7 Important Factors to Consider Before Buying Health Insurance Policy For Family

7 Important Factors to Consider Before Buying Health Insurance Policy For Family

Bajaj Finserv Health
December 06, 20214 mins read

Key Takeaways

  • A health insurance policy for family members help covers medical expenses
  • Getting a mediclaim policy for family does not offer comprehensive benefits
  • Opt for top-up health insurance plans to get additional health coverage

With advances in technology and medical science, modern procedures, and effective medicines, healthcare has become increasingly expensive [1]. As per data, there has been a rapid spike in health expenses after the second wave of COVID-19. Medical inflation rose to 8.4% in May 2021, followed by a 7.7% increase in June in comparison to the 3.8% spike in December 2019 [2].

In a time of uncertainty when coronavirus strains are mutating, do not underestimate the importance of health insurance. Buy a health insurance policy for family to protect your near and dear ones. This helps you overcome the financial burden arising from any illness.

Whether you are looking for the best mediclaim policy for family or a comprehensive family floater plan, keep certain factors in mind. They will help you get the cover you need more affordably. Read on to know the important factors to consider while buying a medical policy for family.

Additional Read: Benefits of Comparing Health Insurance Plans: 5 Vital Reasons For You!

Age Criteria

The premium of family floater plans depends on the age of the eldest member. This is why age is one of the crucial factors. You should also check the age limit criteria before buying a policy. Generally, health plans have an entry age of 91 days to 65 years. After this, seniors may not be covered. Some insurance plans may not have any age restrictions. So, choose your policy carefully.

Waiting Period

The criterion of waiting period applies to pre-existing diseases like diabetes, cancer, and blood pressure. Companies do not cover claims for pre-existing illnesses during the waiting period. It generally ranges from 24-48 months depending on the insurer and plan you choose. If your family members have a pre-existing disease, choose a plan that has the least waiting period.

Claim Process and Settlement

Read the policy document for the claim process followed by the insurance company. Do your research and read customer reviews online. This will help you understand whether to choose a cashless or reimbursement claims process. It will also allow you to see which company makes the process simple and seamless. This can be a big advantage when you are occupied with your family’s health.

The best mediclaim policy for family or comprehensive medical policy for family will be the one that has the highest claim settlement ratio. This ratio indicates that the company actually offers the benefits that you are signing up for.

Maternity Cover

Maternity expenses have also risen sharply. If you are newly married or planning a family, go for a health insurance policy for family that offers maternity benefits. Plans usually have a waiting period of 2-4 years before you can make a claim. So, purchase your family policy accordingly. Select a plan that covers newborn medical expenses apart from the costs related to delivery.

Network Hospitals

While buying a health insurance plan for family, check the number and names of network hospitals. See the empanelled hospitals close to your location too. You should try to choose a policy that has a greater number of reputed network hospitals. This allows you to avail the advantage of cashless treatment. In this case, your insurer will directly settle the bill with the partner hospital. This saves you the time and trouble in arranging emergency funds for treatment.

benefits of family health insurance

Sum Insured and Premium

You need a high sum insured to cover the healthcare expenses of your entire family. At the same time, you want an affordable premium. Balance these two sides of the coin. Do not get distracted by a cheap premium. A policy with a lower premium may not always be the best choice. It may lack necessary features and benefits. Check additional clauses before buying a policy such as:

  • co-payments

  • deductibles

  • sub-limits

Go for a health insurance policy for family that is affordable, offers adequate coverage, and doesn’t compromise on benefits.

Pre- and Post-Hospitalization Cover and More

Remember, mediclaim for family members will only cover costs related to hospitalisation. You will need to pay the rest out of pocket. These are best when combined with other health plans for preventive care. Instead, a comprehensive health insurance policy for family members may be a better fit to cover most healthcare costs.

A family floater policy should cover pre- and post-hospitalization charges along with IPD costs. Check if the health policy you choose covers expenses such as:

  • ambulance charges

  • medical tests

  • doctor fees

  • medicines

Additional Read: Different Types of Health Insurance Plans for Family: Are They Important?

Remember that you can also increase the health protection for your loved ones by buying top-up health insurance plans. While selecting the ideal health insurance policy for family members consider the Aarogya Care Health Plans from Bajaj Finserv Health. They offer

one of the highest claim settlement ratios and come with affordable premiums. With them you can cover up to 6 family members with ease. So, get started now and keep your family protected with the right health policy.

7 Important Factors to Consider Before Buying Health Insurance Policy For Family banner
  1. https://www.policyholder.gov.in/you_and_your_health_insurance_policy_faqs.aspx
  2. https://www.thehindu.com/data/data-medical-expenses-climb-after-second-wave-adds-to-financial-stress/article35375720.ece

Please note that this article is solely meant for informational purposes and Bajaj Finserv Health Limited (“BFHL”) does not shoulder any responsibility of the views/advice/information expressed/given by the writer/reviewer/originator. This article should not be considered as a substitute for any medical advice, diagnosis or treatment. Always consult with your trusted physician/qualified healthcare professional to evaluate your medical condition. The above article has been reviewed by a qualified doctor and BFHL is not responsible for any damages for any information or services provided by any third party.

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