A family health insurance plan is a health insurance document that will comprehensively and effectively cover the medical expenses of each and every member of your family. This includes yourself, your spouse and your children.
Nowadays, there are many affordable family health insurance plans including the Bajaj health insurance plan for families available on the market. Investing in family health insurance is perhaps the first step towards practical family planning. This ensures a better future for your family and you will find yourself managing your finances in a much more organised manner once a fixed amount of money is blocked off for medical emergencies.
Under a health insurance family plan, a fixed amount is shared by the family members with the belief and assumption that with God’s blessings, not everyone will find themselves to be ill at the same time. Typically, family health insurance plans provide you with a number of perks such as maternity benefits, hospitalisation facilities, pre and post-hospitalisation treatment costs and so on.
In this blog, we find out a little more about what a family health insurance plan is and how to pick one for yourself from a gazillion plans already existing on the market.
Effective Tips to Help You Choose Your Family Health Insurance Plan Better
- Keep An Eye Out for the Right Policy Coverage
You need to pick a health insurance policy that will cover pre and post-hospitalisation expenses such as purchasing medicines, doctor consultation fees, and paying for diagnostic tests. You will also need to be mindful of other factors such as maternity benefits, in-patient hospitalisation, and daily cash benefit. While purchasing the health insurance plan, the individual will need to be certain that the plan suits everyone. For this, you will need to compare plans and check all possible imitations
- Check Waiting period
Generally, health insurance plans cover aspects like pre-existing diseases, maternity expenses and treatments like hernia, and varicose veins. This can be availed after 2-4 years. So, you need to check for the waiting period. Many insurance companies offer a low waiting period. The lower the waiting period, the better your chances of availing the benefits of your family health insurance plan sooner.
- Check for Flexibility
You need to check before purchasing a policy how flexible your family health insurance plan is so that you can add new members as time passes. You should be able to do this in a simple and smooth way. Over time, when one or more senior citizens are not eligible anymore, you should be able to remove them from the plan without having to compromise on the policy benefits for the rest of the family.
- Pick Lifetime Renewability Plan
This is a vital aspect of the policy. You need to check whether the plan offers limited renewability or a lifetime one. Generally, a policy is required during the later stages of one’s life. So, it is the most practical option to go for a policy that will offer you lifetime renewability. This feature ensures that the family has the benefits of the policy in times of their need even after they have crossed the age limit. Opting for a lifetime renewability plan also saves one from the hassle of having to invest in a new policy again after a few years. If you have to purchase a new policy, you will again have to pay a huge premium, especially after the age of 45 or 50. On the other hand, when one person has a lifetime renewability plan, they can continue with the same plan for years to come.
- Check Co-Payment Clause Thoroughly
The co-payment clause is a feature wherein the policyholder agrees to pay a percentage of the amount from their pocket. The outstanding sum is taken care of by the company. The best thing to do would be to opt for a policy without a co-payment clause.
At the time of purchasing a family health insurance plan, it is highly advised that you look up more than three policies from the best companies on the market. Compare the policies and then invest in one which suits your needs the most. Proper research and awareness will ensure that you can give the best policy benefits to your family when the need arises.