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New Delhi (India) August 3 : After the pandemic, the need for a medical insurance plan has been reinforced in many families across India. While the need was always there, the tough times have made it more apparent. If you are looking for the best health insurance plans and wondering how to choose the right one for your family, this is the blog for you. It will discuss in detail the things to consider while comparing plans from various eminent insurance providers to select the best one for you and your family.
How to Select the Best Family Health Plan For Your Family?
Go through each step, take notes and use them while comparing health insurance plans for the family online:
Select the Right Policy
The first step should be comparing various plans and figuring out what plans will work the best for your family. Individual plans, critical illness plans, or family floater plans, choose one based on your family’s needs.
Get a Sufficient Sum Insured
Consider the healthcare cost for all the members you want to purchase this plan for and get a sum insured that is sufficient to cover that. A high sum insured can be reassuring as medical inflation is on a continuous rise.
Extensive Coverage is Good
The next thing to consider while comparing plans is their coverage. If a plan provides a wide coverage it is beneficial for your family as it can protect them from all medical treatments.
Select Coverage Riders if Needed
If you want to still enhance the coverage of your base plan you can get plan riders in exchange for a slight premium increase. For example, you can opt for critical illness rider, personal accident cover, maternity and newborn baby cover etc.
Prefer a Huge Network of Hospitals
If your plan covers the reputable hospitals near your residence, you will be able to opt for cashless hospitalisation whenever necessary. Therefore, you should prefer an insurer that offers a large network of hospitals.
Go Through the Exclusions
A plan may be comprehensive yet it also has some exclusions. It is essential to check a plan’s exclusions as it will remove any misunderstanding and surprises during claim settlement.
Check for Flexibility
A medical insurance plan for your family must be flexible enough that it lets you add new family members. Ensure that all members under the plan can continue receiving the same benefits as the base plan even if a senior member meets death.
Check the Sub-Limits and Co-Payment Clauses
Some plans have co-payment clauses or sub-limits on some coverage benefits like room rents, AYUSH treatments, OPD costs, maternity coverage, domiciliary treatments, organ donor expenses etc. Try to find a plan that has low or zero sub-limits or co-payment clauses.
Look for Low or Zero Waiting Periods
The waiting period for pre-existing diseases generally spans from 2 to 4 years. Usually, all medical insurance plans come with waiting periods. Choose a plan that has a low or zero PED waiting period.
Compare Premiums
Compare the premiums against the coverage benefit and avoid comparing it independently. Moreover, look for premium discounts to get the best plan offering extensive coverage at affordable premiums.
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The Bottom Line
This was a brief discussion about what to look for while comparing medical insurance plans from the leading insurance providers currently thriving in the market. Carefully consider each factor and your family’s unique requirements to get the best plan.
Disclaimer: This is a syndicated feed. The article is not edited by the FPJ editorial team.
