In the purview of the rising cost of healthcare, having a health insurance policy is a prudent way to get the best medical care for you and your loved ones. Seeking medical treatment due to any illness or an accident can have a significant impact on your finances.
Illness or other medical emergencies can occur at any time. With the modern, sedentary lifestyle, more and more people are suffering from lifestyle-related diseases. While a change in the lifestyle habits, dietary pattern and regular exercise regimen can help you in keeping you fit, it is paramount that you get a health insurance cover to meet the medical expenses and give your family the financial cushion.
Today, many insurance companies offer a variety of family floater health insurance plans to cover all your family members under a single policy. With so many choices, choosing the right plan can be overwhelming. But here are a few that you can consider and make an informed buying decision
Determine the coverage amount
One of the most important things to consider while selecting the best health insurance plan for your family is the cost of medical treatment in the city of your residence. Studies indicate that people living in metro cities must choose a policy with a sum assured of 15 to 20 lakhs or more.
Higher the sum assured, higher will the premium. Make sure that you carefully assess your needs and choose the insurance amount so that the premium is affordable. You must strike a balance between being affordable and getting enough coverage to your family needs.
Ask the insurer about the waiting period and the exclusions
A lot of first-time health insurance buyers fail to consider two of the most critical factors – the exclusions and the waiting period. health insurance policies offered by few insurance companies in Indiahave restrictions on the coverage they offer. For instance, the plan may not provide coverage if you opt for alternative treatment methods like Ayurveda, Homeopathy, and certain diseases like HIV, and pregnancy-related treatment.
Also, most diseases listed under the policy may have a waitingperiod before you are eligible to file a claim. So, if you or any of your family members have any pre-existing medical condition, you may have to wait till the waiting period (which could differ from insurer to insurer) before you can file the claim. So, make sure to read the policy documents carefully before signing it.
List of Network Hospital
In India, most insurance companies today offer cashless claim facility. Under the cashless facility, you need not pay a single penny from your pocket; the insurer will directly settle the bills with the hospital provided you seek treatment from any of the hospitals that are part of the insurer’s network. Typically, the insurance companies have tie-ups with several hospitals around the country, and you must check the number of hospitals that are part of the network.
Most insurance companies have restrictions on the health insurance renewal age limit. You must ask the insurer about the maximum age for renewal for the policy that you wish to buy. It is better to buy a policy that offers continued coverage even in old age.
Claim settlement process and ratio
The claim settlement ratio indicates the number of claims the insurance company has successfully approved. Higher the claim settlement ration, better are your chances of getting your claim. Also, the process for filing the claim must be simple with minimal documentation. Today, most insurance companies offer online services and allow people to file the claim online.
Some family health insurance policies offer other benefits like a free annual health check-up for senior citizens, a no-claim bonus in terms of increasing the sum assured for not filing any claim in a year.
It is advisable that you first assess the medical needs of every member of your family, and do your research well about the different policies available in the market, and choose the one that best suits your needs.