Top 5 Tips to Choose Best Family Health Insurance Plans in India

Everyone wants to have a health insurance plan that offers maximum coverage to them and their family. With an extensive range of health insurance policies available in the market, choosing the right policy can be a herculean task. As a result of this, many times people end up buying the wrong health insurance plans with inadequate coverage. Further in this article, we have discussed some simple tips to choose the best family health insurance plan elaborately.

Tips to Choose Best Family Health Insurance Plan

Here we have listed 5 simple tips to choose the best family health insurance plan in India:

Look for the right policy coverage

Choose a health insurance policy that provides coverage for pre and post-hospitalization, critical illness cover, ambulance charges, cashless treatment, maternity benefits, in-patient hospitalization, daily hospital cash benefit and covers an extensive range of medical problems. While purchasing a health plan for the family, an individual should make sure that the plan caters to the needs of each insured member.

Compare various plans, check for the limitations and features of policy and then choose the plan as per your requirement. Most of the time, the policy buyers tend to miss some features like the waiting period, sub-limits, etc. Thus, it is imperative to go through the policy brochure thoroughly to ensure that at the time of claim, the family does not have to face any trouble.

Check the waiting period clause

Usually, most of the health insurance policies cover maternity expenses, pre-existing diseases and specific treatments like varicose veins, hernia, etc. after a waiting period of 2-4 years. The waiting period of a plan varies from insurer to insurer. For example, maternity expenses are normally covered after a waiting period of 2-4 years from the date of policy initiation.

Many insurance companies also offer a lower waiting period. Thus, make sure to check the tenure after which the pre-existing illness will be covered in the family health insurance plan and choose the plan which comes with the minimum waiting period.

Check for flexibility to add new family members

While buying a family health insurance plan, the policy buyer should check for options to add new family members in a simple and hassle-free way. In case any senior member of the family is not eligible anymore for coverage or passes away, then other members of the family can continue with the same plan without compromising on the benefits of the plan.

Choose a lifetime renewability plan

This is one of the most important aspects to consider while purchasing the best family health insurance plan. It is important to check the tenure of the policy; whether the plan offers lifetime renewability or limited renewability.

This is because a health insurance policy is required most during the later stage of life. So, it is always advised to choose a health insurance policy that comes with the option of lifetime renewability. This will ensure that the family has the same coverage in the years to come even after crossing the age limit. Moreover, it also saves one from the hassle of buying a new policy. For instance, if one buys a health insurance plan which offers renewability till 45 years, then after the completion of 45 years, the policyholder will need to buy a new plan with a much higher premium rate. On the other hand, if one buys a lifetime renewability plan, then he/she can continue with the same plan without getting into the hassle of policy renewal.

Check the co-payment clause

Co-payment is a health insurance policy that refers to the percentage of the amount that the policyholder agrees to pay from his/her pocket. The remaining hospitalization expenses are taken care of by the insurance company. For example, if a policyholder has a health plan with a 10% co-payment clause, then while filing a claim of Rs. 1 lakh, the policyholder will need to pay Rs.10,000 from his/her pocket and the insurance company will pay the rest Rs. 90,000 as a part of the claim. One can choose the purchase policy without a co-payment clause.

Room rent limit

In case of any medical emergency, the insured will get a shared room, semi-private room, or private room based on the type of plan chosen by the policyholder. It is always advised to choose the policy that provides a higher room rent limit so that one does not need to pay extra from his pocket.

Wrapping it Up!

In this day and age, having a health insurance plan is a necessity more than a choice. To choose the best family health insurance plan, make sure you consider the above-mentioned points and make an informed decision.

FAQs

What are the tax benefits I can avail of in a health insurance plan?

The premium paid for the health insurance policy is applicable for tax deduction Under Section 80D of the Income Tax Act.

What is the co-payment clause in a health insurance policy?

Copayment is a health insurance policy that refers to the percentage of the amount that the policyholder agrees to pay from his/her pocket. The remaining hospitalization expenses are taken care of by the insurance company.

How can health insurance claims be settled?

Health insurance claims can be settled by insurers in two ways- either through Third Party Administrator (TPA) or through an in-house claim processing department.

Surobhi Bose

A financial writer with more than 6 years of work experience in the industry who keeps a professional approach with hands-on knowledge in digital marketing. In her free time, she loves to explore new places, doing photography and also loves to sing.