It’s not particularly pleasant to think about you or one of your family members falling severely ill and being faced with substantial medical bills that you cannot pay, either because you weren’t prepared or don’t have the financial ability to do so. This is why and where you must have a health insurance plan for your family. But it’s not just about having health insurance—it’s about choosing the most suitable one for you and your family so you can rest assured.
The Need for a Health Insurance Plan
The lifestyle diseases that are increasing daily urge one to see the rising importance of having health insurance. Skyrocketing medical treatment costs, possible accidental injuries, and other medical contingencies make it all the more essential. In such an instance, spending money on them is considerable, mainly because you cannot overlook or delay urgent care. Medical expenses tend to burn a hole through your pocket, placing a substantial financial burden on you. Therefore, it is imperative to be pre-prepared. A health insurance plan is crucial in covering such expenses. Health insurance frees you from the burden of medical expenses incurred on hospitalization, helping to keep you financially secure in unexpected situations or emergencies by providing essential monetary support.
Best Health Insurance Plan for Your Family
The following factors will direct you to select the most suitable and correct insurance plan for you and your loved ones.
Choose the Right Health Policy
Different health insurance plans are designed according to people’s requirements and lifestyles. Therefore, picking the one suitable for your needs and expectations is necessary. Below are some of the plans available on the market:
- Individual health plans
- Family floater plans
- Senior citizen plans
- Disease-specific plans
- Critical illness plans
The family floater plan is ideal when choosing a plan that covers all your loved ones. It covers everyone from you to your spouse and dependent children under a single policy. Yet, it is essential to note that the plan would only cover the children until a certain age. Once the age limit is passed, they must subscribe to a separate health insurance plan.
However, some companies also include adult dependants under the family floater plan. In short, family floater plans cover multiple family members, but they vary from company to company. Some plans even provide extended coverage, which includes parents-in-law, siblings, and other extended family members.
Check The Plan’s Flexibility
Here, flexibility refers to the ability to be customized, meaning the ability to change your family’s health insurance coverage later. An uncertain lifestyle and inevitable changes that can come to your life at a later period highlight its importance. However, not all insurance policies offer this ability. It is your responsibility to go for health insurance with a flexible policy.
Checking if the policy allows adding new members, such as a spouse, parents-in-law, or a newborn child, to the plan is crucial. This will enable you to avoid spending money to get separate health insurance for this family member.
On the other hand, the new members must also be covered by the sum insured. An insured senior member can become disqualified or pass away. Still, the other members should be able to continue benefiting from and utilizing the health insurance coverage without any changes and without sacrificing what was initially offered.
Consider the Sum Insured
The sum insured in medical insurance is the maximum amount an insurer pays on your behalf for medical emergencies per year. The excess amount, outside the sum insured, should be covered from your pocket. Insurers strictly do not bear any extra costs from their side. This is why you should select the best insurance plan with the right amount insured.
For this step, you should first consider the number of members covered by the plan. The sum insured should be measured against this number to ensure it is adequate. This way, you can find a satisfactory sum insured for your family health insurance plan.
A high sum insured is suitable due to mounting medical costs and inflation today. Furthermore, it is wise to increase the sum insured gradually at various stages of life.
Check Hospital Networks
Usually, insurance companies are only connected to a specific set of hospitals. You must check if this list includes the leading hospitals, hospitals closer to your residence, or the ones you usually visit. If it does, you can receive cashless treatment and hospitalization at places you know. Your insurer bears the total cost by settling the bill directly without your involvement.
Check Waiting Periods
Insurance companies do not allow you to use the plan as soon as you buy it. You have to wait for a certain period before the benefits kick in. This waiting period is generally one or two years, but it can differ from one provider to another. The waiting period applies to pre-existing illnesses, so choosing a plan with a zero or low waiting period is better.
Examine the Co-Payment Clause
A certain percentage of the amount should be paid from your pocket in insurance. This percentage is the co-payment, while the insurance company covers the rest. Choosing insurance with a low or no co-payment clause is undoubtedly beneficial.
Choose the Right Coverage
It is necessary to be aware of what is covered by insurance. Your chosen plan must offer comprehensive coverage, including medical problems, ambulance charges, pre- and post-hospitalization coverage, cashless treatment, etc. While being inclusive, it should also fulfill the needs of each family member and suit your family’s lifestyle.
Check the Exclusion List
Considering what is excluded is as important as what is included. A crucial family requirement could be on the insurance policy’s exclusion list.
So, you should pick a company with fewer exclusions. In addition to the above, you must also consider the age, income, medical history, and lifestyle of your family members when selecting a family floater insurance plan.
Bottom Line
In conclusion, it is essential to be smart and carefully examine each fact before you pick health insurance. Reading all terms and conditions, being aware of all necessary information, and clearing any doubt before you make the decision will lead you to choose the best health insurance plan for your family.
