Besides being a major catastrophic failure, the COVID-19 pandemic has been a reality check for people worldwide. The overburdening costs of hospitalization, medical treatments, and health care, in general, have come to light because of the coronavirus pandemic. As a result, several studies and surveys show a notable surge in demand for health insurance schemes and policies.
Even though a large percentage of the Indian population now realizes the significance of investing in health insurance schemes, most don’t or forget to take their family into consideration. While you may have sufficient health insurance coverage for yourself, bearing the medical expenses of your family members, especially dependents, can take a financial toll. If you are unaware of how to add your loved ones into your health insurance policy or need some guidance, read on ahead.
Why is it Essential to Buy Health Insurance Schemes for Your Family?
Unprecedented times and medical emergencies can affect you and your family at any time, which is why it is essential to secure their future as well as your own – by investing in health insurance schemes. Bearing your loved ones’ health care costs can quickly become a financial burden if you don’t plan ahead.
Today, one can easily opt for health insurance schemes that cover your entire family (commonly known as family floater plans) with one single premium. However, even such insurance policies come with certain limitations and exclusions, making it crucial for one to be thorough before making a decision. Moreover, it always helps to take some key pointers into consideration, and this guide is here to help.
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Here’s What One Should Consider to Find the Right Health Insurance Scheme for Their Family
- Figure Out the Right Insurance Plan for You
When it comes to buying health insurance schemes for your loved ones, it is vital to make the right choice and not be confused with the countless options available. If you want to buy a health policy for one single member of your family, selecting individual plans is most suitable. Or you can choose family floater plans that cover your immediate family and are comparatively cheaper.
However, some floater plans do not cover parents or siblings, in which case you might have to purchase separate individual policies or look for ones that let you add on more family members.
- Check the Age Criteria & Waiting Period
While some plans have restrictions on the age entry criteria, others don’t. The terms of the same vary with each plan, and it is best to choose health insurance schemes tailored to your needs. Apart from age criteria, a plan’s waiting period can also be an issue for some as it usually applies to pre-existing diseases too. Therefore, it is better to opt for schemes with minimum waiting periods.
- The More the Coverage, the Better
A majority of health insurance schemes only cover expenses incurred during hospitalization, but to get the most out of your medical plan, opt for policies that cover both pre & post-hospitalization costs as well. Similarly, it is best to select health insurance schemes with additional perks like daily allowances, ambulance fees, medicine costs, AYUSH treatments, etcetera.
- Some More Aspects to Think About
Here are some other important pointers to review when buying health insurance schemes for your family:
- A quick and hassle-free claim process
- Maternity benefits
- Tax savings
- Premium to coverage ratio
- Wide hospital network
- Cashless payments
- Premium discounts
- Coverage Riders
- Co-payment clause
- Lifetime renewal
- No Claim Bonus
Secure Your Family’s Future Today
As per the Statista Research Department, in 2017, most Indians spent around 62 percent of their income and savings towards out-of-pocket medical costs – which are paid directly to hospitals/ health care providers. Moreover, out-of-pocket expenditure isn’t typically reimbursed by medical insurers, making it almost impossible to recover from such large financial losses.
Even though the percentage of out-of-pocket expenses has declined over time, health care costs are on the rise. The only way to shield yourself and your family from medical emergencies and monetary damage are to buy health insurance schemes. But make sure you choose the right plan and go with reliable insurance providers such as Care Health Insurance – because one should never compromise when it comes to family.
