The Need for Health Insurance Policy for Family

Our family is precious to us, and so is the proper health and upkeep of each of our family members. While the going is good, all is fine, but what happens when there is a need for sudden hospitalization? What if someone in our home is suddenly diagnosed with a critical illness or meets with an accident? Yes, our world comes crashing down unexpectedly. We must assume full responsibilities to see that our loved ones get the best medical facilities and hospitalization to ensure their full recovery.

In times of uncertainty, especially between a pandemic and escalating medical costs, it would do well for us to pay heed to the need for Health Insurance for our Family. Lifestyle diseases affect 75% of the population, given growing stress, improper eating, and lack of exercise routine. All this has made the menace more commonplace. We can’t in the moments of crisis, start making financial arrangements. We at that time need to be attending to our loved ones and taking the right decisions with regards to doctor consultation, hospitalization, necessary treatment, and medication to be given.

Also, other than the safety and security for our loved ones, another small incentive is that buying Family Health Insurance can provide you with a Tax benefit under section 80D of the Income Tax Act. Moreover, if the cover is not used, the policyholder can go on accumulating bonuses on the policy and consequently get higher coverage for the same premium! 

How to go about Buying Health Insurance for Family

1. Compare online different types of policies available for family

Among the variety of plans available in India for Buying Health Insurance, there are individual health policies, family floaters along with senior citizen health insurance. Understanding each of these is essential, before you assess your requirements and compare each plan. A family floater policy is always preferred as it offers better coverage and a higher sum insured than individual policies. It covers a range of expenses, and your family can also benefit from free medical check-ups offered by these policies.

In the case of a floater policy, if a member is hospitalized, only a portion of the sum assured is used up while the balance is available for other family members, like in the case of the Aditya Birla Family Floater Health Insurance plan. Individual policies do not provide this flexibility.

Also, research online and compare features of policies provided by different insurance companies. This may take some time but will save you both on premium cost and give you the best coverage for the money you are spending. Family floater policies are also easier to manage as you pay the premium at one go instead of having to track multiple policies for different family members.

2. Get a good sense of policy coverage and benefits for the family

Every family member may have a different need from the policy. See if the policy covers only hospitalization or does it also include pre and post-hospitalization expenses. Get into the fine print of the policy by checking out its features, sub-limits for certain procedures and other clauses. This makes a big difference towards the money that you must spend in periods of medical crisis.

3. Important factors to keep in mind: Network hospitals and claim settlement ratio

You must look for a policy that has a higher hospital network coverage domestically as well as internationally. Especially when you are buying it for your family, keep an eye out for the hospital or diagnostic centers near your residence.

Also, always choose an insurer with a higher claim settlement ratio as you don’t want to be tied to a policy where you need to keep following up or fighting for your money. The medical emergency would have already added to enough stress. 

4. What to keep in mind when you buy Health Insurance Mediclaim policy for family

Here are some other things to consider when choosing a Mediclaim policy for your family-

1. Choose a plan which can be renewable for a lifetime because mostly, hospitalization and medical needs emerge more frequently in the later part of our lifetime, as we age.
2. Remember to check on add-ons- These are riders or extras to better suit those needs that are not covered in the basic plan. For example- critical illness, accidental disability, or maternity cover rider. You can avail extra benefits for lower prices and make your family medical insurance policy more comprehensive by adding these.

• Other important charges- Make sure to check if your plan covers other expenses like- ambulance charges (which can be very expensive), daycare procedures and daily cash allowance to hold you in better shape financially as you are hospitalized.

1. Look out for the waiting period clause – This is important, as health insurance plans cover pre-existing diseases, specific treatments, maternity expenses etc., after the waiting period. You should have clarity on this.
2. Look for the flexibility in a policy to add new family members- for example, in the case of a newborn, or in case of marriage- spouse.

Conclusion

Health Insurance Policy with a family cover comes in handy, especially for the elderly in the family. They are prone to frequent hospitalizations and primarily exhaust the policy. In such times, buying the right health insurance plan for your family will help you to avoid spending too much from your pocket and to get some much-needed peace of mind at the time of emergency.