In Focus 16 Sep 2021 Here’s How To ...

Here’s How To Choose a Health Insurance Plan for Your Family

Published Sep 16, 2021, 12:47 am IST
Updated Sep 16, 2021, 12:47 am IST
Health insurance has become the most popular term among people, especially during these pandemic times
Before purchasing the medical insurance, make sure that the policy will meet all the medical expenses of insured members of your family. (Shutterstock)
 Before purchasing the medical insurance, make sure that the policy will meet all the medical expenses of insured members of your family. (Shutterstock)

The significant rise in healthcare expenses over the past decade has caused major concern among ordinary people. With the pandemic situation still ongoing, people are very much worried about their life’s safety and the financial security of their loved ones and family. The COVID-19 outbreak has made people realize the need for investment in critical insurance policies and endowment plans. In this way, people can obtain greater satisfaction in knowing that their families are financially secure in the event of any misfortunes.

Health insurance has become the most popular term among people, especially during these pandemic times. The realization for protecting themselves and their family has triggered many people to buy health insurance. However, the availability of several health insurance policies in the market has made people baffled in choosing the right plan.


Not every person will know the primary benefits offered by the health plan or the terms and conditions that come with the policy, which makes it more challenging for individuals to choose the best plan. So, let us first understand the meaning of the term health insurance completely.

                                           What Is Health Insurance?


Health insurance is the type of insurance policy covering all the medical expenses occurring due to illness, accidents, or injury. The policyholder can receive all the mentioned benefits of the health plan during the entire policy’s term. The insurance company will reimburse the insured expenses incurred due to the illness or accident or pay the sum owed by the insured member to the healthcare provider directly.

Either way, the individual need not spend a colossal amount during a major accident treatment or necessary medical surgery. In addition, many companies provide health insurance policies to their employees by deducting a certain amount from their salary for paying the plan’s premium amount. Anyways, a health insurance policy is always a benefit to the policyholder at all times.


Types Of Health Insurances:

> Individual Health Insurance
> Family Floater Health Insurance
> Senior Citizen Health Insurance
> Group/Employee Health Insurance
> Maternity Health Insurance
> Critical Illness Health Insurance
> Top-Up Health Insurance

Each plan has different benefits to offer, but the ultimate objective of these health policies is to provide the best health facilities available to the policyholder and their families at all times. Finding the best health insurance policy is the most challenging part of these adverse conditions.


The pandemic situation has added more confusion on the people’s part due to the introduction of many types of Covid-19 insurance policies into the health insurance market. So, compare various health plans available in the market and buy the best health insurance meeting your requirements and needs.

How To Select The Best Health Insurance Plan For Your Family?

1. Consider The Suitable Policy Coverage

The health insurance policy should offer cover for various medical problems, ambulance charges, pre, and post-hospitalization charges, critical illness expenses, cashless treatments, in-patient hospitalization, maternity benefits, and other necessary coverage.


Before purchasing the medical insurance, make sure that the policy will meet all the medical expenses of insured members of your family. Make sure that you consider all your family requirements, compare various plans, and check out all the features and limitations of the policy before buying the health insurance policy.

2. Look For The Waiting Period Clause

The health insurance companies provide specific waiting periods for all their health plans ranging from 2 to years on average. Since the health insurance policy covers pre-existing medical illness, maternity expenses, and other specific treatments like hernia, a particular waiting period clause will definitely be attached to the health plan. So, make sure you buy a plan that will cover all the pre-existing medical conditions of your family members in the shortest duration.


3. Check For The Lifetime Renewability Option

Many people overlook the fact that certain health insurance policies are available only until a specific age group. After that particular age, the health insurance plan will become invalid. Therefore, while buying a family plan, make sure that you check the lifetime renewability option of the policy to ensure financial security to your parents or close ones at their old ages.

4. Network Hospitals

Most insurance companies have a list of hospitals under their policy that can provide the policyholder significant advantages when admitted to those healthcare facilities. For example, the health insurance policy will offer cashless hospitalization in the network hospitals, making your admission process or medical claim process seamless and hassle-free.


5. Claim-Settlement Ratio And Process

Most insurance companies follow the same claim procedures as directed by the regulatory authority, but some companies may vary in their functionality. So, make sure you buy a health insurance policy that offers you a smooth claim process and from the company that has the highest claim settlement ratio.

Choosing the best health insurance policy might seem very challenging but following the above tips might help you decide the right one. So, choose the plan that meets all your requirements, needs, and budget. Only by using a health insurance policy can one understand its full benefits.


Disclaimer: No Deccan Chronicle journalist was involved in creating this content. The group also takes no responsibility for this content.