Selecting right family health insurance plans is essential so that every member gets adequate protection, and your family remains worry-free even if any medical emergency occurs unexpectedly. Like any investment, buying health insurance also requires prior planning and proper evaluation of one’s needs. Instead of choosing any health policy, it is always a good idea to check and compare different features of health insurance plans for family so that you get the best policy.
You will find a myriad of options these days, and it can be a little perplexing initially to know what is best for you. So, we have listed five features that you should check when selecting a health insurance policy for your family.
While choosing a policy with a higher sum insured is recommended, it does not always imply higher premium costs. One can find a family floater policy with maximum benefits at an affordable premium, only if one looks carefully and does thorough research. The online health insurance premium calculator, a tool that estimates the premium you have to pay, is useful when comparing various health plans. That way, you will be able to find a comprehensive family health cover at a reasonable premium.
- Waiting Period
Every health policy available for family or individual comes with an initial waiting period, a waiting period for pre-existing diseases, and a waiting period for specific ailments. That means the policyholders have to wait for a certain period before they can get the claim. The waiting period may vary from one insurer to another. Selecting a policy with a lower waiting period is advisable; so that one receives cover for medical expenses as early as possible.
- Optional Benefits
Most insurers offer several optional covers in their family floater plans, which are available for an extra premium. Some of these optional benefits, also known as add-on covers or riders, include maternity cover, OPD cover, daily cash allowance, personal accident insurance, etc. These benefits boost the health insurance coverage and give a family an additional financial cushion in the hour of need. One can opt for these add-on covers when buying a health policy for one’s family or at the time of renewal. It is better to review various family floater plans to understand these optional benefits and select an option that is best suitable for a family’s healthcare needs.
Leading insurers offer discounts on family health insurance plans for their customers. Before finalizing a health policy, it is necessary to check the available deals; it will increase savings. There are discounts on the premium for selecting longer policy tenure. For instance, Care Health Insurance (formerly Religare Health Insurance) offers a 10% discount for a 3-year policy. Similarly, insurers offer family discounts for adding other members of a family to the same policy.
- Cashless Claim Facility
Leading insurers offer the cashless claim facility if the policyholder chooses a network hospital for medical treatment. This facility is quicker and convenient as there is no need to arrange cash for paying the hospital bills. The insurance company will settle the expenses directly with the hospital, on behalf of the policyholder, subject to the policy terms and conditions. So, when comparing various policies, one should take a look at the network hospitals. With an extensive network, the chances of finding a suitable network hospital near one’s location become higher. Mentioned below are a few options:
- Care Health Insurance has over 11,000 cashless healthcare providers
- HDFC Ergo has over 10,000 network hospitals
- Star Health Insurance has over 9,900 network hospitals
In family floater plans, all family members are covered under a single policy and share the entire sum insured. Hence, looking for a higher sum insured for a reasonable premium should be the focus. At the same time, one should compare various features, as discussed above. Additionally, there are other factors to consider, such as policy exclusions, sub-limits, co-payment, and deductibles. Therefore, it is essential to read the policy documents carefully so that the insured can prepare for the expenses one has to bear from the pocket.
Comparing and choosing health insurance plans for a family will ensure you get the comfort of managing a single policy instead of different individual policies for every member and get maximum benefits without burning a hole in your pocket.