As the number of insurance companies is increasing day by day, so are the options available for a particular insurance policy. You can choose from a variety of medical insurance plans that are offered, according to your financial condition, coverage needed, requirements, etc. So, what are the things that make family medical insurance a good insurance policy?
These are the 6 things that should be looked at while buying medical insurance for a family:
- Policy Coverage provided: A good medical insurance policy provides coverage against a wide range of health-related issues. It should provide coverage against pre and post-hospitalization, critical illness, ambulance charges, cashless treatments, etc. When you buy a medical policy for a family, you should always make sure that it covers all your needs.
- Hospital Network: An insurance policy will be good only when it has a large network of hospitals so that the treatment of your family members can be done in a better hospital. Choose an insurer that has a large chain of hospitals under its name. The top hospitals of your city should be it their policy list.
- Lifetime Renewal: The family insurance policy should have lifetime renewability. Most of the insurance policies have an age limit. Due to this, after the age limit is reached, the person has to buy a new health insurance plan for his family. This is why you should buy family health insurance in India with lifetime renewability or with a maximum renewable period.
- Amount Insured: The sum insured by the insurance company depends upon various factors such as the premium that you selected, whether you opted for any add-ons, etc. A person should carefully examine the needs of his family related to health. If there is no pre-existing illness or any medical history, then a minimum amount will also be enough. But if a member of your family has a critical illness or in any case of accidental emergencies, you might have to go for a higher premium.
- Co-payment clause: In a co-payment clause, a certain percentage of the amount is to be given by the policyholder from his pocket. All the family insurance plans do not have a copay clause in them. You should always opt for an insurance policy with no copay clause in them unless you are not capable of paying a high premium in which case, you should opt for a family insurance policy with the lowest copay percentage.
- Waiting Period: In a family insurance plan some treatments such as for a pre-existing illness, maternity benefits, etc. are covered after a waiting period. The waiting period can be from 2-4 years, which differs from one insurer to the other. You must always choose the policy with the lowest waiting period.
You can make your family insurance policy more beneficial and increase its coverage to meet your needs by carefully examining your insurance policy according to the points mentioned above.