- Date : 24/09/2022
- Read: 3 mins
Factors to consider before finalizing the health insurance plan for your family.
Health insurance is necessary to protect your family in case of medical emergencies. Your financial health will not be affected in case of a medical emergency if you have the right health insurance plan for your family. Your family is your priority, and you should ensure that you take the best health insurance plan for your family.
Buying health insurance can be tedious, especially if you don't know what to look for. If you are not certain about your requirements, you can make mistakes in finalizing the correct health insurance plan for your family. Here we discuss the factors you need to consider before finalizing the correct family health insurance plan.
Related: 8 health insurance jargons explained
Factors to consider before finalizing your family health insurance plan
The first thing that you need to do is to finalize the correct health insurance provider. To choose the correct health insurance provider, you should consider the following factors:-
- Hospital Network- You should check the hospital network of the insurance provider and also if cashless treatment is available at that hospital. If cashless treatment is available, you can easily get your treatment even if you don't have any funds available.
- Claim Settlement Process- The claim settlement ratio is the best way to gauge the reliability of your insurance provider. The higher the claim settlement ratio, the better it is for you.
- Alternative Treatment- In some cases, you might need to take alternative therapy like Ayurveda, homoeopathy, etc. You should check with your insurance, provided that alternative treatments are covered under the plan.
- Daycare Procedures- Most family health insurance plans provide funds only if you stay in the hospital for more than 24 hours. You should check with the provider if daycare procedures are covered or not.
Related: Difference between insurance agent and insurance broker
Choosing the right plan for you
Once you have finalized the insurance provider, you should select the correct family health insurance plan as per your requirements. You should consider the following factors:-
- Insurance Cover- You should consider the age, previous ailments, total number of family members, etc., before finalizing the insurance plan. Your insurance should reduce your out-of-pocket expenses.
- Premium- Your health insurance premium plan should be in line with your family’s income. Make sure to get the best plan within your budget.
- Pre and Post Hospitalization expenses- A good plan should include the charges for pre and post-hospitalization.
- Ambulance charges- The insurance plan should have coverage for ambulance charges.
Finally, if you zero in on a family health insurance plan, you should stick to the plan and pay your premiums on time to avoid any denial of claim due to non-payment of premium. Also understand how Group health insurance differs from Individual health insurance
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Health insurance is necessary to protect your family in case of medical emergencies. Your financial health will not be affected in case of a medical emergency if you have the right health insurance plan for your family. Your family is your priority, and you should ensure that you take the best health insurance plan for your family.
Buying health insurance can be tedious, especially if you don't know what to look for. If you are not certain about your requirements, you can make mistakes in finalizing the correct health insurance plan for your family. Here we discuss the factors you need to consider before finalizing the correct family health insurance plan.
Related: 8 health insurance jargons explained
Factors to consider before finalizing your family health insurance plan
The first thing that you need to do is to finalize the correct health insurance provider. To choose the correct health insurance provider, you should consider the following factors:-
- Hospital Network- You should check the hospital network of the insurance provider and also if cashless treatment is available at that hospital. If cashless treatment is available, you can easily get your treatment even if you don't have any funds available.
- Claim Settlement Process- The claim settlement ratio is the best way to gauge the reliability of your insurance provider. The higher the claim settlement ratio, the better it is for you.
- Alternative Treatment- In some cases, you might need to take alternative therapy like Ayurveda, homoeopathy, etc. You should check with your insurance, provided that alternative treatments are covered under the plan.
- Daycare Procedures- Most family health insurance plans provide funds only if you stay in the hospital for more than 24 hours. You should check with the provider if daycare procedures are covered or not.
Related: Difference between insurance agent and insurance broker
Choosing the right plan for you
Once you have finalized the insurance provider, you should select the correct family health insurance plan as per your requirements. You should consider the following factors:-
- Insurance Cover- You should consider the age, previous ailments, total number of family members, etc., before finalizing the insurance plan. Your insurance should reduce your out-of-pocket expenses.
- Premium- Your health insurance premium plan should be in line with your family’s income. Make sure to get the best plan within your budget.
- Pre and Post Hospitalization expenses- A good plan should include the charges for pre and post-hospitalization.
- Ambulance charges- The insurance plan should have coverage for ambulance charges.
Finally, if you zero in on a family health insurance plan, you should stick to the plan and pay your premiums on time to avoid any denial of claim due to non-payment of premium. Also understand how Group health insurance differs from Individual health insurance
