How to Choose the Right Family Health Insurance Policy
However, in order for the family health insurance policy to be truly convenient, you’ll have to consider a couple of things while choosing one. And, given below is a detailed guideline on all the factors that can make a family insurance plan the right fit for you.
Coverage Offered Under a Family Insurance Plan
When comparing different family insurance plans, it’s important to create a list of the basic coverage provided under the medical insurance policy. Generally, all the health insurance policies provide ambulance charges, in-hospitalization expenditure, day care expenditure, and so on.
In case you’re planning to have a kid, you need to opt for health insurance policies that cover the insurance for a newborn baby or just add your baby as the beneficiary to your present family health insurance plan after the baby is born. Moreover, the insurance policy comparison needs to be done considering the coverage you need for existing diseases, exclusions, and claim settlement ratio.
Flexibility of Increasing the Insured Sum under the Plan
The cost of neither the medical treatment nor the living expenses is going to remain unchanged. Most insurance companies give you the opportunity to increase the insured sum in the years to come. At times, when you carry out timely renewals and have the option of ‘No Claim Bonus,’ the insurer might reward you by raising the amount of insured sum.
The Availability of the Facility of Cashless Hospitalization
At present, almost every health insurer offers cashless hospitalization in the network hospitals. It makes the process of hospitalization hassle-free and seamless. But it is important to check whether there are names of well-reputed hospitals included in the insurer’s list.
Check the Maximum Age of Renewal for the Policy
Many of the health insurance companies offer the facility of policy renewal until sixty to sixty-five years of age. In fact, you will also get the facility of lifelong renewal under some health insurance policies. It is important to make sure that you choose the plan that can offer you maximum protection during times of need.
The Possibility of Hassle-Free Settlement of Claims
Though all insurance companies have to follow the exact same claim settlement process as ordained by the insurance regulator, a few differences still exist in terms of the functionality of every company.
Before purchasing a health insurance policy for your family members, you need to have a clear idea about the claim settlement process of the company. As mentioned before, many companies provide cashless hospitalization facilities, so there should not be any hassle in making the claims.
Common Exclusions as a Part of Family Health Insurance Policies
It is important to read all the policy documents closely to understand the exclusions in detail. Moreover, you will find a number of clauses outlined in a family health insurance policy, such as pre-existing diseases, waiting periods, and so on. All these clauses will play a major role in determining if you are going to receive the claim or not upon hospitalization.
Given below is a list of medical expenses that are not covered by the health insurance policies in the country:
- Regular medical checkups and OPD treatments
- Expenses regarding plastic surgeries or other types of aesthetic treatments
- Expenses on the life-support machines
- Overseas treatment, unless it’s included in your plan
- Any injury or illness resulting from actions of foreign enemies, rebellion, nuclear reaction, unethical activities, war conditions, and other such conditions.
- Pre-existing illnesses or medical conditions are not covered until the waiting period mentioned in the policy is completed
- Childbirth or pregnancy-related complications (if not included in the policy), such as abortion or miscarriage, unless it’s an ectopic pregnancy
Now that you have a better idea about the facts that help in distinguishing between different family health insurance policies, you’ll find it easier to select the right one for your dear ones. So, without any more delay, start looking at the insurance policy options available in the market and choose one as per the guidelines given above.