Every year, the cost of healthcare rises. Treatments, surgeries, and post-operative examinations are expected to become more expensive in the future. The rising cost of health care, combined with inflation, can financially devastate any family during a medical emergency. That is why, now more than ever, it is critical to invest in health insurance plans for family. During a medical emergency that needs subsequent hospitalisation, you may end up spending your whole life’s savings at the hospital.
Health insurance plans for family is the most important investment you will ever make.You should purchase a policy that provides adequate coverage, and high sum assured so that you can seek the best treatment when necessary. Planning to buy family health insurance? Let’s look at a few things you should know before making the purchase.
- Policy terms and details
If you are searching for a health insurance plan for yourself and your family, you can go for a family floater plan as it covers all your family members under a single plan. Moreover, the sum insured can be used by any member of your family. Reputable insurance providers like TATA AIG, even over lucrative discounts on the family floater plans. TATA AIG provides 20% discount for 2 members, 28% for 3 members and 32% for more than 3 members. Therefore, while comparing health insurance plans for family and finalising your health insurance company, thoroughly understand and analyze all the details.
- Buy Early
Getting health insurance plans for family early in life is a wise decision. You don’t want to go scouting for ideal health policies after you’ve turned forty and your body has begun to show signs of ageing-related disorders. You will most likely make fewer claims before the age of forty and may be eligible for a No Claim Bonus if you do so.
- Cashless Hospitalization Network
For cashless settlements, health insurance companies have agreements with a number of hospitals. Check to see if your insurance provider has a large network of hospitals. Also, if you move frequently, see if the insurance company has a national presence in terms of its hospital network.
- Insurance Provider’s Claim Settlement Ratio
We purchase health insurance plans for family to ensure that the insurance company will assist us when we require medical treatment. You don’t want to be in a situation where the insurer rejects your claim or only approves a portion of it. You require a policy that provides maximum coverage.
The claim settlement ratios of an insurance provider are an excellent way to check their legitimacy. The claim settlement ratios are detailed on the insurance provider’s website. You can also view the number of claims that have been settled, the number of days it takes to settle a claim, and the number of pending claims.
- Check for Inclusions and Exclusions
Most insurance buyers are guilty of failing to read the fine print in their insurance policies, i.e. the policy’s terms and conditions. The insurer lists the inclusions and exclusions here. Diseases such as HIV, AIDS, and STDs, for example, are not covered by insurance. You also cannot file claims for cosmetic treatments (other than those resulting from injuries or accidents), dental work, or cataract surgery. Therefore, it is critical that you understand what treatments are and are not covered so that you do not run into any problems when filing an insurance claim.
Make a Well-Informed and Planned Decision
As buying health insurance plans for family is a significant investment, you must go for a trusted and reliable provider like TATA AIG. They offer comprehensive and easy to understand family health insurance plans for you to feel secure and covered. Make sure to go through the list of things to know before buying a plan to ensure that you make a well-informed decision.