Choosing a healthcare insurance plan that covers your family’s medical needs is crucial to better prepare for any medical emergency. It is essential to consider comprehensive family insurance because it provides wide coverage, allowing you to relax knowing that your family’s health is well-secured.
To know which health insurance is best in India it is necessary to compare different plans. The majority of healthcare insurance companies now offer online access to their plans. It enables easy access to and a better understanding of policy characteristics, which helps you select the best health insurance policy for family.
This article will discuss how family insurance benefits your family and how it will help you further secure your loved ones.
Advantages of Family Healthcare Plan
A family medical insurance plan allows customers to add extra protections that provide financial rewards during hospitalisation (by the policy’s provisions). Other benefits of a family medical insurance are:
- It protects your family’s health and your money in the event of an unexpected medical expense.
- The insured is covered for all medical costs incurred while an inpatient during a hospital stay of more than 24 hours with family medical insurance.
- It pays for all medical expenses for the 30 days before and 60 days following a hospital stay.
- It covers the cost of daycare for complex, technologically advanced surgeries and procedures, including chemotherapy, radiation, and dialysis (needing less than 24 hours of hospitalisation).
Considerations While Choosing the Best Health Insurance Policy In India
These points will help you to choose the insurance plan whenever you buy the health insurance plans for family:
- Type of Coverage: You must consider the type of coverage you require for yourself and your family. Look for a policy that covers hospitalisation, pre and post-hospitalisation, and other related expenses.
- Sum Assured: Check the sum assured of the policy. It should be sufficient enough to cover the medical costs incurred in case of an illness or accident.
- Waiting Period: Most health policies have a waiting period of 30 to 90 days. This means that the policy will not cover any pre-existing medical condition during this period.
- Network Hospitals: Check the list of network hospitals of the insurer. If possible, try to get a policy that covers hospitals near your home.
- Claim Settlement Ratio: Check the ratio of claim settlement of the insurance company. It will give you an insight into how the company has handled claims in the past.
- No Claim Bonus: Check for the no-claim bonus offered by the insurer. This will help you save money on your premium.
- Premium: Lastly, compare the premium of different policies before settling for one. Make sure that the premium is affordable and within your budget.
Need for the Best Health Insurance for Parents
A healthcare insurance plan for parents is a personalised strategy created to cover their medical expenses. It guards against illnesses that can arise as people age and result in high medical costs. It has a higher insured amount and offers enticing perks like annual health exams, cashless treatments, etc., to help people properly manage their medical expenses.
However, if your parents are older than 50, the possibilities for other health plans are limited. Also, depending on the age of the most senior parent, a family floater mediclaim policy that covers your parents would cost more. The age vs health risk measurements is the primary justification. The risk factor and the likelihood of making a claim rise with parental generation explain why premium costs are higher.
The most excellent mediclaim policy for your parents and your family should be chosen after carefully comparing the many healthcare policies on the market. There are many medical insurance options for your elderly parent and your family. Still, Niva Bupa provides the best mediclaim plans at a low premium with many benefits for your parents and family.