Health insurance can protect a person from huge medical expenses. Hence, every person should purchase health insurance for their family in order to get financial protection. However, there are a few things people must consider before buying family health insurance.
In this article, we will explain things to consider before purchasing a family health insurance plan.
Every person knows that health insurance is a necessity. It is important to have family health insurance to fall back on. A family health insurance policy is a comprehensive plan to cover the entire family. It is mainly used by families with more than one person covered under the same plan. However, since different families have different requirements, there are things that must be considered before buying a family health insurance plan.
Make Sure the Cover Amount is Sufficient
It is important to ensure that the cover amount is sufficient for all the members of the family. You should consider every person’s age, medical condition, etc. Furthermore, if you have added your parents in the plan, then you should opt for a higher cover amount.
Check the Premium
With an increase in the cover amount, the premium amount will also increase. Also, the age of the eldest member in the family will be considered while calculating the premium amount. Furthermore, if you opt for add-ons, then the premium will increase.
Ensure Pre and Post Hospitalisation Expenses are Covered
Pre and post hospitalisation expenses can cost a lot of money. Hence, you should ensure these expenses are covered in the plan.
Go For Plans that Cover Daycare Procedures
Many insurers don’t cover hospitalisations if a person is discharged within 24 hours. But there are various medical treatments that can be done within 24 hours. Therefore, people will have to pay for such expenses. Hence, it is important to select a family health insurance plan that covers daycare procedures.
Check if Alternative Treatments are Covered
As many people prefer alternative treatments like Ayurveda and Homeopathy, it is important to look for plans that cover their expenses.
Check the Waiting Period
Generally, insurers levy a waiting period for various medical conditions like pre-existing illnesses. The waiting period can range from 2 to 5 years. Hence, it is important to look for plans with a short waiting period.
Check the Claim Settlement Process
The claim settlement process should be very easy and quick. Hence, it is important to search for a company that has a quick claim settlement process.
Check Things that Aren’t Covered in the Plan
While health insurance covers a lot of things, there are medical processes and conditions that it doesn’t cover. Therefore, you should check the things that aren’t covered in the plan.
Check the Insurance Company’s Reputation
One of the most important things to consider is the company’s reputation. You should check the company’s claim settlement ratio, customer service, etc.
Understand the Co-Payment Clause
Co-payment is the percentage of amount that the policyholder will have to pay while filing a claim. The remaining amount will be paid by the insurer. Hence, it is important to check for the co-payment clause and if it will impact the claim amount.