Choosing Suitable Health Insurance Plan For Your Family: Key Considerations

As a responsible member of your family, you need to be prepared to take care of the health requirements of your loved ones.

Family members, such as your spouse, children or parents, may have different requirements when it comes to their healthcare needs. Moreover, it is equally important to remain prepared for any medical emergencies or unexpected health issues.

In such cases, if you have to bear the expenses of medical treatment entirely out of your own pocket, it can strain your finances. That's why it is important to buy a health insurance policy for your family.

Such a policy offers coverage for a range of treatments and ensures that you don't face financial difficulties when a medical emergency strikes your family. With a wide range of health insurance policies available in the market, selecting the right scheme for your family members could be a tough task.

Here are some of the factors you must take into account to select the most suitable family coverage health insurance plan.

Different families are likely to have different health priorities. For example, in the case of a young couple with children, medical requirements related to pediatric and maternity needs are likely to be more relevant.

On the other hand, a health insurance policy for a family with older members, such as parents, may need to focus more on chronic illnesses.  

Affordability is one of the most important yardsticks for judging the suitability of family health insurance policies. It is important to compare the premiums for different insurance policies with similar coverage to decide which offers the best value for investment.

Also, add-on coverages may offer additional benefits, which could be suitable to meet the needs of your parents or spouse.

It is important to check the network of hospitals that offer cashless treatment under an insurance policy. Network hospitals have an agreement with insurance companies that ensures that the insured person doesn't have to pay upfront.

Thus, the insurance company can directly settle the bill with the hospital. Also, look for a health insurance plan that includes hospitals in your neighbourhood, which could be convenient to seek medical help at the time of need.

You must read the terms and conditions to understand the claims settlement process of a health insurance policy. This will ensure that you know exactly what you need to do when you need to raise a claim and will lead to a hassle-free process.

Moreover, you must check the claim settlement ratio, which shows the percentage of claims settled by an insurer against the number of claims it receives. The higher the claims settlement ratio, the more trustworthy the insurer is.

Sub-limits show the maximum amount you can claim for a specific treatment or procedure, while co-payments refer to the amount the policyholder will pay while making the claim. Since both can lead to additional expenditure, it is generally recommended to avoid buying policies with such conditions.

Cost of medical treatment in India is not only high in many cases but also increases with time. You must evaluate the requirements of your family and compare different insurance plans to decide which is best for your loved ones. It is equally important to check the reputation of the insurer before buying a policy.