Choosing A Health Insurance Plan For Your Family
Planning to buy a health insurance policy is easy, but it is essential to take a few things into consideration in order to buy a best health insurance plan which is adequate and comprehensive
Most of us visualize and work towards for family secure. There are different aspects for securing our family’s future, and the health is the most important factor. Although we take various measures to ensure a balanced and healthy life, sometimes unexpected accidents and health emergencies happens which cannot be avoided, and we need to be preparer with proper health insurance for such scenarios.
Covid 19 highlighted the need to be financially prepared for unforeseen circumstances. An adequate health insurance plan allows us to enjoy quality health care facilities without facing a financial crisis.
While the decision to purchase health insurance is easy, it is also important to consider a few factors in order to purchase appropriate and comprehensive health insurance. There are a few things we should all consider when deciding to get health insurance:
Choosing Right Policy
There are several health insurance policies on the market that are suitable for different age groups, financial status, life stages, and propensity for health problems. Therefore, it is important to do a thorough research before making a final decision. Find the right information, understand which is best for your family members, and then make the decision. For example, an indemnity plan is the basic health insurance plan that can be combined with some additional clauses, such as benefits insurance or hospital daily cash, depending on your lifestyle. If necessary, consult the representative of the insurance company or an insurance intermediary as an agent who can guide you in this exercise.
Family Floater
This policy covers your immediate family, including your spouse and children, with one annual payment. Even in the event of multiple hospitalizations during the year, all family members can benefit from the benefits of the contract within the limit of the insured capital. Additionally, under Section 80D of the Income Tax Act, you can claim tax savings of up to ₹25,000 every year. The main advantage of a family floating health insurance policy is that it provides coverage for all family members with relatively affordable premiums. If a family member becomes ill, the full value of the insurance policy can be used to pay for their care. Family Floater offers multiple benefits in one plan. Using floating health insurance plans for your family can help keep you stress free.
Sum Insured and Premium
It is important to understand that the amount of the premium you pay may have an effect on the medical coverage you receive. Calculating your health insurance premium can help you make an informed decision when choosing the best health insurance plan for your family. Determine the security deposit accordingly and review it periodically. You can also purchase top-up plans if needed.
Limits and Sub-limits
Some plans may have treatment coverage limits and an additional sub-limit as a limit of some certain covers such as sub-limits on room rent and AYUSH treatment. Opting for plans that have no or no limits and sub-limits is ideal when choosing a plan for your family.
Network Hospital
Check the list of network hospitals that offer cashless facilities. This can be of great help with emergency treatments if you are not prepared for the sudden expense.
Choose the right health insurance policy to ensure that your finances are less affected during a health emergency and that such situations do not turn into a financial crisis.