A family health insurance plan can help you take care of your entire family’s medical expenses during a health emergency. But, choosing the right family health insurance can be tedious task.
After all, there are a lot of variables you need to consider before you select the right policy.
Looking for a checklist to help you make your decision? Here are a few steps you can follow to make the right decision for your family's health.
Step 1: Choose The Right Family Health Insurance Provider
In India, several companies are providing family health insurance. Before choosing one of them, consider these factors.
Hospital network: Check the list of hospitals under the insurance provider. It should include all nearby hospitals and significant treatment centres in the country. This way, you do not have to deal with hospital payments in cash during treatment. Instead, your insurance provider will contact the hospital and cover your expenses.
Claim Settlement Process: Your insurance provider should have a reputation for providing quick and easy medical reimbursements. The claim settlement ratio (the number of claims paid divided by the number of claims filed) of an insurer will indicate their credibility. Make sure to check it to prevent any last-minute debacles.
Alternate Treatments: In some cases, you may choose to go for other treatments like homoeopathy, Ayurveda, Unani etc. These forms of therapy can prove to be equally costly as they have a long treatment period. Check with your family health insurance provider whether they have provisions for these treatments and ensure that no extra cost is levied on you for alternate therapies.
Daycare Procedures: Many health insurers provide reimbursements for only those treatments that take more than 24 hours. But procedures like health check-ups and dialysis, though they take a few hours, cost a hefty amount. Therefore, choose the health insurance that covers daycare treatments as well.
Step 2: Choose An Appropriate Family Health Insurance Plan For You
Your health insurance is of no use if it does not fit your family's needs. So, assess your family's medical requirements and choose a health insurance plan accordingly.
Insurance Coverage: Consider the number of people, age and past-ailments before choosing an insurance amount for your family. If you are planning a child, the insurance should also cover maternity expenses. A comprehensive family health insurance plan can help you reduce out-of-pocket costs.
Premium: Make sure that the premium you have to pay to keep your salary active is an affordable amount. Do not compromise on benefits to fit the premium. Instead, find a customisable plan that covers your family’s health needs for a reasonable monthly price.
Pre and Post Hospitalisation Charges: A family health insurance plan should cover diagnostic tests and doctor visits. Even after recovering from an illness, regular check-ups can prove equally costly. The insurance plan must accommodate these charges.
Ambulance Charges: The last thing you want to worry about in a medical emergency is transportation. Ambulances can be costly depending on the hospital nearby. The insurance cover should have provision for this.
Over To You
Although health insurance can seem like a liability in normal circumstances, it can help you immensely during medical emergencies. So, buy yourself a family health insurance plan that provides all the above benefits for a healthy and secure future!