Everyone wants the best for their family. Whether it is healthcare or quality of life, only the best is acceptable. However, how can you determine what is best? The general notion that the more expensive the health insurance policy, the better it will be is completely wrong. Most of the time, people miss out on crucial details while buying the policy, and it costs them a huge sum of money in a time of need.
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It can be confusing and daunting to make such decisions. If you are looking to choose a policy that does your family good, then refer to the list below.
Tips For Choosing The Best Health Insurance For Your Family
- Understand coverage of the policy – When you are going through policies, it is advisable to read all inclusions carefully. The coverage does not just mean checking the inclusions but also focusing on what the policy leaves out. The coverage is an understanding of what benefits you get and what you will have to pay for.
An excellent way to ensure you have checked all the relevant coverage points of the family health insurance is to play out scenarios in your head where you will be using the health insurance policy. When you come to a point where the policy is not living up to your expectations, you can move on to the next option available.
- Read the co-payment clause – A lot of people get tempted by the low premium and forget to look for the co-payment clause. Every policy has a fixed co-payment clause that tells you the percentage you need to pay from your pocket in case of claims. For example, if the co-payment clause says 10%, it means if the bill is 1 lakh, then you need to pay 10,000 rupees from your pocket. There are policies available with no copayment clause as well.
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- Choose a plan with lifetime renewability – Lifetime renewability is useful for when you are old and need more medical attention due to advanced age. One such policy that provides this security is Arogya Sanjeevani Health insurance. Lifetime renewability is essential as medical issues arise when you are older, and the claims increase. Critical illnesses occur, and if your policy is renewable, you do not have to worry about looking for a new policy or a waiting period later in life. If you are forced to begin a plan after a certain age, it is going to cost much more.
- Check the waiting period – When you want to cover your parents under insurance, it is essential to check the waiting period according to any critical illnesses they may have. The waiting period can be from a few months to up to 4 years. In such cases, it is also essential to determine whether the rest of the family members will not be covered under insurance or if they are members with critical illnesses. The policy terms and conditions should confirm these doubts clearly. Along with this, there is a minimum waiting period for maternity benefits as well.
- Asses the ease of adding new members – The flexibility of adding new members ensures that you can add your parents to your policy later. At the same time, if you and your spouse are newlyweds and you eventually start a family, look at the ease of adding your children to the policy. This flexibility ensures you have control over whom you wish to cover under the insurance and allows you to retain the facilities of the plan even when you add members.
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- Determine the budget – A good way to start your search is by establishing how much you can afford to spend on the policy every month. If you feel the premium is beyond your means, you can also look at starting EMI. Once you have established this, you can look for the best policies in that range. Another way is to look at policies that are below budget and customise them with chargeable add-ons.
- Ensure a higher room rent limit – The kind of plan you choose determines which room you are entitled to and what amount you can claim from the insurer. It is always safer to use a plan that includes higher room rent to avoid paying from your pocket. Whether you will get a private, semi-private, or shared room depends on the type of policy you choose.
There is no right or wrong answer when it comes to choosing health insurance. It matters which policy is most suitable. A robust policy ensures there are inclusions for all members of the family, irrespective of their age. A good policy has room for growth as the family grows in the coming years. The network of hospitals and clinics where a particular insurance is accepted is also important. It has become extremely convenient to go online and compare policies before you commit to any policy for the long term.