Choosing the right family health insurance involves considering the sum insured, coverage, network hospitals, claim settlement ratio, waiting periods and add-on benefits for comprehensive and cost-effective protection.
Selecting the right health insurance for your family is very important in order to avoid being financially drained during an emergency. Given the fact that there are numerous plans in the market, choosing the right one can be a daunting task. Hence, this article will help you understand how to choose the right health insurance for your family, taking into account the factors, advantages and options.
Understanding Family Health Insurance
Family health insurance is a policy that covers all the members of the family under one policy without any exclusion. It usually comprises hospitalisation, pre- and post-hospitalisation expenses, ambulance charges and in some cases outpatient treatments. The sum insured is divided between the family members, and the family health insurance plan is usually cheaper than having individual policies.
Key Factors to Consider
1. Sum Insured
The sum insured is the maximum amount of money that the insurance company will be willing to pay in the event of a claim. In a family, it is important to select a sum insured that would be sufficient to protect all the members. Think about the age, health status and possible medical costs of each family member.
2. Coverage
Make sure that the policy provides for most of the medical costs, such as hospitalisation, surgeries, maternity benefits and critical illnesses. Some plans also include outpatient treatment and preventive health care.
3. Network Hospitals
One should also consider the list of hospitals that are affiliated with the insurer to be sure of quality hospitals. More hospitals in the network mean that there is a higher probability of getting a cashless treatment centre close to you.
4. Claim Settlement Ratio
The claim settlement ratio shows the extent to which the insurance company has honoured the claims. A higher ratio means that the insurer is more efficient in managing claims and is more credible.
5. Waiting Periods
There are always restrictions on the coverage of certain treatments, pre-existing diseases and maternity in health insurance policies. These waiting periods are important to be aware of so that one does not get a shock at claim time.
6. Add-on Benefits
There are other perks that you should consider, including the critical illness cover, accidental death benefit and the daily hospital cash allowance. These are optional features that can be added to your policy to improve the scope and amount of financial compensation.
Advantages of Family Health Insurance Plans
1. Comprehensive Coverage
The best health insurance plans provide coverage for different health costs, which is important in case of an emergency. Make sure that the company has its strategies for hospitalisation, pre- and post-hospitalisation costs, daycare procedures and more.
2. Cost-effective
It is cheaper to take a family floater policy than to take individual policies for each of the family members. The sum insured is split, and the premium is often lower. A premium calculator enables you to determine the cost and identify the best deal.
3. Tax Benefits
The amount paid towards health insurance policies is tax deductible under Section 80D of the Income Tax Act. This benefit applies to the premiums paid for the family floater policies too.
4. Cashless Treatment
The majority of insurance companies provide cashless treatment options in all the network hospitals so that you do not have to bother about funds in case of an emergency.
5. Health Check-ups
Some family health insurance policies are annual health check-ups, which are part of preventive measures. This is important because it will enable one to be checked up often and any health complications to be detected early enough.
How to Claim Health Insurance
Step 1: ID & Health Card
If you are admitted to a hospital, then you should show your insurance identification and health card at the network hospital.
Step 2: Complete Pre-authorisation Form
Fill out the pre-authorisation form and get the approval for cashless treatment from the hospital.
Step 3: Approval From the Insurer
The hospital will ask for authorisation for cashless treatment from the insurer. After the documents have been studied, the insurer approves the treatment.
Step 4: Get the Cashless Treatment
The hospital forwards the bills to the insurer for payment which means that you do not have to worry about the costs while you are recovering.
Conclusion
Selecting the best health insurance plan for your family requires the consideration of some factors, including sum insured, coverage, network hospitals and claim settlement ratio. Make sure that the family health insurance plans provide extensive coverage, high IR and a vast network of hospitals, which make them a good option to protect your family’s health.
