Best family health insurance plan in India and tips to make the right choice
As the world battles the COVID-19 pandemic, we have all understood the importance of family, financial security, and good health. In critical times, all we have is our loved ones, and health insurance plans for family are necessary. It offers protection for your family members and helps you be prepared for any sudden health problems that may arise and require proper treatment, which again involves a considerable sum of money you may not always be ready with at that point in time.
A medical insurance plan covers an individual or a single person, but a family health insurance covers an entire family. While the former will cover only your medical expenses, the latter will help you secure the future of your loved ones.
Things you must make a note of before buying a family health insurance plan.
It can be challenging to choose health insurance plans for family with so many options available in the market. Take note of features like policy types, features, inclusions, and exclusions to avoid buying the wrong policy with insufficient coverage. Listed below are some tips:
Policy coverage – The plans that offer maximum coverage against a wide range of medical problems, cover pre and post-hospitalization expenses, ambulance charges, critical illness, maternity benefits, cashless treatment, etc., must be your choice. Make it a point to compare the health plans and check their respective limitations. Be careful about the hidden factors in plans and the terms and conditions to avoid any problems during insurance claims.
Policy flexibility – When buying a health insurance policy for the family, you must note that you may have to add or subtract members owing to incidents of birth and death in the family.
- Rider Policy – Look for riders while choosing a health insurance for family. It provides additional coverage and protection against risks. Some insurers offer this benefit at economical rates.
- Policy waiting period – The waiting period of an insurance refers to the time after buying the policy when you cannot raise any claims. Usually it is 6 months or a few years, and applicable to pre-existing diseases and maternity benefits.
- Policy co-payment – This feature means a part of the hospital bill has to be paid by you aka the policyholder before the insurer pays his share. You must prefer buying a health insurance plan which doesn’t or have minimal co-payment involved.
- Policy lifetime renewability – This is a key factor to look out for in your policy. Check whether your policy offers limited lifetime renewability as you will need it during old age to continue the same plan without the hassle of buying a new policy.
Best Family Health Insurance Plan in India
Bajaj Health Insurance Plans for Family is one of the best plans you can buy as you can get a huge sum assured, ranging from 1.5 lakhs to 2 crore. It also has other benefits like single premium amount for the whole family, new member addition to the policy, add-on benefits like covering maternity and the new born baby’s expenses, expenses for organ donors, bariatric surgery and others. It also covers ambulance charges upto 20,000 in a policy year, you get a free health check up every 3 years and there is no need for pre-medical tests.
A few other Family Health Insurance Plans in India are HDFC Ergo Family Health Plan, Aditya Birla Activ Health Enhanced Plan, Kotak Family Health Insurance Plan, Max Bupa Health companion Health Insurance and others.
Medical inflation is at an all time high and the need for a family health insurance plan has become extremely crucial. It is ideal for the entire family and is hassle-free. Not only does it ensure that you and your family do not have a financial burden when it comes to undergoing medical treatment but it also gives you mental peace, allows the patient to focus on recovery and most importantly it keeps your savings intact. The insurance policy is very easy to manage and allows you to receive the best medical treatment at reputed network hospitals.