Here’s How to Choose the Best Health Insurance Plan for Your Family
Without a doubt, health insurance is one of the most important insurance policies to have in the current climate, given the rise in the occurrence of health problems at a young age. Furthermore, the astronomical medical treatment costs emphasise the importance of having a health insurance policy.
However, health insurance is the most neglected type of insurance in India because it does not provide any benefits unless you become ill. While no one wants to be sick, you must accept that health issues are an unavoidable part of our lives. As a result, it is critical to be financially prepared for the financial consequences of a medical condition. You can’t plan to get sick, but you can prepare financially for the worst.
Individual health plans, family floater plans, and senior citizen health insurance are all available in India. As a result, you must first assess your needs before purchasing a health plan.
Tips to Buy Family Health Insurance Policy:
1. Consider suitable policy coverage
Choose a health plan that protects you against a wide range of medical issues and offers benefits such as pre and post-hospitalization, daycare expenses, transportation, illnesses that you may be at risk of due to your family’s medical history, and so on. When purchasing health insurance for your family, make sure that the policy meets the needs of each member of the family. Consider your requirements, compare plans based on benefits and costs, and do your homework to find a plan that meets your needs.
2. Treatments and diseases covered
In their policy phrasings, most health insurance plans highlight the specific diseases and treatments for which coverage is available. It is critical to understand your needs, the appropriate type of plan that can meet your needs, and, finally, the key inclusions that you are looking for.
3. Network hospitals
Once you’ve narrowed down your list of health plans, check to see if your preferred hospitals and doctors are part of their hospital network. So go with an insurance company that has a universal network of hospitals. With Coverfox, you can choose from over 4,000+ network hospitals for quick, efficient, and contactless payments claim settlement!
4. Look for the waiting period
During the waiting period, you are unable to file a claim against your health insurance plan. It applies to pre-existing illnesses and injuries as well as maternity benefits. So depending on the insurance company and the plan you want to buy, the waiting period can range from a few days to a few months to a few years. So, before purchasing a health insurance plan, make sure to check the appropriate waiting period.
5. Claim settlement ratio and process
Most insurance companies adhere to the regulatory authority’s claim procedures, but some companies may differ in their functionality. So, make sure you purchase a health insurance policy that has a simple claim process and comes from a company with the highest claim settlement ratio.
Choosing the best health insurance policy may appear difficult, but the tips provided above may assist you in making the right decision. So, select the plan that best meets all of your requirements, needs, and budget. Only by using a health insurance policy can one fully appreciate its benefits.
6. Inclusions and exclusions
A health insurance plan provides comprehensive medical coverage for hospitalisation, pre-hospitalization, post-hospitalization, ambulance expenses, and other medical expenses. It also provides compensation for lost income as a result of an accident. Regardless of how comprehensive a health plan is, there are some situations in which coverage is not permitted. These are known as policy exclusions, and every health plan has a list of exclusions. When purchasing this policy for your family, make sure to read the policy’s exclusions.
7. Add-on covers
Add-ons are selectable coverages that are available with health plans to expand the scope of coverage. You can customize your health insurance plan by selecting any appropriate add-on. It should be noted that each add-on cover necessitates an additional premium on top of the base policy’s compensation.
A health insurance policy is unassailable. When purchasing the same for your family, be cautious in selecting the right plan. Consider the aforementioned points and compare various plans to find the best one, then purchase accordingly.
Furthermore, because its plans can be ported, i.e. switched to any insurance company at any renewal, you do not have to wait for the perfect match. You can always change your mind later. But keep in mind that the most important thing is to buy it right away.
Author Bio: Smriti Gala works as Digital Marketing Manager at Coverfox. When her life was turned upside down due to COVID severely impacting her family members, Smriti decided to dedicate her experience to informing and educating the masses about the importance of health insurance. When he’s not actively writing insightful content, our “monk marketer” enjoys meditating, meeting new people, and exploring less travelled areas.
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