Factors To Consider Before Buying a Family Health Insurance Plan

March 12, 2021

We all understand how necessary it is to plan our finances for any medical emergencies in the future. And the safety of our loved ones comes before our health. But medical premiums have been increasing day by day with the increase in treatment costs. So, individual plans become expensive and chaotic to handle. Family health insurance plans take off this tension and safeguard the entire family financially. 

What is a Family Health Insurance Plan?

A family health insurance plan covers you and your family members by paying a single premium. Usually, insurance is given for self, spouse, and dependent children. One can also include parents and parents-in-law as well depending on the plan you undertake. It is also known as a family floater plan as it provides coverage for two or more family members simultaneously in the event of hospitalization. Unlike other health insurance plans, a fixed sum is assured in a family floater plan.

Here are a few things you should consider when planning to buy a family floater plan.

  • Renewal Age Requirement

Age renewal criterion is an essential factor to consider before zeroing down on a plan for your family. The premium of a family health insurance plan depends on the eldest member’s age. Commonly, health insurance companies provide renewal till the age of 60-65. Recently, lifelong renewal plans have been rolled out. So choose judiciously depending on your needs.

  • Coverage

It is advisable to compare few plans and check for the list of health issues and expenses covered by the policy. A standard cover offers coverage for medical tests, ambulance charges, hospitalization expenses, daycare charges, etc. An important thing to keep in mind is the pre and post-hospitalization coverage. It differs from company to company, so select one with the highest cover amount for both.

  • The Waiting Period

The benefits of the claim can be availed after a certain period gets over. Usually, this ranges from 24-48 months. Within this period, claim benefits are not available for pre-existing diseases such as thyroid, blood pressure, etc. This also depends on the insurance company. It is wise to choose a family floater plan with a minimum waiting period. 

  • Flexibility

With inflation, the cost of living is increasing, and so are medical expenses. Health insurance companies provide the facility to increase the sum assured in future years. A few companies also reward their policyholders if the premium is deposited on a timely basis by automatically increasing the sum assured. It is imperative to check the sum assured renewal with your family health insurance provider.

  • Easy Claim-Settlement

Always research for an insurance company’s claim settlement ratio as it shows the duration taken for settling claims. A higher ratio indicates the lesser time taken to settle the claim. Make it a point to understand the functionality of the claim settlement process. Check for facilities such as cashless treatment before you select the policy. The easier it is to understand the process, the more credible the plan is.

Keep these factors in mind and choose the best that is out there for your family. A family health insurance plan is an affordable and wholesome solution for medical planning for your family. Thus, thorough research is a must before making the final call.

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