Things To Know Before Buying Family Health Insurance

9 Things To Know Before Buying Health Insurance For Family

As your family’s welfare is one of your top priorities, it is natural for you to be finicky about what you chose for them. To secure their health and wellbeing, you must be extremely watchful about your decisions for them. And as the medical expenses are escalating at an alarming rate, purchasing a robust health insurance policy for yourself and your family can be quite helpful in the event of an unanticipated medical emergency. 

However, finding a health insurance plan that would be the best fit for you can be difficult with a plethora of options available in the market. Therefore, here is a quick rundown of the 9 things that you should consider before buying a health insurance plan for yourself and your family.

What All To Check Before Investing In On Family Health Insurance?

  • Network Hospital Of The Insurer

You should always check the number of network hospitals included in the coverage when purchasing a health insurance plan for your family. A larger and strong network of hospitals is preferable because it will make it simpler for you to use cashless treatment. 

The major advantage of receiving treatment at a network hospital is that the insured does not need to run around town to find financing because the insurer will handle all costs. If the treatment is received in accordance with the terms and conditions of the insurance, the insurer pays the hospital bills directly and without requiring payment from you.

  • Premium Amount

The premium amount can be defined as the sum of money you must pay to your insurer to maintain your insurance in effect. The premium amount will rise together with an increase in the amount insured. In addition, the premium for a family floater plan is determined by the age of the oldest family member. 

Moreover, the cost of your family’s health insurance will rise once again if you choose add-ons. Therefore, you should consider all such factors that can increase your premium amount for the health insurance plan. It is also important to note that you should not compromise with the coverage for a lower premium amount as it can cost bigger in case of medical emergencies. 

  • Age Criteria

When it comes to choosing a health insurance plan, age is an important determining factor. Do bear in mind the family members’ ages who need to be insured while buying a medical policy. The price of the premium, much like in a family floater insurance, would be based on the age of the oldest family member.

When purchasing a health insurance plan for your family, you should also look into the age restriction criteria. For instance, some health plans have entry age requirements that range from 91 days to 60 years, with 91 days being the minimum and 60 years being the maximum. There are, however, some schemes that don’t impose any limitations on age. 

You would be in a better position to decide if you were aware of the waiting period rule. During this time, the insurer will not accept any claims resulting from pre-existing conditions or specified illnesses. And depending on the insurer and the plan you have selected; it can be anywhere between 24 months and 48 months. Additionally, you won’t be able to submit a claim for benefits until this time has passed. As a result, you can evaluate plans and select one that has a short waiting period before you can use the benefits in the event of a medical emergency.

  • Sum Insured

Make sure the plan’s insured amount is sufficient to cover all of your family’s medical needs before purchasing health insurance for them. Take into account the family’s age, any current medical conditions, and various other factors to determine the sum insured amount. You could require a bigger insured amount if your parents are included in your family’s health insurance because medical costs rise as you become older. Therefore, it is advisable to check whether or not the amount of sum insured is adequate to cover your family members. 

  • Pre- & Post-Hospitalization Coverage

The majority of health insurance policies pay for the medical costs associated with hospitalization. Pre- and post-hospitalization expenses should both be covered by a family health insurance plan. To avoid paying for ambulance fees, medical tests, medications, doctor fees, and other costs, get a health insurance plan that also covers costs incurred both before and after the hospitalization, because you may require to visit the doctor multiple times and undergo several tests.

  • Plan Exclusions

In addition to understanding the benefits of the health insurance plan, you should also be aware of the medical treatments and conditions that are not covered by the plan. Various insurance companies exclude certain conditions and treatments under their family health insurance plan, such as suicide, injury due to war, etc. So, before selecting one, take some time to read the list of exclusions.

  • Claim Process

The claim settlement process of an insurance company is one of the most important factors you should consider before buying a health insurance plan for your family. The insurer’s claim settlement processes should run smoothly. It can be determined by looking at the insurer’s claim settlement ratio. By dividing the total claims paid by the total claims submitted, the claim settlement ratio is derived. Selecting insurance with a greater settlement percentage is a sensible choice. Otherwise, you would have to jump from post to pillar to get your medical expenses paid.

  • Maternity Coverage

A typical error that many people commit while purchasing a family health insurance plan is to ignore the maternity benefits in a health insurance coverage. It is best to choose a health plan that includes maternity costs given the sky-high cost of delivery and maternity care. You can also select a plan that, in addition to covering delivery costs, covers newborn baby medical costs. Don’t forget to look at the restrictions that come with it as well.

Bottom Line

Now that you are aware of the considerations to make while purchasing a health insurance plan for your family members, simply safeguard their health and protect yourself from rising medical expenses. Nowadays, you can easily compare family health insurance plans online and purchase them in a matter of a few taps.

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