Insurance plan

Here’s how to choose a health insurance plan for your family

The significant increase in health expenditure over the past decade has raised serious concerns among ordinary citizens. With the pandemic situation still ongoing, people are very worried about the safety of their lives and the financial security of their loved ones and families. The COVID-19 outbreak has made people aware of the need to invest in essential insurance policies and endowment plans. In this way, people can gain greater satisfaction knowing that their families are financially secure in the event of misfortune.

Health insurance has become the most popular term among people, especially in these pandemic times. The awareness to protect themselves and their families has prompted many people to purchase health insurance. However, the availability of several health insurance policies in the market has made people confused in choosing the right plan.

Not everyone will know the main benefits offered by the health plan or the terms and conditions that come with the policy, making it harder for individuals to choose the best plan. So, let’s first fully understand the meaning of the term health insurance.

What is health insurance?

Health insurance is the type of insurance policy that covers all medical expenses resulting from illness, accident or injury. The policyholder can benefit from all the mentioned advantages of the health plan for the duration of the policy. The insurance company reimburses the insured expenses incurred as a result of the illness or accident or pays directly to the care provider the sum owed by the insured.

Either way, the individual does not need to spend a colossal sum on major accident treatment or necessary medical surgery. Also, many companies offer health insurance policies to their employees by deducting a certain amount from their salary to pay the premium amount of the plan. Either way, a health insurance policy is always a benefit to the insured at all times.

Types of health insurance:

> Individual Health Insurance
> Floating family health insurance
> Senior Health Insurance
> Group/employee health insurance
> Maternity health insurance
> Critical illness insurance
> Complementary Health

Each plan has different benefits to offer, but the ultimate goal of these health policies is to provide the best health facilities available to the insured and their families at all times. Finding the best health insurance policy is the hardest part of these adverse conditions.

The pandemic situation has added more confusion from people due to the introduction of many types of Covid-19 insurance policies in the health insurance market. So, compare the various health plans available in the market and buy the best health insurance that suits your requirements and needs.

How to select the best health insurance plan for your family?

1. Consider the appropriate policy coverage

The health insurance policy should provide coverage for various medical issues, ambulance expenses, pre and post hospitalization expenses, critical illness expenses, cashless treatment, hospitalization, maternity benefits and any other necessary coverage.

Before purchasing medical insurance, make sure the policy will cover all medical expenses for your insured family members. Be sure to consider all of your family’s needs, compare different plans, and check all policy features and limitations before purchasing the health insurance policy.

2. Look for the timeout clause

Health insurance companies provide specific waiting times for all their health plans ranging from 2 to years on average. Since the health insurance policy covers pre-existing medical conditions, maternity expenses and other specific treatments like hernia, a particular waiting period clause will certainly be attached to the health plan. So be sure to purchase a plan that will cover all of your family members’ pre-existing medical conditions as soon as possible.

3. Check the Lifetime Renewal Option

Many people overlook the fact that some health insurance policies are only available up to a specific age group. After this particular age, the health insurance plan will become invalid. Therefore, when purchasing a family plan, be sure to check the policy’s lifetime renewal option to provide financial security for your parents or loved ones in their old age.

4. Network hospitals

Most insurance companies have a list of hospitals as part of their policy which can provide the policyholder with significant benefits when admitted to these medical facilities. For example, the health insurance policy will offer cashless hospitalization at network hospitals, which will make your admission process or medical claims process seamless and hassle-free.

5. Claims resolution ratio and process

Most insurance companies follow the same claims procedures as prescribed by the regulator, but some companies may vary in their functionality. So make sure you buy a health insurance policy that gives you a smooth claims process and from the company that has the highest claims settlement rate.

Choosing the best health insurance policy can seem very difficult, but following the tips above can help you choose the right one. So choose the plan that meets all your requirements, needs and budget. Only by using a health insurance policy can one understand all its benefits.

Disclaimer: No Deccan Chronicle reporter was involved in the creation of this content. The group also declines all responsibility for this content.