Tips and Tricks to Select the Best-Suited Health Insurance for Your Loved Ones

Having a health insurance policy is one of the essential steps while planning personal finances. We all know that a health plan takes care of the medical expenses, but often we go wrong in making the choice of a policy. So, here are some tips and tricks to select the best suitable health insurance for family.

Ever since the pandemic started, several people realised how pivotal it is to cover their loved ones under a health insurance scheme. The pandemic is just an eye-opener. Purchasing health insurance for family is even more necessitated due to the rising healthcare costs and other medical services. Even now, most of you may ignore buying one until a medical emergency strikes and drains all the hard-earned savings.

A health insurance policy offers medical compensation by providing maximum coverage to your loved ones at the time of need. It keeps your savings intact. With the availability of different health insurance plans for family, it can get confusing to pick the right one, so here are some tips and tricks to select the best suitable health insurance for your loved ones.

1. Look for the Right Type: There are different types of policies offered by health insurers including, individual, family floater, senior citizen health plans. Generally, a policy covers pre and post hospitalisation, room rent, daily allowance, ambulance charges, cashless hospitalisation, etc. If you want to cover you and your family, including your spouse and children, a family floater plan is the best option. Keeping into account the requirements, you should compare quotes, check policy features, premium rates and hidden charges.
2. Look for flexibility of addition: If you’re purchasing a family floater plan, make sure your insurer offers the flexibility to add new members. In case, the eldest member of the family passes away, the rest of the family members can continue with the existing health insurance policy.
3. Check for the waiting period A family floater health insurance plan usually covers pre-existing medical illnesses, maternity benefits and others once the waiting period is complete. While buying a policy, check for the waiting period. Usually, every health insurer specifies a waiting period that ranges from 2 to 4 years. During this time, if any person is hospitalised, there is no insurance coverage provided. You can also cancel a policy in case you wish to. It is best to choose a policy that has the minimum waiting period.
4. Check for lifetime renewability: This is an essential feature of family insurance plans. Often, we forget to renew the policy on time and it gets lapsed. With this, you also lose a cumulative bonus. Once lapsed, you will have to again begin the search of the best policy. Therefore, you should choose a health insurance policy which comes with lifetime renewability benefit.
5. Check for room rent limit: Choose a policy where there is a higher room rent so that you do not have to pay extra money on it. You can have access to a private room or a shared room, depending on the type of plan you choose.

You can use the tips mentioned above to enhance your coverage benefits when buying health insurance for your family. You would be able to make an informed decision. Moreover, you would not need to run from pillar to post at the time of claim.

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