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Top 5 Guidelines for Choosing the Best Family Health Insurance Plans in India

Best Family Health Insurance Plans in India During the fiscal year 2021, only 514 million Indians had health insurance plans. About 30% of the 138 billion people in the country did not have any form of health insurance.

Thousands of individuals in India still have very little access to health insurance, forcing them to spend a sizable percentage of their income on healthcare. This, in turn, affects their overall financial condition.

Given the rising cost of medical treatment, securing the right health insurance plan is a must. A good health insurance plan can provide valuable services to reduce out-of-pocket costs while offering comprehensive coverage.

However, securing the right health insurance plan for a family can be challenging. There are various things to consider before making such a significant decision and ensuring that you have made the right choice.

This blog will discuss some of the most important factors to consider when looking for health insurance plans for a family in India.

Why choose a family health insurance policy?

As healthcare costs continue to rise, family health insurance plans in India are becoming increasingly important. Health insurance plans for families ensure that every family member is adequately covered. It protects a family from not being hit with large medical bills in the event of an unexpected illness or hospitalization.

Factors such as medical inflation in the aftermath of the Covid-19 pandemic have only further underscored the importance of having health insurance plans for a family.

What are some guidelines for picking the best family health insurance plans?

Following the advice below will help you choose the finest family health insurance plans for your loved ones:

1. Look for the right policy coverage

Choose a health insurance plan that provides coverage for various medical issues, including

  • Pre-and post-hospitalization cover
  • Ambulance costs
  • Critical illness insurance
  • Cashless treatment
  • Maternity benefits
  • Daily hospital cash benefits
  • In-patient hospitalization, etc.
Make sure the coverage fulfills the needs of every family member, including children. You must examine the features and restrictions of the policies, consider their needs and compare various plans before choosing a policy.

You also need to look into hidden aspects of a policy, such as sub-limits and waiting periods. So, carefully review the policy wording, including the terms and conditions. This would guarantee that neither the person under treatment nor their family would experience difficulties while filing the claim during an emergency.

2. Opt for a lifetime renewability plan

An important factor when considering any health insurance plan is its lifetime renewability. Lifetime renewability is the best option when selecting a family health insurance plan, as it ensures that the policy will remain in force and will be renewed yearly with no additional fees or paperwork.

This is crucial since a person will need health insurance throughout their life, and purchasing a new policy every year is tedious and expensive. However, this process is significantly simplified if your policy has lifetime renewability.
Best Family Health Insurance Plans in India 3. Check the waiting period clause
Having adequate health insurance is crucial to cover medical expenses should something unexpected happen. However, some critical clauses must be considered when deciding on a health insurance policy.

The waiting period clause is one of the most significant of these provisions. This clause specifies the amount of time that must pass before certain benefits will kick in, and it can vary depending on the insurance policy being taken out.

For this reason, it is essential to thoroughly check the waiting period clause before investing in any health insurance policy.

4. Look for flexibility to add new family members
A family health insurance plan must make it simple to include a new family member. Also, other family members should be able to use the same policy without losing any benefits if a family member dies or is no longer eligible for coverage.

5. Room rent limit
Depending on the plan selected by the policyholder, the insured will receive a private room, shared room, or semi-private room during a medical emergency. To avoid paying more out-of-pocket expenditure, selecting a higher room rent cap policy is usually advisable.

To sum it up, health insurance plans for family offer a great way to protect your family’s health and finances. One can acquire the ideal plan for their family’s medical requirements with careful thought and examination.

When choosing the best family health insurance plan in India, one must assess one’s needs and budget and compare plans to find the one that suits one best. It is also essential to consider any additional coverage or benefits offered, any extra costs associated with the plan, and any potential exclusions.

Image Credits: Image 1- Pictures of Money on Flickr

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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 21st December 2022.

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