What To Consider While Investing in A Family Health Plan?
Medical emergencies can arise anytime, and you need to be prepared to deal with them financially. The importance of health care cover can’t be stressed enough; they are a must-have investment for everyone. These days people are more inclined towards buying family health insurance plans compared to individual ones. While there might be a benefit or two for taking family health policy, caring for family members is certainly the primary reason. You need to approach the best health insurance company to find a suitable product for you.
With so many options available, making a decision might become difficult. Here are a few things that you must remember before you buy a health insurance policy for your family.
#1 The Age Criteria
You need to first check the age criteria that become a major deciding factor. When purchasing the policy, keep the age of your family member who needs to be covered under the policy in your mind. Check up with the insurance company and ascertain the age limit for getting the insurance. Generally, the minimum limit is 91 days, and the maximum is 60 years. For senior citizens some companies offer specific plans, and others offer the ‘any age enrollment’ benefit which is the ideal way to go about it. So, you need to pick the policy wisely.
#2 Combination of Coverage And Premium
The next thing you need to focus on is the coverage and premiumyou would like to pay. Looking for a policy with a lower premium and broader coverage is a smarter option. You just need to research for that. Check for any additional clauses, deductibles, sub-limits, or co-payments before buying the policy. You can try adding add-ons to your policy to get better coverage, but remember that add-ons will result in your annual premium going up.
#3 Waiting Period
You must be aware of the waiting period clause that insurance companies generally have with them. During this period, the insurer will not accept claims against pre-existing illnesses or specific ailments. Generally, it ranges from 12 months to 48 months, depending upon the insurer. You can make a claim once the waiting period is over. You need to first compare different policies and find one with a lesser waiting period. If you have a family member with critical health issues, you must consider the waiting period.
#4 Pre and Post Hospitalization Coverage
Hospitalization charges are the most important thing to concentrate on when it comes to family health insurance plans. You must clear it with the insurance company whether they will be offering both pre and post hospitalization coverage as well or not. Focus on buying plans that will offer pro and post hospitalization coverage that includes doctor’s consultation fees, medical tests, ambulance charges, etc.
#5 No Claim Bonus
Not all, but many reputable insurance houses offer no-claim bonuses or discounts for all the years you have not many claims. During the time of policy renewal, the coverage amount is increased due to all the claim-free years. For instance, you have a ₹5,00,000 insurance policy with a 10% no claim bonus for every free year to a maximum of 50%.
Taking family health insurance plans is the best decision you can make for your family. The above mentioned were some of the important things you need to consider while picking a policy.