Are you worried about your family’s medical treatment? Does it keep you awake at night that they may not receive the best treatment if they are ill? Well, then, you can say goodbye to such thoughts by investing in a health insurance plan.
The right health insurance can be much more than a financial backup for the times when your loved one is admitted to the hospital. It ensures your family receives the best treatment without worrying about the funds.
The following guide aims to simplify choosing a health insurance policy for family and help you make informed choices.
Benefits of Health Insurance Policies for Indian Families
Here are some leading advantages of medical health insurance:
Financial Protection
Medical bills can be overwhelming during emergencies. A medical insurance policy prevents financial liability in case of sudden and unexpected medical costs. Typically, a policy includes coverage for hospitalisation, outpatient expenses, and surgeries. Financial help at such a difficult time can ease the burden on your family.
Peace of Mind
Having medical insurance coverage can provide peace of mind to families. The affected member can focus on recovery rather than worrying about expenses.
Access to Quality Healthcare
You can avail yourself of treatment and care from quality healthcare facilities with a health insurance policy. Most policy providers have tie-ups with reputed hospitals, nursing homes and healthcare centres. The hospital network helps your family receive prompt and reliable care during medical emergencies.
Considerable Tax Benefits
Health insurance premiums are tax deductible under Section 80D of the Income Tax Act. So, owning an insurance policy can mean significant tax savings for families. These benefits encourage families to opt for a policy and secure their financial future.
Coverage for Pre and Post-Hospitalisation
Some plans even cover the costs before and after hospitalisation. These may include expenses related to medical tests, follow-up consultations, and more. The pre and post-hospitalisation features further reduce your family’s financial liability.
Customised Plans for Specialised Needs
In some cases, your health insurance policy may cover specialised expenses related to chronic conditions. For instance, these special plans may extend coverage for conditions like heart disease, diabetes and cancer. So, families can customise existing policies to suit their specific needs for better financial security.
How to Choose the Best Medical Insurance Policy for Indian Families?
Whether you are looking for offline or online health insurance policies, these are a few factors you must consider.
Assessing Family Needs
Every family has unique requirements based on several factors. Here’s how these factors can influence your insurance-buying decisions:
- Family Size: Larger families may prefer floater policies, where family members share the sum insured. In the case of smaller families, you can look for individual policies covering each member separately.
- Health Conditions: You must consider your family’s health conditions. Some insurance providers offer coverage for pre-existing conditions only after a waiting period. Please inquire about the length of the waiting period.
- Lifestyle Factors: If you live a high-stress lifestyle, you could be at risk for lifestyle-related diseases. Choose a policy that provides coverage for these conditions.
Understanding your family’s unique needs can help you select the perfect plan to cover future financial liabilities.
Extent of Coverage
Coverage is one of the most important factors when choosing health insurance plans in India.
- Hospitalisation Costs: Policies should cover all the major expenses related to hospitalisation. These can include room rent, intensive care and surgeries.
- Outpatient and Preventive Care: Some policies also offer coverage for preventative care and outpatient expenses. For instance, they may cover the expenses for family members’ regular health checkups.
- Alternative Treatments: Many policies also cover the costs incurred in pursuing alternative forms of treatment, such as Ayurveda and Naturopathy. With such flexibility, families can freely choose different healing options based on their preferences.
Premiums
You also have to consider the health insurance premiums. The cost of the policy should be manageable for your finances. So, choose an affordable premium amount that offers considerable coverage.
Additionally, look for policy providers who have flexible payment schedules. Some may allow you to pay the premiums monthly or quarterly. This flexibility can help you manage your finances without putting the family under constant financial strain.
Network Hospitals
Look for a health insurance policy for a family that has tie-ups with a robust network of hospitals for the following benefits:
- Cashless Treatment: Seeking treatment at one of the network hospitals can result in cashless claims. The cashless option ensures that the hospital and the insurance provider directly settle the bills between themselves.
- Wide Coverage: If your family travels frequently, extensive hospital networks for your policy can be highly beneficial. It ensures access to quality care wherever the family might be.
Waiting Periods
Pick a plan with a limited waiting period when choosing medical health insurance policies. This is especially true if someone in your family has pre-existing conditions. Most policies only offer coverage for them after the waiting period ends.
Claims Process
Make sure that the policy has a streamlined and transparent claim filing process. Minimal paperwork requirements and prompt claim disbursal can be highly important during emergencies.
Also, look for plans that have high settlement ratios. High ratios indicate that your policy provider is more likely to process the claims than reject them.
Regardless of whether you buy health insurance online or offline, considering these factors can help secure your family’s financial future. Moreover, they are more likely to receive the best care during medical emergencies.
