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How to find the best Health Insurance Plan for your family?

Maximum health insurance plans in India come with the waiting period for pre-existing diseases

Wednesday October 9, 2019 4:56 PM, ummid.com News Network

Best Health Insurance Plan

In India, we still have a structure of joint families where the earning members are less and the number of dependents is more. Buying a health insurance plan for a family is essential to meet the skyrocketing medical expenses. But to select a plan in itself has become a task. Let us understand how to choose the best Health Insurance policy in India for your family.

Important Considerations to make before choosing a Health Insurance Plan

Check sub-limit in the plan: Any insurance plan offers coverage with some sub-limits that refer to capping the amount which will be reimbursed to you. For example, the room rent payable under any policy is 1% of the Sum Insured. The total expense may be more than the percentage allowed leading you to spend from your pocket. It may get taxing for your savings hence it is wise to check the sub-limits.

Check whether co-payment applies: Co-payment is about sharing the claim amount in a pre-defined percentage. It is better to know these limits before you file or avail of the claimed facility. Suppose your policy reads co-payment in a ratio of 20:80 and if the claim amount is of Rs.75,000/- then you will have to bear an amount of Rs.15,000/- from your savings.

Know Exclusions and Inclusions: In a family, the number of medical emergencies can be more than what you may expect. Don’t choose a plan if the premium is low because there can be some restrictions or exclusions applied. You should be aware of what is included or excluded from the policy you want to choose.

Find out the Waiting Period: Maximum health insurance plans in India come with the waiting period for pre-existing diseases. This period may vary from 2-4 years, so pick the health plans that have the minimum waiting period.

Buy plans with Lifetime Renewability: You should buy plans which have lifetime renewability. Some plans have restrictions on renewability after a particular age. And that is when you need a health policy the most. Ultimately, such policies make for no good use.

Which plan should you take Individual or Family Floater?

To secure yourself from unexpected expenses for medical aid, you need health insurance. You can get your family covered under the Individual Policy or Family Floater.

Individual Health Policy: Under this policy you pay to get coverage for medical expenses for illnesses, injuries, and medicine. Each person covered under the policy has a dedicated Sum Insured. The premium is higher under the policy.

Family Floater Health Insurance Policy: One of the popular Family Health insurance in India. Under this kind of policy one Sum Insured applies to different members covered under the policy. You can choose higher coverage limit for the policy at a low premium price.

Let us help you decide which plan will suit you

Particulars Individual Family Floater
Premium If your family has more of adults or senior citizens, then choosing an individual plan will be wise. The premium will be more but everyone will have their own applicable Sum Insured coverage. If you have a family of kids then choosing a family floater plan is safe. The premium is less and one Sum Insured limit applies to all.
Two medical emergencies in one policy period The individual plan is good if you have one bad year, that is, if you have more than one medical emergency in one year. Each dependent person covered under the policy has a dedicated Sum Insured so if two members fall ill and seek hospitalization, the limits allowed will operate as different. Under the Family Floater Plan, if you have two or more medical emergencies in one year, then the Sum Insured that will float to each member will reduce depending on the consumption of Sum Insured after the first claim.
Age Gap If the age gap between the highest member and the youngest member covered under the policy is huge, then buying an Individual plan is better. Again because each member will have dedicated Sum Insured which does not risk the consumption of amount. If the age gap between the highest member and the youngest member covered under the policy is huge, then buying a Family Floater plan will be a bad idea. If the eldest member falls sick, there are chances that his treatment will eat up the Sum Insured limit.
Higher Cover Limits Vs Premium Under Individual plan for Higher Cover Limits, the premium will be too much which may not be affordable by everyone. While under Floater Policy, the Higher Sum Insured can be chosen at a much cheaper value.

You can now match your requirements and decide which type of policy will turn beneficial for you.

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