Consider These Simple Tips while Buying Family Health Insurance

We all want to purchase a health insurance policy that provides comprehensive coverage to our dear ones in times of need. However, with so many different health insurance plans to choose from, it can be challenging to find the right one. It may appear daunting to go through many policy types, their features, inclusions, and limitations. And to avoid the inconvenience or time constraints, many purchase a health plan without understanding whether or not it is adequate for them. Here are some helpful tips to assist you in selecting the best family health insurance plan.

Consider the flexibility of adding new family members

When purchasing a family health insurance plan, the policy buyer must look for options for adding new family members easily. Suppose a senior member of the family is no longer eligible for coverage or dies. In that case, other family members can proceed with the same plan without forgoing the plan's benefits. Care Health Insurance offers Family Health Insurance Plan where you can secure up to 6 members under one policy.

Choose a plan with lifetime renewability

Lifetime renewability is also an important consideration that many of us forget about. Check the number of years your policy is valid, as well as whether it offers limited renewability or not because you will need a health plan the most in your later years. Purchase a family health plan that can be renewed indefinitely. This will allow you to continue with the same plan in the future without having to purchase a new policy after reaching the age limit. For example, your health insurance policy may be renewed for another 45 years. Once you reach the age limit, you must purchase a new one.

Deciding the adequate sum insured

It is always necessary to select a sum insured that is sufficient to cover all of our family members, and it is preferable to select a large sum assured. A large sum assured will ensure that all your family members get quality care, and your Health Insurance policy will cover the cost of care. However, suppose you cannot afford a high sum assured due to budget constraints. In that case, you can always go for top-up plan plans at affordable premiums in addition to your base policy or gradually increase the cover amount of your base policy.

Evaluate the co-payment clause

A co-payment is a term used in health insurance policies to describe the percentage of the cost the policyholder agrees to pay out of pocket. The insurance company will cover the remaining hospitalization costs. For example, if a policyholder has a health plan with a 10% co-payment clause when filing a claim of Rs. 1 lakh, the policyholder must pay Rs.10,000 out of pocket, and the insurance company will pay the remaining Rs. 90,000 as part of the claim. One can select a purchasing policy that does not include a co-payment clause.

Check the Waiting Period Clause

Pre-existing diseases, maternity expenses, and specific treatments like hernia, varicose veins, etc., are usually covered after a specified waiting period, which varies from plan to plan, of 2 to 4 years. Maternity expenses, for example, are typically covered 2 to 4 years after the policy purchase date. Check the period after which pre-existing illnesses will be covered in your family health plan and select a plan with a short waiting period.