How to Find the Best Health Insurance Plan for Your Family?

While medical services are getting better day by day, the hospitalization is getting costlier. The cost of health care is touching the sky, which means that you have to be financially prepared to deal with unfortunate situations and circumstances. Health Insurance indeed is a life saver “In Literal Sense”, as it helps you pay the medical expenses when you need it the most.

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      Health Insurance is a kind of insurance coverage, which covers the cost of your medical and surgical expenses, based on the health insurance coverage you have invested in – i.e. either the company pays the bill directly or you are supposed to pay out of your own pocket, which is reimbursed by the insurer later.

      There are many family health plans that you might like to invest in. Unlike an individual plan, a family plan gives insurance coverage to the entire family. This also means that anyone in the family can claim the benefit, in case of hospitalization and/or surgical expenses.

       

      In this plan, more than one member of the family can avail the benefit of the plan simultaneously. Just like you pay for the individual plan, you need to pay a premium for the family floater plan. If you avail individual policies for every member of the family, it turns out to be more expensive.

      Getting the Best Health Insurance Plan for You and Your Family

      It entirely depends on the family member you are willing to cover and the use of the policy. Here are a few tips that can help you purchase the best health insurance plan for you and your family:

      Who are you Buying for?

      If it is for your spouse and a maximum of up to 2 kids while your spouse and you are below 45 years of age, then go for a family floater health insurance plan.

      If you are trying to cover your parents, who are above 60 years of age, then do not try and bundle them in the same plan as you or your nuclear family. The calculation of the premium for a health insurance policy is based on the age of the eldest member if your family. The premium goes up by 100% for people above 50 years as compared to someone who is say 35 or 40 years old. Therefore, cover your parents separately. Plans that are meant for slightly older ages make more sense.

      You may also like to Read: Best Health Insurance Plans for Family

      The Amount of Coverage You Need

      It is very tough to decide what the ideal amount of coverage one should have. So, here are some questions you need to answer:

      1. Do I Want Insurance to Cover all Possible Expenses?

      Can I find something from my savings or self-insurance? Can my employer-provided insurance fund some parts?

      If you have a low cover from your company, i.e. up to 2 Lakhs, then do not rely on that cover because when you switch your job or start your own venture, you might need health insurance to control any situation.

      What do medical emergencies cost today and how much will it cost five years from now?

      Medical inflation in India is about 15%. So, if you calculate in 5 years, the cost of medical procedure would nearly double. Remember that your health insurance should be able to pay your expenses for the next five years at the least.

      2. What Else Should You Look At?

      Room Rent Limit - This feature causes the maximum distress for those who buy health insurance.

      The funny part is that hospitals’ charges are in package rates, which means that the cost of surgery or treatment under the observation of the same doctor at the same hospital may go up by 40-50% depending on whether you choose a shared room, a private room, an AC room, or a Suite.

      The Solution: Seek out plans that have no limit on room rent. You can easily find many these days.

      Claims Settlement Record - It is depressing to go with a company that does not respond when you need it the most. Look at the percentage of claims it reject and how many it settles each month. Many companies at this juncture would fall off your consideration list.

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      Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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      *We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.

      *Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

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      Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.

      STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

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