How to Choose the Right Health Insurance for Your Family

Shock of illness, not trouble! Know the mantra to choose the right family health insurance

We all know that health is our biggest wealth. But just imagine, if suddenly a family member gets a serious illness, then the increasing hospital expenses are no less than an economic storm! In such a situation, family health insurance works like a protective shield.

But there are many types of health insurance plans available in the market, seeing which your mind can get confused. Which plan will be most beneficial for your family? Which company should be chosen? Will the premium not become a burden on your pocket? These are the questions that come to the mind of every sensible person.

In this article, we will tell you the mantra to choose family health insurance, so that you can choose the right plan for yourself and your family without any hassle. So what are you waiting for, let's get started!

Understand the needs of the family

Before choosing family health insurance, it is most important that you understand the needs of your family well.

• Does anyone in your family already have any disease?
• What is your age and the age of your children?
• Are you planning to expand your family in the future?

Only after getting the answers to these questions will you be able to understand what kind of health insurance plan you should take.

For example, if your parents already have any disease, then you will need a plan that covers pre-existing diseases. On the other hand, if your children are small, then you will need a plan that covers children's vaccination and other necessary tests.

Read the coverage and benefits carefully

Nowadays, many types of family health insurance plans are available in the market, which provide different types of coverage and benefits.

Some of the important coverage options are:

• Hospitalization expenses
• Operation ka kharch
• Drugs and medicines
• Emergency ambulance service
• Pre and post hospitalization kharch

Apart from this, many plans also offer additional benefits such as:

• Maternity cover
• Critical illness cover
• Day-care procedures ka kharch

When choosing a plan for your family, prioritise the benefits that are most important to your family.

Understand premium and sum co-payment

The premium of family health insurance is the amount that you have to pay to the company on an annual or monthly basis. The premium depends on your age, number of family members, coverage options chosen and other factors.

When you are choosing a plan, keep in mind the sum insured along with the premium. Sum insured is the maximum amount that the company will pay for any one of your illnesses or accidents.

For example, if you have taken a plan with a sum insured of Rs 5 lakh and Rs 6 lakh is spent on the treatment of an illness, then you will have to pay the remaining Rs 1 lakh yourself.

Apart from this, many plans also have a provision for co-payment. Co-payment is the amount that you have to pay from the hospital bill. For example, if your co-payment is 10% and the hospital bill is Rs 50,000, you will have to pay Rs 5,000 yourself.

Along with daily expenses, you should also keep in mind that the premium and sum insured are in line with your budget. Choose a plan that meets the needs of your family and does not spoil your budget.

Understand the claim process

The biggest benefit of family health insurance is when you get an easy claim at the time of illness. Therefore, understand the claim process thoroughly before choosing a plan.

• What kind of documents will be required?
• How long will the claim process take?
• Does the company facilitate the claim process with network hospitals?
• You can get answers to these questions from the website or customer service of that company.

Pay attention to the credibility of the company

The credibility of the company is also very important while choosing a family health insurance plan. Choose a company that has a good track record and pays claims on time.

• How long has the company been in the market?
• What is the rating of the company?
• What is the opinion about the customer service of the company?
• You can get answers to these questions from online reviews and customer forums.

Additional coverage options

Family health insurance plans also offer a variety of additional coverage options that can further strengthen your family's security.

Maternity cover

If you are planning to expand your family, maternity cover can be very important for you. This cover covers the expenses of pregnancy, delivery and newborn care.

Critical illness cover

Critical illness cover provides you with a lump sum amount for critical illnesses that are life-threatening. For example, cancer, heart attack, kidney failure, etc.

Cost of day care procedures

Some plans also cover the cost of day-care procedures. These are procedures that do not require a hospital stay, such as dialysis, chemotherapy, etc.

Accidental death and disability cover

This cover provides a lump sum amount for death or disability caused due to an accident.

When you are choosing a family health insurance plan, consider these additional coverage options as per your family's needs. These coverages can save you from financial stress and ensure the safety of your family.

What to keep in mind while choosing a plan?

While choosing a family health insurance plan, it is important to keep in mind some important things:

Decide your budget limit 

First of all, decide your budget limit. How much premium can you afford? This will help you in choosing a plan.

Check the claim settlement ratio

The claim settlement ratio is an important factor. It tells how many percent of claims the company approves. A good company should have a high claim settlement ratio.

Check the customer service of the company

Also keep in mind the customer service of the company. A good company will help you in the claim process on time and easily.

Read the policy document carefully

Read the policy document carefully. It contains all the terms and conditions. Contact the company in case of any doubt.

Review the policy regularly

Your needs may change over time. So review your policy regularly and update it as needed.

By keeping these things in mind, you can choose the right family health insurance plan for your family.

Conclusion

Family health insurance is a vital tool for financial security of your family. To choose the right plan, understand your needs, compare coverage and benefits, pay attention to the premium and sum insured, understand the claim process, and consider the reliability of the company.

Additional coverage options can also enhance your family’s security. Determine your budget limit, look at the claim settlement ratio, check the company’s customer service, and read the policy document carefully.

By following these tips, you can choose a family health insurance plan for your family that meets your needs and ensures your financial security.

Remember, illness can be a shock, but not a disaster, if you have the right family health insurance!