Selecting a health insurance plan can be tricky though a critical financial decision. Whether you’re welcoming a baby or taking care of your elderly parents, having health insurance plans for family provides peace of mind while during an emergency medical situation.
With rising healthcare costs, it becomes essential to get adequate protection as early as possible. It is because with age health issues may occur and reduce your chances of getting an affordable and comprehensive health cover. When buying health insurance plans for family, finding the best plan that suits your needs is crucial. You must analyze the policy wordings before finalizing and opting for the right insurance.
Importance of Health Insurance Plans for Family
Health insurance plans for the family is one crucial aspect that you need to include in your investment plans. The right type can take care of your physical as well as financial well being during a medical contingency.
Medical emergencies can strike you anytime, irrespective of your age. People often have a misconception that only in the old age bracket, they are more prone to illnesses. Due to significant lifestyle changes, stress and bad eating habits, people now have lower immunity and have become vulnerable to all kinds of health ailments. Even youngsters and children can have medical urgencies. In such a scenario, insuring yourself alone is not enough. In short, every member of your immediate family needs health insurance as much as you do.
Factors to Consider
Number of Dependents
Before purchasing health insurance plans for family, make sure to include every member of your family. The number of dependants will further help you decide the amount of the sum insured as it is the most crucial aspect while buying health insurance plans for family.
Family History of Pre-existing Diseases
Health insurance companies have different rules when it comes to covering treatment costs of pre-existing diseases. However, most insurers start covering the cost associated with a pre-existing illness or medical condition in the second year of health insurance plans for family. It is crucial to do thorough research and read the terms and conditions. You must also compare various policies before purchasing health insurance plans for family. Do not forget to consider your medical history, existing health problems and current financial situation.
Network Hospitals
Health insurance companies have a tie-up with a network of hospitals. If you have availed a cashless treatment facility, the dues are settled directly by your insurer. Thus, you can continue treatment at network hospitals without paying in case of a medical emergency. It saves you from the hassles of paperwork during admission or making a claim. Do not forget to check the entire list of network hospitals in your area before buying a policy fo your convenience during the emergency.
Reputed Insurer
Several insurance providers operate in India. When you buy a policy, the relationship between you and your insurer continues until either you discontinue the plan or it expires. Therefore, it is essential to select your reliable insurer to get the most of health insurance plans for family. A reputed insurer must have an excellent customer support service and high claim settlement ratio. Check these parameters before finalizing your policy.
It is crucial to check for reviews online and compare different options to find the best insurance providers. Reputable insurers in India like TATA AIG offer comprehensive health insurance plans for family with benefits like ease of hospitalization, intensive care unit benefit, critical illness benefit, and education benefit.
So, remember the points mentioned above and do not delay your decision of buying health insurance plans for the family!