Nowadays, individuals’ greatest fortune often is not counted in money—it is measured in their well-being. However, with healthcare costs rising at 14% per annum and increasing instances of critical and lifestyle diseases, having comprehensive health coverage is no longer a choice but a necessity.
When it comes to families, the necessity is even greater. That is where family health insurance comes in, providing a backup for all members under one policy. The plus point? People can now compare, personalise, and avail themselves of the appropriate medical insurance for their family at cost-effective premiums, compared to individual plans.
Let’s delve in-depth and explore the best tips for availing the best health insurance policy for families and other crucial details.
Tips to Pick the Right Healthcare Insurance Plan for Family
Selecting the appropriate family health insurance plan is a crucial decision that safeguards individuals and their loved ones against rising medical expenses and ensures access to quality care.
Here are the eight key tips to select the best family health insurance plan:
1. Evaluate Family’s Health Needs
Individuals should begin by checking the medical history, age, and lifestyle of all their family members. This will help them decide if they require a basic plan, a family floater, or specialised plans such as maternity, childcare, or senior citizen policies. Always ensure the plan suits the needs of each dependant.
2. Choose Sufficient Sum Insured
When availing of a family insurance plan online, individuals should select their coverage amount wisely. Although opting for a higher sum insured may raise the premium, choosing a lower sum insured may not adequately cover all the medical expenses, resulting in higher out-of-pocket costs.
Individuals should consider the age and medical history of all family members, medical inflation, their city of residence, and potential future health expenses when determining the sum insured.
3. Opt for Comprehensive Coverage
Select a plan that offers more than just hospitalisation. Comprehensive policies include coverage for outpatient consultations, diagnostic investigations, day care treatments, ambulance fees, and even non-medical expenditures. Additionally, look for attributes such as teleconsultation and home care benefits.
4. Select Plans with Short Waiting Periods
If any of the family members, particularly elderly people, have pre-existing ailments, choose a policy with the least waiting period for such diseases. Certain policies even provide coverage from day one for diseases such as diabetes and high blood pressure.
5. Confirm Pre- and Post-Hospitalisation Coverage
A good policy should provide coverage for costs not only during hospitalisation but also pre- and post-hospitalisation. For instance, plans offered by leading insurers, cover up to 60 days of pre-hospitalisation expenses and up to 90 days of post-hospitalisation costs.
6. Select a Plan with Restoration and Health Check-Up Benefits
The restoration benefit automatically replenishes the insured amount when it is used. Regular annual health check-ups are also an exceptional feature that assists with early detection and prevention, leading to long-term savings.
7. Select an Insurer with a High Claim Settlement Ratio (CSR)
The trustworthiness of the insurer is very important. Always opt for an insurance firm with a claim settlement ratio (CSR) of 95% or more. A higher CSR indicates that the insurance provider is more committed to honouring claims, providing policyholders with confidence regarding the probability of their claims being resolved.
8. Compare Policies Online for Best Value
Compare different policies on online platforms based on their benefits, exclusions, premiums, and add-ons. This may help policyholders in making the right choice and prevent them from missing out on more favourable offers by other providers.
5 Key Reasons to Purchase a Family Health Insurance Plan
Here are the major reasons why people should avail a family health insurance policy:
● Financial Protection
A family health insurance policy shields the policyholders and their loved ones from unforeseen hospitalisation or treatment expenditures, ambulance fees and other related expenses. It eliminates the financial burden that can accompany emergencies.
● Peace of Mind
Individuals can gain a sense of relief during both medical emergencies and planned treatments, knowing that they and their family are covered under a comprehensive healthcare plan.
● Access to Quality Care
Most family health insurance plans offer cashless treatment across an extensive network of quality hospitals. The policyholders and their families can gain access to timely, quality healthcare anywhere in India.
● Rising Medical Costs
Healthcare costs continue to rise. Thus, purchasing a comprehensive family health insurance plan becomes a necessity to safeguard one’s loved ones from incurring exorbitant expenses while still receiving quality treatment.
● Tax Benefits
Premiums paid for health insurance plans for family are eligible for tax deductions under Section 80D of the Income Tax Act. For individuals below 60, the deduction limit is ₹25,000 per financial year, while for senior citizens, the threshold rises to ₹50,000.
Purchasing the appropriate medical coverage for your family online is no longer a daunting process. With thorough research and a clear understanding of the family’s medical needs, individuals can make an informed investment that offers sufficient financial protection and peace of mind.
Do not wait until a medical emergency arises—take proactive steps. Compare plans from various insurers, check the benefits and terms and conditions, and choose one that best aligns with your family’s healthcare needs.
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