What to Consider While Buying Health Insurance for Family

The post-pandemic era has witnessed a hike in medical insurance claims, renewals of insurance policies, and subscriptions to new health insurance plans. The pandemic increased awareness among people regarding the importance of health insurance.

Even today, long after the pandemic has ended, the fear in people’s minds hasn’t. As per reports, there is a significant increase in the number of health insurance policies bought by people for themselves and their families. The demand for health insurance plans allowed the insurance companies to launch new and unique policy plans that would meet more people's requirements.

One such type of health insurance is a family health insurance plan. This policy provides the policyholder with a promise of financial assistance in case of any medical emergency occurring in the family. The policy offers coverage for all minor and major medical expenses.

A family health insurance plan ensures high-quality healthcare facilities for all family members without hampering savings. There are various family health insurance plans available in the market. Each insurance company provides different family health insurance policies with customer-friendly features to satisfy the requirements of all types of customers.

In such a situation, choosing the right policy is extremely important from the alternatives available in the market. A thorough research of all the policy plans before making a decision will reap maximum benefits. Let’s discuss the correct method of choosing the right family insurance plan.

Step 1: Finding the Correct Insurance Provider

Several companies provide family health insurance. Certain factors help us determine a budget-friendly and optimum insurance provider.

• Hospital Network:  One of the preliminary aspects to consider before choosing your insurance provider is network connectivity among hospitals. You should go through the list of hospitals represented by the provider. It is mandatory to research all the hospitals and medical centers in your locations that are covered so that you do not have to face financial distress in case of any emergency.

• Claim Settlement Process: The market reputation of your provider should be positive. It should not have any history of late or default reimbursements. You can check the claim settlement ratio of the provider to know more about its credibility. It is the ratio of claims paid to the number of insurance claims filed. This ratio gives a clear picture of the creditworthiness of the provider.

• Alternate Treatments: In some medical conditions, you may choose treatments like Ayurveda, Unani, Homoeopathy, etc., which can increase the cost of your treatment. Before finalizing a particular insurance provider, one must check the terms and conditions for such therapies. Always choose insurance providers charging additional treatment costs for such therapy sessions.

• Daycare Procedure: Some of the few insurance plans dismiss the treatment costs and medical bills involving daycare procedures. Daycare procedures like dialysis require treatment for a few hours, but it is expensive. Therefore make sure you choose an insurance plan which covers daycare procedures as well.

Step 2: Choose the Correct Insurance Plan

Assess your family’s medical requirements to verify and eliminate the chances or risks involving financial instability during treatments and procedures.

• Insurance Coverage: Age and medical needs should be considered while assessing the health insurance plan. If there is a possibility of childbirth in your family soon, your family health insurance should also cover maternity expenses. You do not have to separately purchase maternity insurance. A correct family insurance plan will ensure minimum expenditure from your savings.

• Premium: A crucial factor to consider before choosing a family insurance plan is the payable premium. The policy premium amount does not hamper your monthly financial planning or act as a burden. Also, do not choose a policy plan because of the low premium amount. It might affect the benefits as well. Instead, try to find a customizable policy per your budget.

• Pre and Post Charges: Health insurance plans should cover pre-hospitalization and post-hospitalization expenses. Health insurance policies generally focus on hospital charges only; however, patients and family members require coverage for all other medical expenses like check-ups, diagnostic tests, doctor visits, etc. These additional expenses may sound small but can prove to be very costly.

• Ambulance Charges: Transportation cost is also an aspect to consider when choosing a family insurance plan. Ambulances may charge hefty fees depending upon the hospital's distance and availability. Your insurance policy should have a separate provision for transportation costs as well.

Conclusion

A family insurance plan may seem like an expense but it is an asset during a medical emergency. There are many options available in the market, where it slightly becomes confusing. This confusion might get you stuck with the wrong insurance policy.

To avoid this issue, you must have clarity regarding your requirements, budget, and priorities. Research all the alternates in detail, read all the provisions, and compare. A concrete plan can provide maximum benefits for you and your family at a reasonable price.