Protecting your family from financial difficulties that may arise due to unforeseen medical conditions is of the utmost importance. You can do this by taking out family health insurance. Buying the right health insurance plan can be a difficult task. Therefore, before assuming this responsibility, you must consider a few points. Here is your checklist:
If the sum insured is sufficient to cover your family
Before purchasing health insurance for your family, make sure that the sum insured in the plan is sufficient to meet the medical needs of your entire family. Consider the age of family members, pre-existing conditions (if any), etc. If your parents are also part of your family health insurance, you may need a higher sum insured because medical costs increase with age.
Check the premium amount
The premium is the amount you must pay your insurer to keep your policy active. With an increase in the sum insured, the premium amount will also increase. Apart from this, in a floating family plan, the premium depends on the age of the eldest member of the family. In addition, if you opt for supplements, the premium for your family health insurance will increase again.
What is the extent of the insurer’s hospital network
When buying health insurance, remember to check the number of network hospitals included in the policy. More hospitals in the network is better because it will be easier for you to enjoy cashless treatment. When you get treatment at a network hospital, you don’t need to pay the hospital directly. Instead, your insurer will deal directly with the hospital to settle your bills.
Make sure pre- and post-hospitalization expenses are covered
An ideal family health insurance plan should cover costs before and after hospitalization. Before and after hospitalization, you may need to visit the doctor several times and undergo many tests.
Are custody procedures part of the list of advantages
Many insurers only cover hospitalizations that last longer than 24 hours. But many medical procedures, such as dialysis, only require certain hours of hospitalization. So check whether your health insurance also offers childcare procedures.
Whether ambulance costs are covered or not
Ambulance fees are expensive, especially for emergency services. Many health insurers include it in their family health insurance plans. Also, don’t forget to check whether or not the insurer reimburses the cost of transport by air ambulance.
Are alternative treatment costs part of health insurance coverage
Alternative therapies like Ayurveda, homeopathy, etc. are gaining popularity these days. Many insurers cover the costs associated with hospital care for alternative treatments. Before finalizing the plan, make sure your plan also covers alternative therapies.
How long is the waiting period
Typically, insurers apply a waiting clause for pre-existing conditions and other benefits such as free annual exams, dental insurance, etc. Usually, the waiting period ranges from 2 to 5 years. During the waiting period, you will not be able to make any claims related to these conditions. Therefore, select a family health insurance plan that has a short waiting period.
The insurer’s claims settlement procedures should be transparent. The insurer’s claims settlement rate is an indicator of this. The claims settlement ratio is calculated by dividing the total claims paid by the number of claims filed. It is wise to go with an insurer that has a higher settlement percentage. Otherwise, you may have to run from post to post to get reimbursed for your medical expenses.
Check package exclusions
Just like understanding the benefits of the health insurance plan, you also need to know what procedures and medical conditions are not included in the plan. Therefore, take the time to read the list of exclusions before choosing one.
Also note that there is no single health insurance plan available in the market. But you can customize the basic plan with add-ons at a reasonable price. Therefore, select the family health insurance plan from an insurer with the best add-ons and good customer service.
Disclaimer: This content is distributed by Bajaj Finserv. No HT journalists are involved in the creation of this content.
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