Health is the defining factor of the quality of lives we lead. The surging rise of illnesses and the climbing cost of healthcare facilities has compelled each one of us to take a closer walk towards our family’s health. One of the smarter ways to ensure the best healthcare for your family members is to protect them with customized packages curated to ensure that all the medical needs are fulfilled.
Moreover, if you are thinking of safeguarding your family, you should consider the family health insurance policy rather than individual covers for everyone. Wondering when is the right time to buy health insurance for your family? Well, the right time is ‘NOW’!
Let us take you through the list of things to watch out for when buying family insurance, also with the benefits that you can avail from it.
Also Read – Necessary health checkup Women should get done
Things to Look For When You Are Buying Family Health Insurance?
Out of all the insurance companies in India, it is difficult to narrow down to one section of the plan. However, these pointers will let you look closely at what to look for when buying family health insurance.
- Cashless hospitals – In case of emergencies, the insurer settles the medical bills directly with the hospital. The immediate requirement for funds may put you in a precarious position, and liquidation of assets may take a while. In these scenarios, the hospitals where you can avail cashless treatments are useful.
- Paperless Processes – From buying the insurance to settling claims, insurance processes are unpopular for the amount of paperwork needed. You can benefit from the online processes, which make it more efficient and faster. The claims are submitted instantly, and the lead time is reduced drastically.
- Affordable Premium – Analyse the premium affordability based on your income levels. Be wise to choose the right family health insurance add-ons that are convenient to your needs.
- Claim settlement ratio – This is the percentage of claims that have been accepted and processed by the insurance company. The higher this ratio is, the better it is. You should compare this ratio while comparing companies to buy insurance.
- Look out for coverages – Ensure you thoroughly understand the benefits and coverages offered to you by the insurance company. The list of illnesses covered and different procedures are some of the things that should be looked at. Coverages offered by insurance companies often have terms and conditions attached to them. Be vigilant and read them carefully.
- Low waiting periods – If you are opting for family health insurance and you are planning to include aged parents in your policy, then it is essential to look at waiting periods for illnesses that are detected in your family.
- Day care procedure – Day care procedures should be covered. Any member of the family may require medical assistance for a day and the cost of the same may vary depending on the situation.
- Coverage for Psychiatric Illness – There are health insurance policies that cover clinical depression, anxiety disorder, bipolar disorder, and other psychiatric disorders that require special care and medical treatments. Coverage for these is as important as the coverage for any illness.
- Network hospitals for treatment – Go for insurers that have a high number of network hospitals across India that offer cashless transactions. A chain of hospitals is more reliable, and you can visit the same hospital in another city when required. Your medical history can be shared and stored, and you will not have to start the process from the beginning in this case.
Also, Read – Public Hospitals to become Public-Private in UP
Benefits of Having a Family Health Insurance
The sole purpose for having family insurance is because it serves the purpose to all the members at the same time. Let us take a quick look at the benefits of purchasing family health insurance.
- Pandemics are covered – This is the latest addition to the long list of benefits family health insurance offers. Pandemics do not target any specific age group, and such diseases can be contracted by anyone in the family.
- Offering better financial stability – The cost of family health insurance is lesser than purchasing a policy for each individual of the house. You can choose the insurance policy and customize the package as per your needs to make sure you have a comprehensive package.
- Critical illness benefit – Senior citizens often need more medical attention, and family health insurance covers critical illnesses like kidney failure, heart attack, and expenses related to cancer.
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- Accidental & illness hospitalization – This ensures you and your family are safeguarded in case of any unforeseen event.
- Avail cumulative bonus – If you do not make any claims in a year, then you are awarded a bonus by the insurer with a sum assured for the next year without any increase in your premium.
- Treatment of psychiatric issues – Recent times have taught us that mental health should be given the same importance as physical wellbeing. In the spirit of this, one of the benefits of a family health insurance policy is the coverage offered for hospitalization expenses arising out of trauma or any other psychiatric illness.
- Pre & post hospitalization will be covered – In case you or a family member needs to be hospitalized, this benefit covers all your hospitalization and treatment expenses.
- Yearly health checkups will be covered – Health insurance plans by default consist of annual health checkups when opted for it. That is a prioritised benefit to all the insurers.
Additional Covers you can choose with Family Health Insurance:
- Maternity & Infertility Benefit – This can be opted by people up to the age of 40. It covers delivery and childbirth expenses of up to two children.
- AYUSH (ayurvedic treatments) – This will enable you to have access to treatments like Ayurveda, Unani, Siddha, and Homeopathy. Providing organic treatments that best suit aged and elderly members of your family.
- Zone Upgrade – You can upgrade insurance plans based on different city zones. That is because every city has its different medical costs. In case you wish to get treatments or hospitalization in a city with your budget preference, you can opt for an upgrade.
Types of Family Health Insurance Plans available:
- Family floater plan – The family floater plan has lesser premiums than the individual family plan. The entire amount is to be shared by families and that is why this is recommended to newly married couples or smaller families. This plan is not recommended when you wish to add dependent parents to the policy as they may require a plan with a higher assured sum.
- Individual family plan – Individual family plan is almost like getting the members of your family insured individually. The sum is assured for each member separately. The entire amount is not accessible to just one member and that is why this plan is recommended when you wish to cover aged parents and have more than one child. This plan works well if more than one member of the family falls ill at the same time.
Choose Arogya Sanjeevani policy If you are looking for an affordable option.
Arogya Sanjeevani policy is known to be the most affordable and simplified health insurance providing basic coverages if you are going through a financial crunch and cannot afford family insurance, then Arogya Sanjeevini is the policy you must opt for. It is a basic standard policy set by the IRDAI; the policy is comparatively cheaper than other health insurance policies in the market.
This policy offers an option of a family floater plan, which can be purchased for dependent children between the age of 3 months and 25 years at an affordable cost. However, once the child turns 18 years, he/she cannot be a part of the family floater plan and has to be covered under the individual health plan. You can include your parents as well as your parents-in-law in this policy. It comes with lifelong renewability.