Choosing a Health Insurance Plan for Your Family

Introduction

Availing healthcare has becomei more and more expensivei over the past fewi decades. By investing ini Health Insurance, individuals cani secure themselves and thosei included in their plans.i The Coronavirus pandemic hasi further compounded the needi for individuals to investi in the same. Presently,i there are a numberi of Health Insurance plansi that vary based oni the premiums they requirei to be paid, thei benefits they provide, andi the terms and conditionsi they come with. Priori to investing in ai given Health Insurance plan,i individuals must do ai complete research on thei same and compare policiesi available. In this way,i it is possible fori individuals to secure thei best Mediclaim policy availablei for their family ini India.

What is Health Insurance?

Healthi insurance is a formi of insurance coverage thati entitles the insured toi medical and surgical expenses,i prescription drugs and oni occasion, dental expense coverage,i should the need toi avail such services arise.i Insurance companies which providei Health Insurance can offeri to reimburse the insuredi for expenses incurred throughi illness or injury, ori can pay the sumi owed to the healthi care provider, directly. Somei companies provide their employeesi with Health Insurance packagesi wherein they pay fori a certain amount ofi the premium and deducti a certain amount fromi the employees’ pay cheques.i This is a benefiti some companies provide ini order to attract hardi working employees.

What should onei look for when investingi in a Health Insurance?

Priori to choosing a giveni Health Insurance plan, iti is important that individualsi consider the following factors:

• Consideri the type of Policiesi available - There arei a number of Healthi Insurance policies in thei market that cater toi a wide variety ofi individuals. These policies cateri to individuals, families, andi senior citizens. Individuals musti identify what category theyi fall under and whetheri they seek multiple membersi to be included ini their plan or not.i Most policies include prei and post hospitalisation expenses,i room rent, daily allowance,i ambulance charges, and cashlessi hospitalisation. If an individuali seeks to secure thisi coverage for themselves asi well as their family,i they should select ai Health Insurance plan whichi is family oriented. Theyi are often called “Familyi Floater Plans”.
• Flexibility of additioni – Individuals must consideri whether the Health Insurancei policy they plan toi select, provides flexibility. Thisi holds true for thei above mentioned ‘Family Floateri Plan’. Individuals must bei secure in the knowledgei that the plan theyi select allows for newi members to be addedi to it. Additionally, theyi should understand whether ori not the plan cani continue to support members,i in an event thati the eldest member ofi the family passes away.
• Understandi the Waiting Period –i Waiting Period refers toi the time during whichi an individual is noti covered by their insurancei plan. This period ordinarilyi kicks in at thei time of purchasing thei Health Insurance plan andi can range from 2i to 4 years. Oncei this Waiting Period ends,i most Health Insurance policiesi provide cover for pre-existingi medical illnesses and maternityi benefits, in addition toi other medical expenses. Priori to investing in ai Health Insurance policy, individualsi should ideally consider ai policy which has ai narrow Waiting Period.
• Consider Lifetimei Renewability – Health Insurancei policies only increase ini value as an individuali ages, as the likelihoodi of them incurring medicali expenses increases. Lifetime renewabilityi is an important aspecti of Health Insurance thati an individual must consideri while availing of ai plan, as they providei security for life. Ini the event that ani individual forgets to renewi their plan within thei stipulated time frame, theyi lose out on theiri cumulative bonus and needi to start the hunti for an appropriate Healthi Insurance plan from scratch.i In order to avoidi such scenarios, individuals musti consider plans which providei lifetime renewability.
• Look at additionali expenses covered – Fori an added premium, individualsi can purchase a policyi that entitles them toi a higher room rent,i so they don’t spendi additional money at thei time of incurring thei expense.

Conclusion

Individuals searching for thei best family Health Insurancei plans in India musti do some thorough researchi prior to investing theiri money in a giveni policy. In order toi compare plans, individuals cani make use of ai Family Health Insurance premiumi calculator, which highlights importanti factors. Policies which providei Health Insurance for parentsi may vary from thosei which provide Health Insurancei for couples without children.i Individuals must read thei fine print in orderi to maximise their benefits.