How to Choose the Best Health insurance Plans for Family?

Every family’s health needs are unique. And buying an insurance policy is crucial so that you don’t end up breaking your bank in case of a medical emergency. When choosing health insurance plans for your family, it is necessary that you ponder over the healthcare needs of all the members. It will help you to buy the right health insurance policy that suits your budget as well.

Consider these tips to choose the best health insurance plans for your family.

Consider the Plans

When it comes to buying Health Insurance for Family, you have two options that you can choose from. There are different kinds of individual and family floater plans available under health insurance.

    • In family floater plans, all the members included in the policy share the sum insured. If you choose individual plans for your family then each member will have their own sum insured. You need to weigh the pros and cons of each option in terms of your family’s needs to find the best plan.

  • When considering a family floater plan, find out in advance the benefits of one. For instance, you can add new members to the family floater plans such as your spouse or newborn children, by producing the relevant paperwork as proof of the relation. Another benefit of choosing family floater plans is that you will need to renew only one policy, unlike individual plans, where you will need to renew each one separately.

Consider Coverage Requirements

Another important aspect to consider when buying family insurance is the ideal coverage as per your needs.

  • You can choose plans without restrictions on entry age, conditions covered, and other expenses such as hospital room rent. If you need coverage for pre-existing conditions then it is possible to do so now. If certain conditions such as diabetes or heart disease run in your family then ensure that your policy offers coverage for them. Many companies now offer coverage for pre-existing conditions if some time has passed since you purchased the policy. This time period can be 2-3 years depending on the insurance company.
  • Some policies offer add-on coverage for Ayurvedic and other alternative treatments as well. If you or anyone in your family requires alternate treatments quite often then buying an add-on cover offering one can be beneficial for you.
  • You can also opt for top-up insurance to further strengthen your primary health insurance. Top-up insurance is made available by some insurance companies to overcome the limitations of the basic health policy.
  • You can also buy add-on covers for critical illnesses. Some companies pay policyholders a lump sum amount for their medical care due to critical illnesses. It helps the policyholders to seek extensive treatments without worrying about the available funds for the same.
  • Many policies include provisions for maternal care, which you can consider if you are planning to expand your family. But maternal cover is only available after a period of 3-4 years from the time of purchase of the basic health policy. So, you should consider this aspect of health insurance and maternal add-on cover when buying your policy. Many companies offer good benefits under maternal care such as cover for normal and C-section deliveries, help with room rent, care for the new born for a period of 90 days after birth etc.

Consider the Costs

You also need to consider the cost factors when choosing health insurance for your family. In most cases, the premium amount is considerably less if you buy family floater plans. But some companies also offer discounts if you choose to insure more than two members of your family on the basis of individual sum insured in the same policy. So, it is a good idea to weigh the cost and benefits of each before purchasing one.

If you buy add-on covers, you will also need to pay extra premium for each of the plans. So, consider the benefits of each add-on cover before choosing one for you or your family. Some insurance companies offer really beneficial add-on covers, which you may find worth the added cost.

Consider the Network (and other benefits)

When choosing health insurance for your family, it is best to not compromise on the network of hospitals covered by the policy. Buy a policy from a company with a large network of hospitals countrywide. It will be easier for you in case of a medical emergency, as you can get the best treatment in your vicinity.

When choosing an insurance company, also consider the option of cashless treatments. In case there is need for urgent or emergency medical attention, cashless treatments can be a boon for you and your family.

The claim process must be convenient for policyholders. You should also be able to inquire about the available coverage easily from the company executives or by checking out an insurer’s website. In short, it should be easy for people to buy the necessary coverage as well as to file any claims.

In a Nutshell

Compare policies offered by different insurance companies before choosing health coverage for your family. Also go through reviews by other insured individuals and check if availing a claim is easy or not with them.

It is best to take some time in choosing the right policy for your family. Otherwise you can end up wasting your money on buying a not-so-ideal coverage and not get the benefits you desire.

About Violet

Violet Rae Murphy: Violet, a biotech analyst, covers advances in health technology, biotech innovations, and the future of personalized medicine.
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