“Health is Wealth” is a famous adage that explains how matters pertaining to health must be first taken care of before anything else. To secure health, one must be prepared to meet rising medical expenses resulting from costs of treatment. More Indians are now investing in health insurance plans for family realizing how regular payments of small amounts as premium can offset huge medical expenditure in the long run. Insurance companies are largely promoting their family floater health insurance products that have features similar to individual health insurance policies, the difference being that these plans are tailor made to meet the needs of the entire family as opposed to providing financial security to an individual policyholder only.
It is necessary to compare health insurance plans for family before zeroing on the best family health insurance plans. Here are some important points which are important to know before buying any health insurance plan for family. Some of them are:
- Amount Insured: The amount insured must not be subject to whims and fancies of the policy holder, but must be decided after conducting thorough research of the family’s requirements, medical history of the family members and the extent to which each of them is prone to illnesses and consequent hospitalisation. Most insurers provide options of sum insured starting from ₹ 100,000 to ₹ 10,00,000; the minimum tenure of the policy period being one year and maximum extending up to three years.
- Nature of Expenses Covered: Check if your choice of insurer covers treatment at the hospitals that you prefer. Also, find out if the insurer covers the entire treatment costs pertaining to various treatment modes including Allopathy, Homeopathy, Ayurveda, etc., and if it covers expenses on health checkups required post hospitalisation.
- Added Benefits: What extra benefits do the insurance policies provide? The best way to find out is to compare extra benefits provided by top five family health insurance plansand choose the kinds of benefits you would like to avail. These added benefits may include maternity expenses, costs of infertility treatment, expenses incurred on seeking second opinion on crtical illnesses, ambulance expenses, anti-rabies vaccination costs, etc.
- Diseases Covered: Check the list of diseases that available health insurance plans for family cover. Since buying a family floater health insuranceproduct means that your parents too will be covered, it is imperative to find out the waiting period before availing the cover for pre-existing illnesses.
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- Discounts Offered: Check the premium rates of your health insurance plans offered online versus offline. Many insurance companies offer discounts on online applications for their policies. There are others which offer discounts on renewal of policies with them. Insurers also offer discounts for long-term policies and instead of maternity cover after 45 years of age.
Insurance companies are changing their offerings to meet growing needs of their customers while grabbing a greater share of customer base. As opposed to earlier family floater health insurance products that covered parents, spouse and children, these days insurers are also allowing provision for securing the health conditions of dependent siblings and parents-in-law. The best plans are those that cover most illnesses and provide necessary and comprehensive cover for treatment at any hospital or facility with ease and affordability.
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Summary: A health insurance policy acts to secure against expenses incurred on medical treatment including hospitalisation fees, medical bills and regular checkups. Having a family floater health insurance ensures that each and every family member is covered under a single policy and has access to the best medical treatment as the insurance company covers the costs of their treatment.