Choosing a Health Insurance Plan for Your Family

Introduction

Availing healthcare has become more and more expensive over the past few decades. By investing in Health Insurance, individuals can secure themselves and those included in their plans. The Coronavirus pandemic has further compounded the need for individuals to invest in the same. Presently, there are a number of Health Insurance plans that vary based on the premiums they require to be paid, the benefits they provide, and the terms and conditions they come with. Prior to investing in a given Health Insurance plan, individuals must do a complete research on the same and compare policies available. In this way, it is possible for individuals to secure the best Mediclaim policy available for their family in India.

What is Health Insurance?

Health insurance is a form of insurance coverage that entitles the insured to medical and surgical expenses, prescription drugs and on occasion, dental expense coverage, should the need to avail such services arise. Insurance companies which provide Health Insurance can offer to reimburse the insured for expenses incurred through illness or injury, or can pay the sum owed to the health care provider, directly. Some companies provide their employees with Health Insurance packages wherein they pay for a certain amount of the premium and deduct a certain amount from the employees’ pay cheques. This is a benefit some companies provide in order to attract hard working employees.

What should one look for when investing in a Health Insurance?

Prior to choosing a given Health Insurance plan, it is important that individuals consider the following factors:

• Consider the type of Policies available - There are a number of Health Insurance policies in the market that cater to a wide variety of individuals. These policies cater to individuals, families, and senior citizens. Individuals must identify what category they fall under and whether they seek multiple members to be included in their plan or not. Most policies include pre and post hospitalisation expenses, room rent, daily allowance, ambulance charges, and cashless hospitalisation. If an individual seeks to secure this coverage for themselves as well as their family, they should select a Health Insurance plan which is family oriented. They are often called “Family Floater Plans”.

• Flexibility of addition – Individuals must consider whether the Health Insurance policy they plan to select, provides flexibility. This holds true for the above mentioned ‘Family Floater Plan’. Individuals must be secure in the knowledge that the plan they select allows for new members to be added to it. Additionally, they should understand whether or not the plan can continue to support members, in an event that the eldest member of the family passes away.

• Understand the Waiting Period – Waiting Period refers to the time during which an individual is not covered by their insurance plan. This period ordinarily kicks in at the time of purchasing the Health Insurance plan and can range from 2 to 4 years. Once this Waiting Period ends, most Health Insurance policies provide cover for pre-existing medical illnesses and maternity benefits, in addition to other medical expenses. Prior to investing in a Health Insurance policy, individuals should ideally consider a policy which has a narrow Waiting Period.

• Consider Lifetime Renewability – Health Insurance policies only increase in value as an individual ages, as the likelihood of them incurring medical expenses increases. Lifetime renewability is an important aspect of Health Insurance that an individual must consider while availing of a plan, as they provide security for life. In the event that an individual forgets to renew their plan within the stipulated time frame, they lose out on their cumulative bonus and need to start the hunt for an appropriate Health Insurance plan from scratch. In order to avoid such scenarios, individuals must consider plans which provide lifetime renewability.

• Look at additional expenses covered – For an added premium, individuals can purchase a policy that entitles them to a higher room rent, so they don’t spend additional money at the time of incurring the expense.

Conclusion

Individuals searching for the best family Health Insurance plans in India must do some thorough research prior to investing their money in a given policy. In order to compare plans, individuals can make use of a Family Health Insurance premium calculator, which highlights important factors. Policies which provide Health Insurance for parents may vary from those which provide Health Insurance for couples without children. Individuals must read the fine print in order to maximise their benefits.

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