One of the most joyous emotions that we experience in our lives is starting our own families. After a hard day’s work, meeting our family helps us forget about the worries of our office life. We work extremely hard to ensure our loved ones get to achieve all their goals and dreams. However, our lives can be unpredictable, and we may never know when our loved ones or we may need immediate medical assistance. This is why it is important to learn about the necessity of family health insurance.

Need For Family Health Insurance

For any individual, the protection of their loved ones and their financial security is an important priority. Family health insurance policies make sure that the ones close to you are financially secure during medical emergencies. However, with the rise in medical costs around the country, getting the proper medical attention during an emergency can be quite draining, physically and financially. Owning a suitable family health insurance plan will allow you to deal with all these issues smoothly. The family health insurance plans in the country usually cost around  ₹10,000 – 17,000 annually. Insurance companies have set the cost at an affordable price to ensure you get to protect your loved ones without any financial stress.  

Every individual wants to purchase an optimal health insurance plan for their loved ones. However, with the wide range of health insurance plans available in the market, selecting the right health policy can be quite a difficult task. As a result, many individuals get overwhelmed with the wide range of options available and end up purchasing the wrong health insurance plan.

Few Tips You Must Consider When Choosing Family Medical Insurance Plans:

1. Look for the correct policy coverage: Before you begin your search for a health insurance plan, you must conduct a decent amount of research about the coverage offered by different health insurance policies. This will help you understand the coverage you can get through your insurance policy. After finding a health insurance policy, you must check whether the plan offers critical illness cover, ambulance coverage, cashless policy, in-patient hospitalisation, pre-hospitalisation and post-hospitalisation costs and a wide range of medical issues. As you’re purchasing the health insurance plan for your family, you must make sure that the policy will take care of all the insured individuals. It would be better if you buy family health insurance online, as you will get to compare the different plans available for you. Comparing the different plans available for you will help you make an informed decision.
2. Learn about the waiting period: Generally, health insurance plans provide coverage for certain issues like existing diseases, maternity expenses, etc., after a waiting period. The waiting period is usually around 2 to 4 years. However, it differs for different insurance companies. Certain insurance companies offer a low waiting period. You must learn about the waiting period of the health insurance plan before making the purchase and select the policy that offers the smallest waiting period.
3. Check flexibility for adding new members: You must check for the flexibility to include new family members in a simple way. In the event, any senior member of the family isn’t eligible anymore for coverage, or they pass away, then other individuals in the family can continue with the same plan without losing out on the benefits of the plan.
4. Select a lifetime renewability policy: The renewability of a health insurance plan is an important aspect that you must consider when buying a health insurance plan. You must learn about the policy’s tenure and the plan’s renewability feature. Health insurance plans are generally quite important during the later stages of your life. For instance, health insurance for diabetics or other such illnesses can require a lifetime of medical support. Therefore, it is advised to select a health insurance plan that allows you to renew the plan. It will ensure that the family has the same insurance coverage in the coming years, even after they have crossed the age limit. Moreover, you will not have to go through the rigmarole of purchasing a health insurance plan once again.
5. Look for the copayment clause: A copayment is the amount that you will agree to pay out of your pocket. Your insurance company will take care of the rest of the hospitalisation expenses. For instance, if you’ve opted for a health insurance plan with a 15% co-payment clause. If you file a claim for ₹1 lakh, your co-payment amount would be ₹15,000, and your insurance company would handle the rest of the ₹85,000. You must learn about the co-payment clause in your health insurance before going ahead with the purchase, as it will help you prepare yourself for emergencies.

Conclusion

Purchasing family health insurance is an important task, as it helps us protect our loved ones from the unprecedented dangers of the world. However, the task of choosing an optimal health insurance policy can be a bit stressful due to the wide range of options available for us. To deal with this overwhelming process, we can follow a few tips to ensure we purchase the most optimal health insurance plan for our family.