Our family has always been our most important priority in life. Our life revolves around family. Hence there should be no compromise in securing their health and financial stability. With the increasing risk of diseases and the cost of medical expenses rocketing, you must have a sound health insurance policy for your family.
What is health insurance for a family?
Health insurance for a family is a type of insurance covering your family’s entire health under a single insurance policy. You can further customise this policy according to your family needs, where you will get health insurance coverage for the increasing medical expenses today. It also includes medical expenses for consulting the doctors, the ambulance expenses, the pre and post hospitalisation expenses and other expenses that arise during critical illness or accidents.
Coverages you are entitled to under a health insurance policy
A rebound of the sum insured – it is like a back up which recharges your exhausted help the poor to take care of the future health care expenses or injury.
- Cumulative advantage – If you do not claim anything in a particular year, you will get an additional amount to your insurer’s initially promised sum insured.
- Hospitalisation cost – like every other health insurance plan, a family health insurance plan also covers your medical expenses caused due to injuries and illnesses seamlessly. Additionally, all your pre-hospitalisation payments till 60 days of admission and post-discharge costs after 180 days of getting discharged are all covered under the plan.
- No age barrier: If you are an adult, i.e. above 18 years of age, you can easily buy a health insurance plan.
- Renewability: After buying a health insurance plan, you don’t need to look back. It continues to benefit you for your entire lifetime with break free renewals.
Factors to consider before buying a family health insurance plan
- The age factor
There are some health insurance plans which have an age criterion and some which don’t. Some policies have a minimum entry age of 91 days and a maximum entry age of 60 years.
- Premium to coverage ratio
Buying a low premium policy can be tempting, but it happens more than often that such low premium policies have meager benefits to provide when you need them. Hence it is always advised to buy policies after reading the policy, understanding the benefits involved, and the premium amount you must pay.
- The waiting period clause
Insurers usually have a waiting period clause for hospitalising patients with pre-existing medical conditions. While in maximum cases, the waiting period is between 24 to 48 months, it is available for pre-existing medical conditions like diabetes, thyroid, blood pressure. It is essential to be aware of the health condition to opt for health policies with the least waiting period.
- Availability of cashless hospitalisation
Cashless hospitalisation can be a lifesaver during times of emergency. It saves you from the enormous amount of paperwork during the patient’s admission and the claim of the benefit. Additionally, it also saves the individual from arranging funds hurriedly during the time of admission. Most insurance providers pay the medical expenses directly to the hospital with absolutely little or no involvement of the policyholder.