Among rising health concerns, wishing good health for ourselves and our loved ones is not enough. It is important to ensure that our families stay protected against unforeseen emergencies that may occur in the near future.
This is where a good health insurance plan for a family comes into the picture. However, with so many options and numerous insurance providers, choosing the right medical insurance policy can be challenging.
To help you with this, we have prepared a detailed guide that will assist you in selecting the best health insurance plan for you and your family.
Why Should I Buy a Health Insurance Plan for Family?
Busy schedules, sedentary lifestyles, increased exposure to dangerous health ailments and rising healthcare costs are the primary reasons why having a health insurance plan is crucial.
It is extremely important to choose the best and most comprehensive health insurance policy to cover exorbitant medical costs and steep medical inflation and to ensure the all-around protection and well-being of yourself and your family.
Having a family health insurance will not only help you handle the hospitalisation cost but will also allow you to prioritise your health by taking preventive measures with the help of insurance benefits like routine check-ups, daycare services, AYUSH benefits, etc.
How to Choose the Best Medical Insurance Policy for Family?
Although we can not predict when we will get sick, we can surely plan ahead to navigate our medical emergencies without facing any financial burden.
Having said that, below are some factors that will help you select an efficient health insurance policy for yourself and your dependents:
● Identity Your Coverage Requirements: Before starting your search for the right health insurance plan, consider identifying and understanding your coverage requirements.
For the best coverage and value for money, it is highly recommended to buy a comprehensive health insurance policy, as it covers you against a wide array of medical situations.
The best mediclaim policy for families from trusted providers includes hospitalisation costs, critical illness treatment, pre and post-hospitalisation costs, routine check-ups, and more.
● Opt for Family Floater Plans: Instead of purchasing individual insurance plans for each family member, consider investing in an efficient family floater plan. There are numerous benefits to purchasing the best health insurance for the family.
For starters, family floater plans are a lot more cost-effective as compared to individual medical policies.
Secondly, family plans are easier to manage as you don’t have to deal with a lot of paperwork. All your family members will be covered with a single sum insured, similar to managing all the family members under a single umbrella.
● Compare Multiple Plans: It is perhaps the most important tip for picking up the best mediclaim policy for your family. Instead of opting for any random health insurance, take enough time to compare health insurance plans from different providers.
This simple approach will assist you in finding a policy that matches your coverage requirements and budget. Meanwhile, it will also help you understand the workings of health insurance before investing in it.
● Ensure Efficient Claims Process: Although it sounds insignificant, it is important to ensure that your chosen policy has an efficient claims procedure.
The reason behind this is simple: having a policy with a complicated claims process is as good as not having insurance at all. Such health insurance plans tend to consume both your time and money.
Thus, work with a provider that offers a simple, preferably online, health insurance claim settlement with minimal paperwork.
● Go for a Higher Claims Settlement Ratio: The claims settlement ratio is a vital factor to consider when choosing the best health insurance plans for families. It signifies the number of claims settled by the insurer against the total number of claims received within a period.
Always go for a policy or insurance provider with a higher CSR, as it signifies a higher chance of settling potential claims. A lower claims settlement ratio, on the other hand, would mean poor settlement chances and even rejections of the raised claims.
● Consider Your Budget: While health insurance is vital, there is no point in purchasing a policy that imposes an additional financial burden on yourself.
You need to understand that the objective of having a medical insurance plan is to get financial assistance in need. Thus, select the plan that comes at a cost that fits into your budget.
● Work with a Reputed Insurance Provider: Last and most important, always work with a trusted and well-regarded health insurance provider to buy the best family medical insurance.
Insurance companies like Tata AIG shine bright in the insurance industry for the efficient plans, competitive prices, and reliable coverage they offer. Those looking for family insurance should definitely check out the Tata AIG family health insurance policies.
Bottom Line
The tips mentioned above can help you in purchasing a cost-effective and efficient health insurance plan for family.
Always ensure that your chosen health insurance is able to save you a lot of money, whether on hospitalisation, routine check-ups, pharmacy costs, and so on.
Thus, when buying a family medical insurance policy, consider ticking off the checklist we have discussed above.
We hope this blog helps you in making an informed decision for the benefit of your family.
