With the rising number of diseases and the increasing cost of medical treatment, you must have family health insurance to keep your loved ones safe during the time of need. However, choosing the right health insurance plan is easier said than done. There are innumerable insurance providers, features of policies, inclusions, limitations that make selecting the perfect policy a daunting task. Hence we have prepared the following steps to identify which health insurance plan for family will be helpful, keeping your financial goals and medical condition in mind. Read on to find out the tips to choose the correct health insurance plan for family
The correct policy coverage
While choosing the right health insurance plans for family, remember to choose a plan that covers a wide range of medical problems and cover charges like pre and post-hospitalization expenses, maternity benefits, cashless treatment, critical illness cover, ambulance expenses, and daily cash benefit at the hospital. If you are investing in health insurance plans for family, make sure that the particular policies cater to the medical requirements of every member who is insured by the policy.
Check whether the policy lets you add new family members to it
When you invest in a family health insurance plan, check whether the policy allows you to add a new family member to the plan. Suppose a senior family member passes away or is not eligible for the coverage anymore. In that case, you can add another member of the family to the plan, and all of them can continue to enjoy the same benefits of the policy.
Make a note of the clause of the waiting period
Usually, health insurance plans cover pre-existing ailments like treatments for hernia, maternity expenses, and varicose veins etc., after a waiting period of 2-4 years which might vary with each plan. For example, maternity expenses are generally covered by policies after 2 to 4 years from the day you buy the insurance. Be sure to check the duration after which the pre-existing medical conditions of your family will be covered by the health insurance plans for family and choose a policy that has a minimum waiting period so that you can encash the benefits mentioned as and when required.
Choose a plan with Co-Payment Clause
A Co-payment clause is the percentage of the total amount of hospitalization expenses that one has to pay from his pocket. For example, if your policy has a 15% co-pay clause, and if there is a claim of Rs 1,00,000, you have to pay Rs 15,000 from your pocket, and the rest Rs 85,000 will be paid by the insurer. When looking for a health insurance plan, keep in mind choosing a policy with the minimum percentage of co-pay clause.
Check whether the plan has lifetime renewability or not
Lifetime renewability is a very important factor to consider while choosing a health insurance plan for a family. Many of us usually forget about it while choosing a policy but make sure you don’t. Check the number of years till which your policy will remain valid and whether it can be renewed after that or not.
We hope that the tips mentioned above will help you choose the perfect family health insurance plan for your loved ones and you will make an informed decision after going through them.