Health Insurance for Family: Knowing These 9 Secrets Will Help You Buy the Right Plan
Updated On Sep 22, 2021
The cost of medical treatment is increasing.
We are now more likely to suffer from lifestyle/critical illnesses than before.
That’s why having cover for you and your family is necessary.
However, only 44% of the 1.3 billion people in India have health insurance as of the 2017 report.
Keeping the stats at bay, let’s disclose 9 secrets to pick the right health insurance policy for you and your family.
Don’t Get Confused with an Individual Health Insurance Policy
Individual health policy is designed for a single person. Its premium is decided based on age, current health condition, medical history and inherent health risks of the individual. If you tend to buy an individual health policy for your family, you’ll need to buy health insurance for every family member.
Some of the popular health policies that are issued on an individual basis are:
- Religare Care Plan
- Star Comprehensive Insurance Policy
- HDFC Ergo Health Suraksha
- Aditya Birla Activ Assure Diamond
Family-Floater Health Insurance Policy
A family floater policy is specially made to meet the medical needs of a family. The sum insured under the policy is distributed amongst all the family members. This type of health insurance caters to the proposer, spouse, dependent children and dependent parents.
Let me help you understand this with an example.
Assume that you have a family floater policy with the sum insured of Rs. 5 Lakh. Due to dengue fever, one of the dependent children gets hospitalized. And the hospitalisation bills come close to Rs. 75,000. This amount will be deducted from the sum insured amount, which is 5 Lakh. The remaining sum insured is 4,25,000.
The other insured members can use the remaining amount in case of a medical emergency. Most of the plans are available as both individual and family floater basis. One can purchase a policy as per ones requirements and needs. Some of the renowned family floater health insurance policies are:
- Religare Joy Plan
- Star Comprehensive Insurance Policy
- Max Bupa Health Companion
Pre- Existing Diseases
The waiting period for pre-existing diseases is one of the key elements you should consider to make an ideal choice. It is important because many insurance companies offer pre-existing disease coverage, many do not.
Click to read here Pre-Existing Disease Cover from Day One by Popular Health Insurance Companies
On the other hand, the insurers offering cover for these diseases include the element of the waiting period in the concept. The period may range between 2-4 years. It is advisable to buy a health policy for your family that comes with a reduced waiting period for pre-existing diseases.
Room Rent Capping
Room rent capping is one of the many elements to take into account while buying a health insurance plan. In general, it’s a maximum amount of per-day room charges that you can claim if you are admitted to a hospital. Make sure the plan you have decided to buy has no limit on room rent.
Lifetime Renewal:
When you grow old, the chances of suffering from ailments and diseases are higher as compared to when you had purchased the policy. It’s, therefore, essential to buy a policy which provides the lifetime renewal of the policy.
Recharge/Restoration benefit
Restoration benefit generally recharges or restores the basic sum insured. It’s vital to choose a policy which comes with an inbuilt restore option and automatically recharges your sum insured in the event of more than one medical emergency in the same policy year.
However, the restoration benefit is applicable to unrelated ailments. It’s an important feature especially in case of a family floater health insurance policy.
Network Hospitals
Prior to deciding a family floater policy, find the list of network hospitals for cashless treatment. Make sure a good hospital in the city you live or frequently travel is in the insurer’s network hospital list.
What If You’re Employed?
Even if you and your family are covered by your employer’s corporate medical policy, a personal cover is essential. The medical insurance policy provided by your employer is basic in nature. The moment you quit the job or your employer fails to renew the policy, the policy lapses. It is advisable to supplement the employer’s corporate medical policy with your personal medical insurance.
Are You Self-Employed?
If you are self-employed, choose comprehensive insurance coverage for your entire family. If you can’t afford insurance premiums, then opt for basic health insurance and supplement the cover with either a top-up or super top-up as per your needs.
Also Read
Now Cover Entire Family Under Critical Illness Plan by IFFCO Tokio General Insurance
4 Easy-to-Follow Tricks To Buy a Health Insurance Plan for Your Family
Conclusion
Never make a hasty decision while purchasing a health plan. Compare different policies online and select one that meet your needs. Buying the right insurance cover is a sure-shot way to neutralize all the health risks and let your family live a healthy and worry-free life. With the best plan, a medical emergency would never wash off your savings in a single go.
