One of the most important responsibilities in a person’s life is securing his/her family members’ health. An ideal way to do it is by purchasing a health insurance plan for the family. If you are planning to buy a family health insurance, then read this article to understand the things you need to consider while purchasing one.
Health insurance for the family covers the policyholder, his/her spouse, and children. Furthermore, by paying an additional premium, a policyholder can also get cover for dependant parents and in-laws.
In order to ensure your family’s wellbeing, it is crucial to purchase family floater health insurance. Furthermore, there are many insurance policies to choose from, and you can select the one based on your requirements and budget. However, the process of finding the right health insurance for the family can be tedious. But by keeping in mind a few important things, you can make this process stress-free.
Things to Consider While Purchasing Family Health Insurance
The Claim Process’ Efficiency
One of the first things that you need to check is an insurance provider’s claim settlement ratio and claim settlement time. The claim settlement ratio will inform you about the percentage of claims settled by an insurer during a financial year. The claim settlement time lets you know how quickly an insurance company settles a claim.
Make sure that the insurance provider you choose has a high claim settlement ratio and a faster claim settlement time.
Don’t Rely Completely on Your Employer’s Medical Insurance
Many salaried individuals are covered by their employer’s medical insurance policy. Generally, this policy covers the employee, his/her spouse, and children. However, the problem with most of these plans is that they don’t offer extensive cover and provide a lower sum assured.
Therefore, many experts recommend purchasing a family floater plan as it offers comprehensive cover.
It is wise to select an insurance provider that has an extensive network of hospitals. This is because you can avail the cashless facility at network hospitals. If you avail the cashless facility, then the insurance company will directly settle the medicals bills with the hospital.
A lot of insurance providers don’t cover daycare procedures. They cover medical expenses only when a policyholder is hospitalised for more than 24 hours. Therefore, while searching health insurance plans for family, make sure you look for a policy that covers daycare procedures.
Inclusions and Exclusions
Many policy buyers purchase a plan without reading the policy documents and the terms and conditions. Don’t make this mistake. These documents shed light on the policy’s inclusions and exclusions. It is unwise to buy a plan without knowing everything about it.
Free Medical Check-up
You should look for a plan that allows policyholders to avail a free medical check-up.
The aforementioned points are important things you need to consider when buying a health insurance policy.