Tips On How To Opt For The Right Health Insurance Plan For Your Family

With the pandemic still raging, people are becoming more aware of the benefits of buying a comprehensive family health insurance plan. Health insurance has always been there, but it was mostly centered towards individuals beyond age 40. However, with the change in everyone’s lifestyle, we are facing a continuous rise in lifestyle diseases that are directly impacting the overall medical expenses, even among the younger generation. Medical emergencies can be a blow to your financial stability thus, it needs to be addressed immediately.

For your family, having health insurance is a must because accidents and illnesses can happen anytime, no matter how fit you are. Medical expenses can be physically and mentally draining and while you are recovering, you would not want the added stress of expensive medical bills on your head. Therefore, here are some tips to help you choose the right health insurance plan for yourself and your loved ones.

Compare And Go For The Right Policy     

There are different types of health insurance plans available in the market to cater to the different needs of an individual. To buy the plan that best suits your needs, you should always make a health insurance comparison so as to choose the right policy. There are several policies such as      family floater plan that covers multiple members of the family under a single health plan. This plan is more suitable for you if you’re married and have kids. 

If you have senior citizens at home, then going for a senior citizen health insurance plan would be a great idea as they are more prone to health problems. The pandemic has not only affected our daily lives, but the moment you get admitted to a hospital for covid treatment, the medical bills can get extremely expensive. Therefore, several insurance companies have now come up with covid-specific insurance policies so that you do not have to worry about the medical expenses while recovering. 

Focus On An Adequate Insured Sum 

To choose an adequate sum assured under health insurance, you need to keep a few things in mind. This would include the total number of people in your family, medical history of the family members, cost of inflation, etc. You need to ensure an amount that would be sufficient for all the family members. A high-sum health insurance plan is always a good idea as it gives you financial security and better coverage. 

However, if high-sum insurance is not an affordable option for you, you could always go for a      top-up or even super top-up insurance plan as it won’t require you to pay a high premium every month/year. A super top-up medical plan covers your hospital bills up to the limit mentioned in the plan above the deductible amount. Therefore, after paying the deductible amount, this policy becomes active for subsequent claims. Unlike a top-up plan, a super top-up plan covers cumulative expenses rather than single claims.  

Look For Insurance That Provides You With Comprehensive Coverage 

An important tip would be to go for a health insurance plan that provides you with comprehensive coverage and benefits. Not all health insurance would be the same; if you have any specific chronic or genetic illness in your family, you need to make sure the plan you are opting for covers it extensively.

For a newly married couple, you can find policies related to maternity benefits from Niva Bupa health insurance. Check whether your plan covers everything or just the surgery and medicine charges. 

Check The Hospital Network Of The Desired Insurance

Many insurers provide you with benefits where you could opt for cashless hospitalization. However, this can only happen when the insurance company has a tie-up with the hospital. Cashless hospitalization is not only convenient but is financially liberating too. Always check the list of hospitals that have a tie-up with the insurance company you are going for. 

Verify whether the private or local hospital you prefer has a tie-up or not. Check the pan-India hospital network too. This way, if you are outside your hometown, it would be easy to find a hospital where you could opt for your insurance without much hassle.

Check The Waiting Period Of The Insurance 

Pre-existing illnesses require health insurance; however, at times like this, there is a waiting period after which you can claim your insurance. The waiting period could vary anywhere between 48 to 72 months.

If there is anyone in your family with a pre-existing illness, look for insurance that comes with a low-waiting period, as you never know when they might require hospitalization or surgery. However, health insurance plans, when bought at an early age can easily go for a longer waiting period, which would cost less and you might end up with a premium discount too.

To sum it up, always compare your premiums and go through the policy document and read the exclusion list. Be careful while going for any health insurance plan as the well-being of your family depends on it. 

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