A Comprehensive Guide for Buying a Health Insurance Policy for your family in India

Providing the best medical treatment to their family members is on everyone’s list. But with the rising medical costs, many people are struggling to keep up with this herculean task. Many people have faced the heat of sky-high medical bills after the second wave of COVID left them in deep-neck debt. Had people secured themselves and their family members under good family health insurance, things would have been different for better purposes.

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A family health insurance is a reasonably cost-effective health insurance plan that offers medical coverage to all your family members , including spouse, children, and dependent parents, under a single policy. If you want your family members to receive the best treatment whenever they need it, without having to worry about arranging huge funds instantly or on short notice, get them all secured under a good family health insurance plan at the earliest.

Tips to Choose the Perfect Family Health Insurance Policy in India

The market has various insurance companies, and naturally, even more, insurance plans for family members, which can easily confuse a person. To save you from this confusion and prevent you from making the wrong insurance purchase, we’ve listed down some crucial tips that are certain to help you navigate your way, enabling you to choose the best family health insurance policy in India. So let’s head straight to the tips shared below:

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  1. Look for Policies with the Best Coverage

When buying a policy for your family members, you have to pick a plan that caters to the medical needs of all those who will be included in the coverage. Once you’ve a clear idea of what all you want the policy to cover, start looking for policies and evaluate them based on their pre-hospitalization and post-hospitalization benefits, critical illness cover, list of network hospitals, etc.

You should also check the waiting period so you know after how long you’ll be able to file for claims for particular illnesses or treatments. The more you get each policy, the better. But in the end, your goal should be to find family health insurance policies that provide the best coverage for all.

  1. Ensure the Premiums are Affordable

There is no point buying a high-end insurance policy if you cannot pay its premium on time. Luckily, there are policies like the Arogya Sanjeevani health insurance policy that provides decent coverage at an affordable premium. You can secure your spouse, children, and dependent parents under this policy for a comparatively lower premium amount. However, the coverage will also be limited. For enhanced coverage, you will have to look for comprehensive family insurance plans.

These calculators will give you near-accurate premium figures within a few seconds, provided you enter all the required details correctly. So if the premium amount is going to play a huge role in your insurance buying decision, online premium calculators can help you a lot.

  1. Check the list of Network Hospitals

Every insurer has a registered list of network hospitals where the covered individuals can visit for treatment and avail the cashless treatment benefit. If you want your family members to receive good treatment, make sure the insurer you’re planning to proceed with has some really good hospitals added to its network list. The more the number of good hospitals on the list, the better it will be.

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  1. Do Some Research About the Insurers Reputation

You wouldn’t ever want to end up buying a long-term family insurance plan from an insurance company that has a bad reputation among people. The sole reason for buying insurance plans is to receive prompt support and quick reimbursement during an emergency, and if the insurer fails to deliver it, you’re in big trouble.

Hence, to avoid landing in similar situations, always do some research on the internet about the insurer’s reputation. See what various people online have to say about the company’s customer support, claim filing process, claim settlement experiences, etc. To get unbiased opinions, look for information on online forums or communities built around the Indian insurance and financial market.

  1. Compare Similar Type of Policies Being Offered by Other Insurers

The best way to find family health insurance policies ideal for your requirements is by looking for more similar types of policies offered by other insurers. Compare what they’re offering and at what premium. In the end, your goal should be choosing the plan that offers maximum coverage at the most reasonable and affordable premium.

A quick online search will display you a long list of family health insurance policies you can consider for evaluation. As it is a time-taking process, start researching, comparing, and evaluating at the earliest. You should compare all the policies in terms of their inclusion, exclusion, co-payment terms, list of network hospitals, premiums, etc.

  1. See if the Policy Covers Special Benefits for Senior Citizens

Since senior citizens are more prone to illnesses and diseases, it is best to look for policies having something special for them. It can be anything ranging from generous room rent limits to the best available critical illness cover in the market. While purchasing any policy, always head to the insurer’s website and check what their policy offers in detail.

You can find various types of insurance plans that cover family members, but not all offer great coverage for senior citizens. For example, if you wish to secure your family members under the Arogya Sanjeevani health insurance policy, it will only give you basic coverage. But if you’re looking for enhanced coverage and special benefits for senior citizens, you should look for comprehensive health insurance policies from top insurers.

  1. Find Out About the Insurers Claim Settlement Ratio

An easy way to find out whether the shortlisted insurer is worth proceeding with or not is by checking its past records on claim settlement ratio. A high claim settlement ratio indicates the company is quick at reimbursing claims, which is good for the insured. If you cannot find the claim settlement ratio online, take the help of Facebook groups, Reddit groups, and some other online communities or forums wherein you can ask for such details directly from people who might have better knowledge on these matters.

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  1. Choose an Insurance Company that Provides Tax Benefit Certificate

A good thing about getting insurance is it offers you multiple benefits. While it secures you and your family from medical emergencies, it also allows the policyholder to claim the premium paid as a deduction while filing IT returns. Individuals can claim a deduction of upto Rs. 25, 000, while those having dependent parents can claim an additional amount deduction of Rs. 25, 000 (for parents within 60 years of age) or Rs. 50,000 (for parents of 60 years of age and above). So look for an insurance company that also provides a tax benefit certificate, which makes it easier to file deductions.

  1. Check the List of Available Add-Ons

For some people, the coverage offered in standard family health insurance is not enough. If your family members need enhanced coverage, you can buy add-ons that fill the gap. The list of add-ons offered with family health insurance varies from one insurer to another, so always check the add-ons being offered by your shortlisted insurance company. As every add-on will increase the premium amount, be sure to only add the add-ons you need.

  1. Opt for Policies with Little to No Co-Payment Feature

Co-payment requires the policyholder to pay a certain percentage of the claim amount as out-of-pocket expenses during claim settlement, while the remaining is paid by the insurance company. There are insurers that have co-payment as high as 15%-20%, so you should try to avoid getting policies from them. If you want your out-of-pocket expenses during medical emergencies to be minimal, look for family health insurance plans that have a low co-payment rule. It will benefit you immensely during claim settlement processes.

Besides the tips shared above, also be sure to look for insurers that aim at maximising peoples’ convenience. For example, look for insurers that require minimal documentation for buying any policy and a hassle-free, straightforward claim settlement process. Excellent customer support can be the cherry on top, so if you find an insurer offering all these benefits, go ahead with the insurance company without any second thought.

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