Buyer's Guide 101: Here's How to Pick the Best Health insurance Plans for Family

Buyer’s Guide 101: Here’s How to Pick the Best Health insurance Plans for Family

By now, most of us know that an unexpected medical emergency can occur at any time, which might involve considerably high treatment cost. Therefore, to protect your savings, buying health insurance should inevitably be a part of your financial planning.

For comprehensive coverage, it is advisable to choose one of the best health insurance plans for family. Generally, a family health insurance plan offers coverage for yourself, your spouse, dependent children, and parents under a single plan.

For making an appropriate choice, you need to answer a few questions before considering other factors:

Do you have a young and nuclear family?

If yes, a family floater plan would be a suitable option, as any of your family members can avail of insurance benefits as and when required.

Does your employer cover your health expenses?

If your employer covers health expenses, it is important to check the coverage. However, it is advisable to buy a separate plan for comprehensive coverage.

Are you self-employed or a salaried employee?

If you are self-employed and running your own business, it is advisable to buy health insurance that compensates for your lost income and medical expenses as well, in case you fall sick.

Do you have dependent parents living with you?

If yes, it is advisable to buy individual health insurance plans for your parents to provide them lifelong coverage.

After you have answered the questions mentioned above, read through a few critical factors to consider before buying one of the best health insurance plans for family:

Choose The Right Policy

Depending on the number of family members you have, you can choose from the different health insurance plans for family. Find below a number of options you can consider:

  • Individual health insurance for each family member
  • Family floater plan
  • Combination of individual and senior citizen insurance plans

Choose An Adequate Sum Assured

Due to the rising medical cost and inflation, it is important to choose an adequate sum assured. For this, it is essential to consider the number of family members and choose a higher sum assured. However, for a higher sum assured, you might have to pay a higher premium, but it will be beneficial as it would cover maximum medical expenses.

Look for Comprehensive Coverage

Before choosing the best health insurance or best mediclaim policy for family, it is important to look for the policy’s inclusions. While keeping in mind your requirement, health status and life stage, you should ensure that majority of medical expenses and benefits are covered.

Check The Limits And Sub-limits

It is important to check for clauses related to sub-limits and limits on your sum insured. If there is any sub-limit on any type of medical expense, such as room rent, and while getting admitted, you opt for a room with higher rent, your in-patient hospitalization coverage might get significantly reduced. Therefore, it is important to check for sub-limits and limits.

Opt for Riders

One of the basic health insurance plans for families might not cover all medical conditions. Therefore, to widen the coverage, you can opt for additional rider options, such as critical illness, accidental disability, etc.

Network Hospitals

Your chosen insurance provider should have a considerable number of network hospitals so that you can have more hospital options to avail of cashless claim benefit on your treatment. Under cashless claim benefit, the insurance provider directly settles your medical bill with the hospital.

Check Exclusions

While comparing different health insurance plans for your family, it is imperative to check and compare exclusions across different insurance plans. Thereafter, it is advisable to choose one with minimum exclusions and maximum benefits while considering your medical specifications, sum insured and financial capacity.

After you have checked and compared all the important factors across different health insurance plans and insurance providers, you are ready to buy one of the best health insurance plans for your family. For buying the same, it is important to choose a credible insurance provider like TATA AIG so that you stay assured of your claim settlement and other lucrative benefits. Besides, if you need any assistance throughout the tenure for customizing your policy or any other purpose, you can approach their customer care executives.