Growing old happens to be a one-way journey, where you need to take guard against illnesses and sudden expenses on healthcare. Considering the rising treatment costs, you would be looking for the best family floater health insurance to financially secure you.
Picking the right comprehensive package from the available options turns out to be a dilemma. With too many policy types, riders, inclusions, features and limitations, people often end up with the wrong policy. Firstly, you need to make sure whether a particular policy would be adequate for your family.
Read on to understand how you should go about purchasing the right health insurance policy for family, considering your needs.
Check out the Specifications
What would be the use of a health insurance policy if the insurer does not compensate you when you need the money?
Before opting for a particular policy, check out the claim ratio. Go ahead with a company with a healthy statistic.
Check out whether the hospitals under coverage are accessible from your location.
The number of hospitals under an insurance network also matters. Reputed insurers like Vital have more than 6000 hospitals and healthcare centres in their network. You may have a look at their network hospitals.
Check out the benefits of the policy in detail, considering the requirement of each family member.
Check out the Policy Coverage
While choosing the best family health insurance plans, make sure to get a coverage against a wide range of issues. This should include:
Hospitalization cover (pre and post treatment)
Cover for critical illness
Ambulance charges
Cashless treatment
Maternity benefits
In-patient hospitalization
Daily cash benefit for hospitalization
Ayush treatment benefits
Daycare procedure cover
Cover for pre-existing diseases
Accident coverage
Unplanned and Emergency Admission
Depending on your specific needs, compare the plans designed by reputed insurers. Check out for hidden information like waiting periods, sub-limits, etc. Most importantly, the policy wordings matter, so take time to understand each criterion. This ensures that the claim process would be hassle-free, if necessary.
Scope to add new Members
When you purchase a family floater insurance plan, check out whether or not it offers the scope to add a new member.In case you have a child, you may include him or her under the same comprehensive plan.
In certain cases, a senior member of the family mass passes away. Besides, he or she may no more be able to enjoy the coverage benefits for other reasons. Look out for a plan where the other members of the family can continue enjoying the benefits without losing out anything. Evidently, you need to look out for a flexible plan.
Clause for co-payment
It is necessary to check out the co-payment clause when you purchase a family floater plan. This refers to the percentage of the bill that you need to pay yourself from your pocket. For instance, if the policy comes with a co-payment clause of 15%, it indicates that the insurer will settle 85% of the hospitalization charges, while you would have to pay the rest.
Established companies like Vital Insurance have designed certain comprehensive plans without this co-payment clause, where the company would settle the total amount. It would be wise to purchase such a family floater plan.
Lifetime Renewability
This happens to be one of the most overlooked aspects when you compare health insurance plans for family. It is critical for you to check out the number of years your policy would remain valid.The reason is, you would look for a coverage for your later years, of course. With a lifetime renewable plan, you can continue with the same plan, without taking the hassle of opting for another one when you cross the age limit.
Leading insurers like Vital have come up with the monthly EMI plans for family health insurance plans. Therefore, you can split up the entire amount into small instalments to ease up your financial burden. Have a look at the best plans online!