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Tips To Choose Best Health Insurance Plans For A Family In India

Everyone wants to have a health insurance plan that provides them and their family with a good amount of coverage. The market offers a wide variety of health insurance policies, which makes it difficult to choose the best one. Because of this, people often end up purchasing inadequately covered health insurance plans.

But don’t worry. We’ve covered some tips for selecting good health insurance plans for family.

Choosing the ideal family health insurance plan: Tips

  1. Find the appropriate policy coverage:
    Select a health insurance coverage in Indiathat includes a wide range of medical issues and includes the following:
  • Pre- and post-hospitalisation.
  • Critical illness coverage.
  • Ambulance costs.
  • Cashless treatment.
  • Maternity benefits.
  • In-patient hospitalisation.
  • Daily hospital cash benefits.*

An individual should ensure that the health insurance plans for family meets the needs of each insured member before making the purchase.

Compare numerous plans, look over the features and policy restrictions, and then pick the one that suits your needs. Policy buyers should notice the waiting period, sub-limits, and other factors. It is crucial to carefully read the policy brochure to ensure that the family does not encounter any issues when making a claim.*

  1. Verify the waiting period provision:

After two to four years of waiting, most health insurance policies typically cover maternity costs, pre-existing conditions, and procedures like varicose veins, hernias, etc. The length of a plan’s waiting period varies from insurer to insurer. For instance, after a waiting period of 2-4 years from the date the insurance was initiated, maternity expenditures are often reimbursed.

Several insurance providers also provide a shorter waiting period. Check the period after which a family health insurance plan can cover a pre-existing condition, and select the option with the shortest waiting period.*

  1. Make sure there is room to add other family members:The policy purchaser should look into ways to include more family members when purchasing a family health insurance plan. If a senior family member passes away, the remaining family members can continue with the current plan, and its advantages.*
  2. Pick a plan with lifetime renewal options: Check the policy’s term to see whether it gives lifelong or restricted renewability. This is because later in life is when a health insurance policy is most necessary. Therefore, selecting a health insurance plan that offers the possibility of lifetime renewal is usually advisable. This may ensure that the family can continue to have the same coverage even after the age restriction has been reached. Additionally, it spares one the headache of purchasing new insurance. For instance, if one purchases a health insurance plan with a 45-year renewal period, the policyholder may need to purchase a new plan with a substantially higher premium after 45 years. However, if one buys a lifetime renewability plan, one can continue it without dealing with policy renewal hassles.*
  1. Verify the co-payment provision:
    A co-payment in a health insurance policy is the portion of the cost that the policyholder consents to cover out of pocket. The insurance provider covers the remaining hospitalisation costs. The option of purchasing a policy without a co-payment clause is available.
  1. Limit on room rental:
    Depending on the type of plan selected by the policyholder, the insured may receive a shared room, semi-private room, or private room in the event of any medical emergency. To avoid paying more out of pocket, selecting a policy with a greater room rent cap is usually advisable.*

Finishing up!

Nowadays, getting health insurance is more of a requirement than a choice. Ensure you consider the aforementioned factors and make a well-informed decision when selecting the finest family health insurance plan.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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