Choosing a Health Insurance Plan for Your Family

Family is our most precious gift in this world. We all live, earn, and choose every step for caring and betterment of them. When it comes to caring, health becomes a crucial factor to take care of. The current time is loaded with various new deadly viruses and diseases, and the recent pandemic has taught us a lot about the value of our loved ones. Insuring them becomes our priority, so we must carefully choose the health insurance that would cover them with maximum benefits. In this article, we will look at such factors which you should consider before choosing health insurance for your family.

Factors to look upon before choosing any health insurance

1) Covers Maximum amount:

All health insurance today provides proper coverage to policyholders. Before opting for any health insurance, you should tally at least three best policies and must compare their coverage plans. The policy which covers the maximum amount with a minimum premium is considered the best suitable option for you. Taking those policies with higher coverage amounts above 14 lacs is prudent. More coverage attracts more premiums for health insurance, but it exerts equally less burden on your shoulders. This feature should be addressed during consideration because its value is realized only at the time of need.

2) Family Floater plans:

It is impossible to take health insurance for every family member. So nowadays, everybody is opting for family floater plans. In these plans, the entire family is covered under a single plan. The plan floats and can be used by any family member in need. The whole insured sum is then shifted to that particular member, who can claim the full benefits of that health insurance. Choosing health insurance with these features allows for covering more significant sums. Moreover, insurance providing this facility is regarded as the best health insurance for a family.

3) Lifetime Renewal:

This is another essential feature to look for in any best health insurance for a family in India. Lifetime renewal means the power of renewing your insurance plan annually to have extra benefits provided by the company. According to the regulations of IRDAI, all health insurance companies have to offer insurance for persons up to sixty-five years of age. Moreover, all such companies must provide a lifetime renewal facility. Having this facility in your health insurance enables you to claim extra benefits in terms of coverage, enhancing your mental peace.

4) Respects the Waiting period:

The waiting period is when an insured person with a pre-existing disease must wait before a company starts considering their claims—insurance with more prominent coverage. A person in a waiting period has restrictions in availing some or many benefits of a policy for the specified time. After that time, they are fully authorized to claim all the help. Though it feels like a restriction at first, it is beneficial in the long run as the policy will cover that disease also. A feature like this in your health insurance will release any last-minute financial burden.

5) The flexibility of addition/Removal:

In every family, the number of members differs. This happens when someone new is born or if someone dies due to old age or any other reason. While considering health insurance, it should instantly provide ease for adding or removing any family member. The less procedure providing company is the most suitable for you. You have the freedom to join or eject a person from a policy, which also affects your premium amount. Moreover, you are relieved from taking any separate policy upon the birth of a child or removal of the policy upon the death of a dependant person.

6) Covers Post hospitalization Expenses:

Health insurance is best when it covers you up to your home. Many insurance policy providers only take claims up to hospital beds. Upon discharge, the whole expense is met from the person’s pocket. If any good medical insurance for a family in India takes responsibility for your post-hospitalization costs, then that is a must-opt choice for you. After choosing such a policy, you will be tension free of all expenses related to the hospital. Only one premium payment will relieve you from hectic processes and unwanted bills. So, you must not ignore this feature while opting.

7) Includes Pharmacy charges:

Not just only hospital expenses, but another big concern in medical expenses are pharmacy bills. Most of your overall medical expenses it is the pharmacy bills that cover 30- 40% of your expense amount. There is some best health insurance for a family that takes care of this problem. Apart from handling post-hospital expenses, they also ensure your family from pharmacy bills. They have specified clauses under which they take care of up to a certain percentage of your medical expenses, and sometimes they take it for all. So, opting for such an offer provider is definitely the best option for you.

8) Easy claim process:

Often after selecting health insurance, a person realizes that it is not the one he or she wished for. The reason for this includes the non-availability of providers in certain hospitals, or their claiming process could be more toiling. Hence, opting for health insurance that has an easy claim process is always beneficial for your family. At the time of need, you will be with them instead of running offices and writing emails to initiate a claim.

Bottom Line

Health insurance is the top most important insurance. Health insurance that yields maximum coverage at reasonable premium charges is best to opt for. Insurances that provide family floater plans, cover the full amount with lifetime renewal, and have no hidden costs are best to opt for. Health insurance is considered best when it has an easy claim process that includes post-hospital care and pharmacy bills too. Besides providing health security to your family, they are also crucial in claiming tax deductions. So it is prudent to opt for the best health insurance plans for a family at the earliest to secure your mental peace and your family.