How to Choose the Right Health Insurance Policy for Family?

How to Choose the Right Health Insurance Policy for Family?

Family is our support system, and we can never be indifferent towards its needs. When each member’s well-being is our focus, we can secure it in the best possible way by getting a mediclaim policy for the family. It is a health policy that covers you and your family members for a single premium.

Nowadays, the myriad mediclaim options available on the internet can make a person clueless. Then, all you need is a handy guide to help you zero-in on the best medical insurance for your family.

Here are some points you must always remember. It will help you get the right health insurance policy for your family.

1.Identify Your Health Insurance Needs

If you are married and have a family, choose a family floater plan that has maternity benefits. Leading medical insurance companies offer family floater plans that give you comprehensive coverage for various expenses, like in-patient hospitalization, pre, and post-hospitalization, and so on. When selecting a policy, do check if the benefits include alternative treatment cover and annual health check-ups, which is helpful when you have dependent parents at home.

2.Get Sufficient Coverage Amount

When selecting a mediclaim policy for your family, pick a sum insured option that sufficiently meets your medical expenses so that you do not have to face any financial crunch. While doing so, the realization that healthcare costs are also skyrocketing in India is essential. So, picking a higher sum insured is always desirable.

3.Take a Policy that Comes with Affordable Premium

You do not always have to spend a huge amount of money on your premium. A careful comparison of various family mediclaim policies by different medical insurance companies will help you identify the best option with maximum coverage for a low premium. The premium of family floater plans is calculated based on several factors, including the eldest member’s age.

4.Look out for Cashless Feature

With the best mediclaim policy for family, you can avail of cashless hospitalization facility. When selecting a health cover, checking the list of network hospitals is important. That way, you can make sure you have easy access to cashless medical care. Care Health Insurance is one of the leading health insurance companies, which has 11,000+ cashless healthcare providers. In the cashless feature, you do not have to pay for medical expenses. The insurer pays on your behalf directly to the hospital.

5.Lifelong Renewability

Check the eligibility criteria before going for a health policy. Similarly, check if the policy gives you lifelong renewability. It is a feature that will help you to continue with the same policy through successive policy renewals. As a person ages, getting a health cover becomes expensive. So, investing in a family mediclaim policy with lifelong renewability is better.

Finally, Read the Fine Print!

When you have picked a health policy for your family, take some time to go through the policy wordings and the terms and conditions. The insured persons should know about the waiting period, sub-limits, deductibles, and co-payment in the policy – some factors you should consider when comparing various policies. For example, the waiting period for pre-existing diseases may range from 12 months to 48 months. So, opt for a policy with a lower waiting period. Also, look out if you can get discounts on premium. Some medical insurance companies offer premium discounts if you select a longer policy term.

Another point that helps you compare and choose a family health insurance plan is the claim settlement ratio. A higher claim settlement ratio implies your chances of getting a claim is more.

Ailments are on the rise due to a combination of environment, lifestyle, and hereditary factors. So, get a family health cover at the earliest and safeguard your financial health.

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