In the last few years, if the Covid-19 pandemic has made something concrete, it is having a Health Insurance plan for your family. Although health insurance has always been there, after the pandemic, people realized how crucial it is to have individual and family health insurance policies. 

The rising lifestyle diseases, life-threatening viruses, and majorly expensive healthcare treatments are some primary reasons to get a health insurance policy. A family health insurance plan allows you to cover your loved one’s medical expenses without withdrawing money from your savings. However, not all health plans are beneficial. This article will give tips for choosing the best health insurance plans for your family.

1) Knowing different types of health insurance plans:

Health Insurance policies are available in different variants, each providing a certain type of coverage. So, the first step is to choose the right health plan for your family. Some commonly available health plans are as follows:

• Individual health insurance: Individual health insurance plans provide coverage for the medical expenses of a single person. This is an indemnity insurance plan which only covers hospitalization expenses. You can either buy it for yourself or a single family member. 
• Family floater health insurance plan: As the name suggests, a family floater health insurance plan provides coverage for the medical expenses of all family members under a single sum insured. This plan allows each family member to claim the entire coverage amount. 
• Senior citizen health insurance plan: Senior citizen health insurance plans are known to cover individuals aged 60 years or more. If your family members are 60 years or above, consider buying this health insurance policy. This is the Best health insurance that usually covers all benefits necessary for senior citizens, such as coverage for outpatient department treatment, pre-existing disease, domiciliary treatment, etc. 

2) Check the waiting period clause:

Mostly, the Best health insurance in India features a waiting period clause. According to this clause, claim for maternity expenses, specific medical treatments, pre-existing diseases, accidental injuries, etc., can be raised only after the completion of the waiting period. The waiting period varies from insurer to insurer and usually ranges between 2 to 5 years from the policy initiation date. Therefore, it is always better to check the waiting period clause beforehand. Always opt for the family health insurance plan with a minimum waiting period. 

3) Check if the policy offers the flexibility of adding new family members:

While buying a family health insurance policy, go through the clauses stating whether a policyholder is allowed to add new family members in a simple and hassle-free way. For example, if an old member of your family passes away, is it possible to add another family member to the current Health insurance policy without losing any offered benefits? If there is no flexibility in adding new members at the same premium, then opt for the other health plan. 

4) Check the maximum age to renew the health plan:

You should cross-check one of the most significant aspects before opting for the health coverage policy. For example, you shouldn’t skip checking the tenure of the family health plan, whether the policy offers lifetime or limited renewability. Now that health plans are mostly required during the later stage of life, buying one with lifetime renewability is always better. The Best health insurance company in India allows policyholders to renew their current family health policies anytime at any age according to their needs. This prevents policyholders from buying health plans time and again. 

5) Consider choosing the policy with an adequate sum insured:

To find the Best health insurance plans in India with adequate sum insured, it is necessary to determine the total number of members required to be covered. This will allow you to choose the sum insured sufficiently to cover all family members’ healthcare expenses. With inflation in medical costs, it is only right to have a high sum insured. However, with higher coverage also comes a high premium. So, along with the sum insured, you should also check the premium rate. It is always better to choose the family health plan offering maximum coverage at a reasonable premium rate. 

6) Check the limits and sub-limits:

Some family health insurance plans will have sub-limits on the room rent, specifically for a lower sum insured. Having a health plan with sub-limits can restrict the overall coverage. For instance, opting for a room with higher rent than the allowed sub-limit can proportionally reduce the inpatient claim. Similarly, some limited coverage benefits include OP expenses, AYUSH treatments, domiciliary treatments, maternity coverage, and more. The Best health insurance policy will not have sub-limits and limits on room rent and other medical expenses. Therefore, check for these sub-limits and limits before buying a health plan. 

7) Check the network hospitals of insurers:

Health Insurance plans offer the benefit of cashless hospitalization when being treated in their network hospitals. As a result, a policyholder need not shoulder the hospital bills. Instead, insurers will shoulder such bills on their behalf. Therefore, cashless hospitalization makes it convenient and financially liberating for policyholders to undertake medical treatments. Almost every insurance company mentions the number and names of networked hospitals with which they have collaborated. You can find this list on the insurance company’s official website. 

Conclusion

This medical inflation economy, along with the widespread of life-threatening diseases, has made it more necessary to have family health insurance plans. Furthermore, getting the best health insurance policy for the family will ensure that your finances are least affected during medical emergencies, preventing such situations from becoming financial crises. The best family health plans will provide comprehensive coverage for medical expenses and will protect you from unforeseen medical costs. Considering these mentioned points and conducting thorough research will help you select the right Health Insurance plan for your family. Moreover, you can now compare different health plans online with the inclusion of interest in the insurance industry.