Tops Points to Consider While Purchasing Family Health Insurance

With rising medical expenses, it becomes paramount to safeguard yourself and your loved family members against health emergencies. To cater to the needs of individuals who prefer buying family health insurance plans, a number of insurance companies now offer such programs at affordable premiums. Want to know more about these plans? Find out some things you need to consider before buying family health insurance plans.

What are Family Health Insurance Plans?

As the name suggests, family health insurance plans are the ones that provide coverage for all your family members under one plan. Unlike individual plans, you need not buy multiple health insurance plans to cover your entire family as a family plan solves this purpose. Moreover, it is important to note that when you buy individual plans for each of your family members, it becomes a costlier option as compared to buying a family plan.

Things to Consider While Buying a Family Health Insurance Plan

Some of the important things you need to be wary of while buying family health insurance plans are as follows:

• Sum Insured: It is very important to check the sum insured while buying such plans so that you understand whether it is adequate for all your family members or not. It makes sense to choose a higher sum insured if you are including your dependent parents in the family plan. This is because parents who are above the age of 60 are likely to be affected by health problems as compared to the others.
• Network Hospitals: Another thing that you need to check when you are buying a family health insurance plan is the availability of network hospitals. The higher the number of network hospitals, the easier it becomes to avail cashless treatment for your family members. The advantage of choosing an insurer with a higher number of network hospitals is that you need not pay anything from your own pocket to get quality treatment.
• Health Insurance Premium: Premium in health insurance refers to the amount you need to pay to get adequate financial coverage against health problems. It is important to understand that the higher the coverage, the more the premium you need to pay. Also, in the case of a family health insurance plan, it is the age of the eldest member that determines the premium.
• Coverage: More than anything else, you must check the coverage that is offered under your plan. An ideal should provide coverage for pre and post-hospitalisation expenses, ambulance expenses, daycare procedures, alternative treatment, and more. You should always check with your insurer about these coverages as well as the exclusions.
• Waiting Period: The waiting period in health insurance refers to the period during which coverage for pre-existing diseases is not provided. Typically, the waiting period varies from one insurer to another and is between 3 to 5 years. So, you should consider buying a health insurance plan with a shorter waiting period.
• Claim Settlement Process: Claim settlement ratio refers to the ratio between the number of claims settled to the number of claims raised. Insurers with a higher claim settlement ratio are more efficient in settling claims, thus you should always choose an insurer that has a higher claim settlement ratio. 

Best Family Health Insurance Plans in India

Listed below are some of the best family health insurance plans in India:

• Niva Bupa Reassure 2.0: This health plan is a type of family plan that offers a sum insured between Rs 3 lakhs to Rs. 1 crore. From organ donor expenses, pre and post hospitalisation expenses to daycare procedures, the Niva Bupa Reassure 2.0 plan provides complete protection to your family members.
• HDFC Ergo - Optima Secure: The HDFC Ergo Optima Secure plan provides coverage for 2 adults and 4 children. With this plan, you can choose a sum insured between Rs. 5 lakhs to Rs. 2 crores. You can also customise this plan by including different add-ons, however, the premium will become higher in such a case.
• Care Supreme: The Care Supreme health insurance offers the option to choose a sum insured between Rs. 5 lakhs to Rs. 15 lakhs. This plan provides coverage for 2 adults and 3 children and can be customised as per individual needs. 

In addition to those listed above, there are a number of other health insurance plans that you can consider buying. 

Take Away

So, if you have dependant family members then it is best to buy family health insurance plans. You can also get in touch with InsuranceDekho team to know more about the best family health insurance plans in India.