A Handy Buying Guide for Family Health Insurance

Posted by Bhargav Baweja on March 15th, 2018

Nowadays, when healthcare costs are rising steeply, an unforeseen medical emergency or a traumatic event can wipe out your savings in a flash. This is where a comprehensiveHealth Insurance plays a pivotal role. It is a service that averts financial strain and enables timely intervention when a medical emergency crops up without warning. A suitable plan which is value for money is the key! Easier said than done! Given the endless number of schemes available, finding a family health cover that provides maximum benefits to the insured members is a big challenge. 

No worries! Here are a few guidelines that can propel you in the right direction to help you zero in on the best family health coverage plan.

1. Analyse Your Needs:

For starters, evaluate your needs in terms of health insurance. This involves considering the number of family members, including spouse, kids, and dependent parents. Also, factor in the current health status, any pre-existing ailments, or hereditary medical issue impacting the family. This will give you a clear picture of how much coverage is needed to address the medical requisites of your family.

2. Critical Ailments:

Make sure the Family Health Insurance scheme includes a whole gamut of ailments including critical ones like cancer, kidney problems etc. that come with a costly treatment procedure. Pay close attention to the diseases covered, especially those that are common in your family's medical history. Awareness of the illnesses covered by the policy lowers the odds of any confusion or misunderstanding in the future especially at the time of a claim.

3. Cashless Hospital Facility:

While most insurance firms offer cashless and reimbursement facility, it’s always better to opt for the former. With cashless facility, you can avail quality healthcare at a network hospital without fretting over arranging liquid cash for settling medical bills. Further, cashless facility involves less documentation which makes the process uncomplicated. It is, however, important to verify that names of reputable hospitals enlisted in the plan are in your vicinity.

4. Lifelong Renewal Feature:

Absolute clarity on the renewal of the insurance policy is crucial. Health plans come with an upper cap which is usually set at 70-80 years. This means the senior dependent members may not have access to medical facilities when most needed. It is imperative to choose a cover that comes with a lifelong renewal feature with no age limit.

5. Compare Plans:

A comparison of different health plans helps in clinching the best possible deal for the family. The online platform helps ease this process. It enables you to evaluate the various schemes out there in terms of features, quotes, and much more with just a few clicks. Armed with the essential information, you can explore your options carefully to make an informed choice.

Contrary to popular belief, finding a suitable family health cover is a no-brainer. A clear understanding of the nuances, terms, and conditions related to the policy can help in acquiring a plan that offers the best coverage at a minimum premium.