Healthcare Insurance is one of the essential financial investments you should make for your family. Despite its importance, many people need to pay more attention to the extent of family health insurance as they either find it useless or an expense. Nobody wants to get sick, but it is pretty inevitable to stay healthy throughout your life. Furthermore, the cost of medical expenses has been soaring year after year. Therefore, you should be prepared to tackle any health problems that come your way.
There are several healthcare insurance policy providers; thus, the job of choosing one is tricky. This article will teach you how to select a family healthcare insurance.
Read also: Understanding the roles and functions of an independent Health insurance agent
6 Things To Remember While Choosing the Family Health Plan
Before selecting the best family health insurance, you must spend time and effort looking for the best options. Some of the things you should keep in mind while choosing a plan are as follows:
1. Find The Appropriate Coverage Plan
When choosing a healthcare policy, you must pay close attention to the type of coverage you will get. You must select a policy that provides a broad range of coverages, such as daycare expenses, post and pre-hospitalisation, transportation costs, and any illness you are suffering from or are at risk of getting due to your proven medical history. You must compare various plans, premiums, coverage, and additional benefits you will get and then choose the one that suits your needs.
2. The Extent Of the Amount Insured
While choosing family health insurance, you must pay close attention to the sum insured under your policy. The higher the amount, the higher sum guaranteed, the higher insurance, and vice versa. You must also consider your budget. A higher premium can add a burden on you. You can also buy an add-on to get all the significant coverages.
3. High Claim Settlement Ratio
Choose a health insurance provider with a high claim settlement ratio. The extent of claims a health insurer settles in a given year relative to all claims is called the claim settlement ratio (CSR). Thus, the higher the CSR, the higher the chances of getting a settlement against the claim raised by you.
4. Co-Payment Clause
Co-payment is the portion of the sum you consent to pay from your pocket while the healthcare insurance company pays the rest. If your policy has a 10% co-pay clause, then this implies that you will have to pay the 10% of the bill from your pocket while your healthcare insurance provider pays the remaining amount. The higher the co-pay, the more significant the financial burden on you. Thus, while choosing family healthcare insurance, you must pay close attention to it.
5. Verify the Prevailing Waiting Period
Every healthcare policy has a pre-existing disease(PED) waiting period. The waiting period refers to the duration the healthcare insurance company does not provide any claim. Depending on your policy, the PED can vary from 2 to 4 years. You must check the waiting period before buying an insurance plan. Moreover, the longer the duration is, the more the risk of a financial crisis.
6. Coverage Of Hospitals
After narrowing down the best healthcare plan, you must check the network of hospitals and doctors covered under the policy. The more comprehensive the network, the better it is, as the empanelled hospital offer cashless hospitalisation. This ensures you do not have to pay any money until the discharge. This can help as you do not have to worry about arranging finances. Moreover, a more extensive network enables you to find the hospital in proximity.
Conclusion
A healthcare plan is a crucial decision you must make as it concerns your family’s health. Thus, before making any decision, you must conduct proper research and find the best option. Moreover, you should avoid any delay in purchasing the family health insurance plan as a medical emergency can arise at anytime, and you must be ready to face it. Niva Bupa Health Insurance Company is one of the best health insurance company in India that provides various healthcare policies. They offer several health insurance plans which are suitable to meet different needs and budgets.
