“A nick of time saves nine”. I am sure it does while choosing the best Health Insurance Plan for your family. Ever wondered why Health Insurance is the need of the hour? What will happen to you family in case of an unforeseen situation? Arranging everything at the last moment will be troublesome.
However to avoid situations like these, it is important not to procrastinate and better buy a health insurance for your family at the soonest possible!
Health Insurance plans are a boon in that case, as they not only help in providing financial assistance when needed, but also gives an option to choose the best hospital in your vicinity. In addition to this, it eases out the tension, keeping us stress free financially, physically as well as emotionally.
How to select the best health insurance plan for your family?
Choosing a Health insurance plan for your beloved family is no rocket science! Keeping the below tips in mind will get you one of the best insurance policies for sure.
- Find insurance companies with major network hospitals
Situation of crisis does not tell and arrive, it just comes one fine day. It is important to find a Health insurance plan with a good network list of cashless hospitals. Most of the insurance companies now a days have a good list of network hospitals. This in turn will help in saving time and will also be vital in supporting your family members with hassle-free hospitalization and claims process.
- Pre and Post hospitalization
It is important to choose a Health Insurance which will cover your pre and post hospitalization expenses.
- Pre-Hospitalization expenses: Will include the medical test charges which the doctors conduct to diagnose the medical condition of a person. With most of the Insurers charges incurred by an individual, 30 days prior to his/her hospitalization are considered as pre-hospitalization charges.
- Post-Hospitalization expenses: Will include Expenses/Charges incurred by an individual after he/she is hospitalized. Most of the insurer’s consider these expenses up to 60 days post your hospitalization.
- Room Rent
The Room rent is the amount spent on per day basis at the time of hospitalization. Room Rent is usually 1% of your sum assured. Thus it is important to check the room rent availability.
- Critical illness cover( for aging parents )
A comprehensive health plan has limitation on hospitalization expenses and will not suffice the need for medical expenses towards big treatments. In such cases you might just end up paying from your own pockets. So it is very important to buy a critical illness plan for aging parents. Critical illness cover is available for heart attack, kidney failures, organ transplant etc.
- Family floater or Individual plan as per need
You can cover your entire family in a family floater plan. However it depends on the family members. In case if you have aging parents, spouse and a child it is not advisable to buy a family floater for them.
As parents are aging there are higher chances of them getting prone to diseases like hyper tension, diabetes etc. An individual plan for each parent would suffice in that case and family floater for rest of the family.
As the name suggests, it is feasible to buy for individuals who are looking for Health Insurance for self.
- No Co-pay
Co-pay is that part in the policy where you agree to pay some percent of medical expenses from your own pocket and the rest will be covered by the insurer. Most of the insurance companies keep 10-20% of co-pay, where rest will be paid by the insured.
It is always vital to opt for a policy with no co-pay clause.
Buy Online Health Insurance Online
Reasons to buy a Health Insurance Policy online is as follows:
There are multiple online brokers like Coverfox.com who have all types of health insurance available in the market. Comparing online will make it easier to see the various features, benefits, quotes of the policy under one roof. Thus making it easier for you to select policy of your choice.
- Time saving
Since the entire process is online, you can buy a policy from your desktop, laptop, mobile etc. It is convenient to buy sitting at your home, at office or traveling etc. It takes a few minutes to get the policy in your inbox and that’s how it makes your life easier.
- Pre and post sales services
You not only get the policy online, you also get the services like assistance in buying the policy, in case of any correction in the policy, that will be taken care by the post sales team. Some brokers like Coverfox.com also offer assistance at the time of a Health Claim.
Important Points & FAQ’s
Points to remember
- A Health Insurance policy will not only help you in covering cost of your hospital bills, but also give you a peace of mind.
- With a Health Insurance policy you can opt for better medical services for your family
- You enjoy tax benefits under Section80D of the Income Tax Act.
- What are the common mistakes while buying Health Insurance for your family?
- Buying policy for your tax benefit only
- Insufficient coverage
- Not disclosing the medical history
- Not evaluating the health insurance inclusions and exclusions
- Not reading the policy wordings carefully
- Why should you compare health insurance plan before for your family?
There are higher chances that an insurer might provide you basic features of the policy at a higher price and another may give the same features at slightly lower prices with additional services.
- What are the benefits of Family Health insurance policy?
- Saves money from your pocket
- Offers Tax Benefit
- Gives you a peace of mind
Thus buying a Health Insurance Plan should not come out of choice, but should be a necessity.