A health insurance plan that considers our families’ comprehensive needs while offering a wide range of medical needs with easy accessibility at an affordable rate is ideal for any family. The best mediclaim policy for a family should be considerate towards flexible tailor-fitting services such as preventive care, diagnostic tests, emergency treatment, etc.
Further, it should ideally have add-on options for other special services like mental health and maternity services at feasible rates. A good mediclaim policy for families serves as a cushion of peace as it beats inflation and expensive medical care and lets you focus on the health and well-being of you and your family.
Through this article, we shall look into how one can choose anideal health insurance plan that serves the best medical needs for you and your family. .
[Also check : health insurance tax benefits]
Factors to consider while choosing the best mediclaim insurance for family
- Coverage
The most crucial factor while choosing a health insurance plan for your family is the coverage benefits the plan offers. Generally, the family mediclaim policy covers various expenses such as hospitalisation expenses, pre- and post-hospitalisation expenses, domiciliary and daycare expenses, organ donor expenses, road ambulance, etc. Further, you can also check for inclusion, such as rebuilding benefits, lifetime sustainability benefits, tax benefits, etc.
- Flexibility with sum assured
Medical treatments are getting expensive daily, and their affordability is only possible with a competent health insurance plan. Therefore, when you plan your health care coverage strategy, you must see whether your health insurance considers an increase in protection at the time of renewal. Also, check whether your company offers any bonus in sum assured if there was no claim in the previous year.
- Cashless hospitalisation
Cashless hospitalisation is the best add-on you can have in your health policy. It is a benefit that keeps you stress-free as you do not have to manage funds for the required treatment. Therefore it is an essential factor to keep in mind as it ensures that their network tie-ups provide you with sufficient support in time of need.
- Check whether this limits the renewability age
Health insurance plans for families usually offer lifetime renewability benefits. But with some companies, there is a limitation towards renewability, i.e. usually between 60 to 65. Therefore it is essential to check on such limitations as old age is a crucial time when you need the most protection.
- Stress-free settlement
Most health insurance companies have standard claim settlement procedures, but it is essential to ensure that the health insurance company you choose provides a smooth settlement. You can keep track of this by reports by IRDA or reviews and surveys available online.
- Check exclusion under the policy
The terms and conditions in the policy provide the section of exclusion, which is a significant factor in choosing your insurance policy. It would be best to opt for a policy with a minor exclusion, as each member has different medical requirements. The more exclusion you have in your policy, the more financial stress it can create during an emergency.
What are the benefits of having family health insurance?
- Safeguarding your family
Insurance companies offer several family floater health insurance plans
that covers the whole family under a single sum insured. Such policies are easily manageable, as you don’t end up paying separate healthcare coverage charges to cover each relative and financial protection against healthcare expenses. The policy ensures that you are burden-free from any financial issue and focus on getting health care facilities for your family.
- Ease to add a new member
When you have a family health insurance policy, you can add a new family member to your current policy rather than taking a new separate policy. All you need to do is to plan your medical care coverage strategy by consistently considering expanding the sum assured to get adequate inclusion for all. If the eldest family member passes away, then plan in such a way that other insured family members can avail of the coverage benefits.
- Supports medical inflation
With the advancement in medical expenses, medical treatment costs have also risen considerably. And this is not just subject to hospital bills but includes ambulance costs, diagnostic tests, doctor consultations, operating room costs, room rent etc. But the right kind of health insurance plan for a family will help you loosen up and defeat financial strain on your pocket as they cover the burden of inflation and also offer much-needed protection from healthcare expenses when needed.
- Coverage for all in the same policy
The most important factor is that all your family members get coverage under a single umbrella rather than a separate policy for each of them, which is not cost-efficient at all.
- Doesn’t hamper your savings
You can never anticipate when you’ll fall ill, but you can always prepare for the possibility. A good health insurance policy will provide the utmost coverage supporting you in managing your money and avoiding wasting it on hospital bills. In addition, a systematic health plan will add up to your savings. You can use this money to plan a home, contribute to your child’s education or go on holiday.
Conclusion
Therefore when choosing a family mediclaim policy, make sure you choose comprehensive coverage that considers all your family member’s medical needs, further offering flexibility, accessibility, and affordability to your policy. The best mediclaim insurance for a family secures your family, supports medical inflation, provides ease of adding new members, covers all family members under a single umbrella, and doesn’t hamper your savings. So make sure you don’t compromise on any of these aspects and choose an ideal plan that best suits your family’s health requirements.
