The saying ‘Health is wealth’, is a very profound one because, ultimately, our lives will not be wholesome if we are spending huge sums of money on treatments due to health complications. Sure, health issues cannot be completely avoided, but what we can avoid is a dent in our savings due to sickness. Yes, we are talking about health insurance here.
We live a sedentary life, with the pressure to be on top of our game when it comes to our professional and social life. In the middle of this, our health goes for a toss. Health insurance helps you financially manage your health by providing you with coverage for any kind of health treatment that comes under the scope of the policy you hold.
Health insurance is one of the best ways to navigate the otherwise heavy medical bills that will drastically dent your savings (healthcare is not exactly inexpensive, right?). Many health insurance policies also allow you to add your family members so that they can avail the benefits of insurance too. This is usually called family health insurance. And it is, of course, important that you choose only the best family health insurance policy for your family and therefore, you must do your research well.
In this blog, we will discuss a few tips on how you can find the best family health insurance. Read on!
Tips To Find The Best Family Health Insurance Policy
Medical emergencies can happen to anybody, including the ones in your family. This is why you must go for a family health insurance policy so that your immediate family members’ health is covered too. There are several health insurance plans for families. Here are a few tips to ensure you find and choose the best family health insurance policy.
1. Go for the right policy
This is the foundation for how well you get your family covered through health insurance. If this is your first health insurance policy, then go around insurance companies and collect quotes for different family health insurance policies. Compare their benefits along with their prices and go for the one that provides you with the most benefits. Remember to choose the one that covers a wide range of medical problems. This is one of the first tips on how to find the best family health insurance plan.
2. Consider buying a family floater plan
It is always advisable to go for a family floater policy than buying health insurance individually for each family member you plan to add. Why a floater plan? Because they are cheaper compared to multiple individual health insurance plans and the insured amount is available on a floater basis, which makes it accessible for every member of the family whenever in need. ‘Floater’ means that the insurance amount covers all family members added to the plan.
3. Choose the lifetime renewability of the plan
This is one of the main points to keep in mind in order to find the best family health insurance policy. This option will keep you covered even during your old age. Always remember that buying health insurance when you are older can work out to be very expensive. With the lifetime renewability of your health insurance, you will only have to pay the renewal premium which is cheaper than buying a new insurance plan altogether.
4. Check the PED waiting period of the plan
This is an important factor to consider while choosing the best family health insurance plan. Usually, once you pay the premium, there is a waiting period before you can file for a claim. In addition to this, there is something called the PED (pre-existing disease) waiting period. The PED waiting period is nothing but the period after which you can claim for pre-existing diseases. This is somewhere between two to four years and completely depends on the plan. Always go for the one with the lowest waiting period.
5. Go for the right insurance amount
The insurance amount is the limit to which you can claim in case you meet with any medical emergency. You need to plan this as this will determine how much premium you pay. Calculate the amount you want to insure taking into consideration the number of family members you are adding to the policy and the medical help they might require before you sign up for the policy. Ensure you do not set a very high amount as it will increase the premium you pay. At the same time, it is of no use if the sum is lower as well. This is extremely significant when you choose the best family health insurance plan.
6. Go through the list of partner hospitals
This is a must-do to find the best health insurance for your family. Insurance companies usually partner with hospitals in which you can avail free treatment, i.e., the insurance will directly settle the bill. When you buy health insurance, it is imperative for you to check the hospitals they are partnered with to determine the quality of treatment you will receive. Go for the insurance company that is partnered with established hospitals.
These are a few tips to keep in mind while zeroing in on the best family health insurance policy. Health insurance policies usually cover hospitalisation expenses, costs incurred for tests, medicines, procedures – minor and major, and more. Claiming health insurance works two ways – if you or your family member covered in the plan undergoes treatment in a partner hospital, the insurance company will make the payment directly. In the case of a non-partner hospital, you can always pay first, produce the bill, and get the amount reimbursed. Keep this in mind while filing for the claim.
If you are looking to buy health insurance for your family, consider signing up for one of Chola MS health insurance plans – one of the leading general insurance companies. We offer you a wide variety of Chola MS health insurance plans that will help you monetarily in times of medical emergencies. With competitive premium rates and a low waiting period, the Chola MS health insurance is the best insurance policy you can find for your family. We are partnered with leading hospitals across the country and the claim process is hassle-free, powered by an excellent customer support system.
For more details, contact us through our Chola MS website.