Health insurance is an essential purchase in 2022. In a world still recovering from the pandemic, health has gained unparalleled importance. So, it is of prime importance to safeguard the health of your family members along with you. With a plethora of insurance plans to choose from, selecting a suitable health insurance policy can be perplexing. That’s when most buyers end up buying the wrong insurance cover without analyzing if it is adequate or not.
This article lays down a comprehensive guide to buying a family floater health insurance that provides robust coverage for your family. Continue reading to know more.
1. Looking for the right policy coverage
When buying medical insurance for your family, it is important to ensure the plan covers a wide range of treatments and not being limited to hospitalization. Other than hospitalization cover, pre- and post-treatment coverage, ambulance cover, critical illness cover, maternity coverage, daily hospital benefit, day-care expenses, cashless treatment are some features to look for. In addition to them, make sure to account for your family member’s existing illnesses and medical history to seek adequate insurance cover. For that, you need to compare different plans, features, exclusions from coverage, and other policy terms before finalizing a purchase. *
2. Scope to add new members
Another buying tip includes selecting a plan that allows new family members to be added. While maternity coverage is important, these newborns if covered by the family floater health insurance will ensure protection for treatments right from birth. Moreover, adding new family members ensures coverage for all members at once in a single premium payment. *
3. Checking for waiting period in the policy
The waiting period is where health insurance companies provide coverage only after a specified duration to the insured beneficiaries in the family health plan. Generally, there is a standard waiting period of 30 days for all insurance plans, but in the case of pre-existing diseases, it may range between 24 months to 48 months for the specified ailment. In addition, maternity covers also require a waiting period of similar duration, and pregnancy is considered a pre-existing condition. Thus, opting for a family health cover with a lower waiting period is beneficial as it provides coverage faster. *
4. Verifying co-payment terms
Other than the waiting period, a co-payment clause is something that must be kept in mind. The co-payment clause is what requires you to contribute a certain percentage of the treatment cost in the claim amount while the insurer pays the balance cost. Such co-payment is in addition to the mandatory deductible of your policy and hence, must be kept at a lower level. For instance, an insurance claim of ₹10 lakhs with a 10% deductible will require you to pay ₹1 lakh from your own pocket in addition to the deductible of your insurance cover. Thus, it increases the out-of-pocket expense at the time of claim. *
5. Selecting a policy with lifetime renewability
Lifetime renewability ensures you avail continued coverage for the entire duration of you and your family member’s life. If you have a plan with limited renewability up to a certain age, when the eldest beneficiary reaches that age, the coverage stops. This situation leaves other younger family members exposed to health concerns. Thus, selecting a plan with lifetime renewability is crucial. *
* Standard T&C Apply
These are some nifty tips to keep in mind when you compare health insurance plans for the family. With all of them ticked-off you need not worry at the time of claim and ensure hassle-free compensation. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.