How to choose the best health insurance policy for your family?

How to choose the best health insurance policy for your family?

Although health insurance policies have always served an important purpose in people’s lives. However, the Covid-19 pandemic  has reinstated its importance all the more. The severe health havoc that the pandemic had created made people realize how unpredictable life is and thus surged the demand of health insurance policies for families.

 However, even if the pandemic crisis is not taken into consideration, the significance of a health insurance policy in our lives still can’t be denied. This is because health insurance not just ensures the safety and security of your family from unforeseen health conditions, it also serves as an instrument of financial planning. 

So, let’s understand the importance of choosing the best health insurance policy for your family.

Why is it necessary to have a health insurance plan?

Of course, one definite reason for having a health plan is the rising cost of healthcare treatment facilities or the growing medical expense. With the rise in the numerous lifestyle diseases and their costly treatment,  it has become apparent to have health coverage. Further, you are also not sure about any unforeseen events like accidents, collision etc., which you might face anytime. So, to manage the financial outflow in times of such emergencies, having health insurance becomes imperative.  

Also, if you look at the rough estimate of cost that you might incur in case of a medical emergency in a tier 1 urban city in India, you would definitely like to have an insurance to secure yourself and your family during such fatal situations. Most of us like to undergo treatment in good private hospitals as compared to government hospitals. And when it comes to charges of healthcare in private hospitals, it is way too high. 

For instance, if the per day hospital stay charges in a government hospital is between Rs. 4000 –  Rs.5000, the same in a private hospital is between Rs. 30,000 to Rs. 40,000. This cost is further high if the treatment is done for ailments like cardiovascular diseases, cancer, kidney damage etc.   

All such sudden medical expenses do have an effect on your finances and might cause a hole in your pocket without insurance. Hence, it is essential to have a health insurance plan so that you can get coverage against the expenditure incurred on the treatment of such diseases. 

How to choose a health insurance plan for your family?

Since a medical emergency can hit anyone anytime, having proper coverage for each member of the family is important. You can find many kinds of health plans in India. However, when it comes to choosing the best plan for your family, you must search and compare well to choose the apt one. For your family, you have to choose a comprehensive floater plan so that enough protection can be received by each member. 

Here are some tips to remember while buying health insurance plans for families:

  • Health plans are available on a family floater basis.
  • They cover multiple members of the family.
  • The coverage is offered to the policy buyer, his/her spouse, their children (dependent) and parents (dependent).
  • Some insurers also include siblings, parents-in-law and other members of the extended family.

Some tips to choose a health insurance plan for your family:

  • Choose the right policy – individual health policy, family floater plan, senior citizen health plan, disease specific plan, critical illness plan, or top-up and super top-up plan etc. 
  • Go for an adequate sum insured so that all the family members are covered sufficiently.
  • Try to procure a policy with comprehensive protection benefits so that necessary coverage can be received by each member of the family. 
  • Check the various limits and sub-limits of the policy.
  • Opt for add-on covers.
  • Opt for a policy and insurer that offers extensive cashless hospital facilities. 
  • Check the waiting period of pre-existing diseases. 
  • Compare the various health plans and their premiums online.
  • Check the comprehensive list of coverage offered by your policy.
  • Look for any premium discount and value added benefits.

Overall,  it is important to choose a health insurance policy wisely when it comes to family floater plans. But before that it is important to buy a health plan soon so that you can be relaxed and worry-free from the hassles of health care needs of your family. For that, you can make use of portals like PayBima where you can compare several policies and choose the best one.

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