet important factors when buying medical insurance. Many health insurance plans have exclusions of certain illnesses such as gastric, ulcers, joints, replacements, dental treatment, HIV/AIDS, etc. Ensure you pick a health insurance policy that has fewer exclusions.
Network Hospital Coverage
Ensure that your medical insurance policy has a wide network of hospital coverage to be able to claim your insurance at your comfort in your area.
Maximum Age Renewal
Medical insurance is usually put to use only towards the later stages of our life. Buying a medical insurance policy that can be renewed until the age of 70 or 75 would be a wise choice. There are separate health insurance policies for senior citizens as well.
Critical Illness Coverage and Accident Coverages
A high critical illness rider will make managing finances for hospital expenses in the future.
Learn from Others Experience
Reviews can give you a great insight into the reality of the policy. You can either ask your trusted sources or read online reviews and feedback on different types of insurances. This gives you real-time positives and negatives of each policy and thus helping you choose one that best benefits you. However, remember that each policy’s result is subjective to the insured or family insured.
These tips should help you in making the right choice of picking the right medical insurance policy for you and your family.
