Health costs are rapidly increasing, making it difficult to cover medical expenses
from one's own pocket. A family health cover is
crucial to meet the medical
expenses of family members. Factors to consider
when purchasing a health insurance policy include health cover size, diseases
covered, and premiums. A healthy family signifies progress, happiness, and
togetherness, and it is essential for family members to have resources to fight
illness. With rising medical treatment costs, a good family health insurance
policy is necessary to meet medical needs.
A good health insurance policy provides peace
of mind, allowing family members to focus on treatment without worrying about
medical bills. In India, the coronavirus pandemic in early 2020 led to a surge
in medical treatment expenses, emphasizing the importance of a good health
plan. When choosing a family health insurance policy, consider five important
points: health cover size, diseases covered, and premiums.
1. Budget: Before purchasing a family health insurance
policy, consider your budget and compare various options online. Medical
insurance policies range from a few thousand to several lakhs, with
higher-range policies offering more benefits such as room rent, terminal
illness treatment, and reimbursement for work absences. If you have a good
budget, opt for a high cover that includes a top-up or super top-up.
2. Waiting
period: The waiting period is the
time the insured waits for their illnesses to be covered under the policy.
Short waiting periods are recommended, especially for older people. If not,
consider pre-existing disease riders or waivers to reduce the waiting period in
return for a higher premium.
3. Network
hospitals: Network hospitals, which
collaborate with insurers to provide cashless treatment and high-quality care,
are a great option. Choose an insurance carrier with a large hospital network
and a few close to your home.
4. Premium: The cost of premiums is a significant factor to
consider when purchasing a family health insurance plan. Compare the premiums
of various options and choose the one that offers the most advantages at the
lowest possible cost.
5.
Comprehensive coverage: Ensure
the insurance provides comprehensive coverage for disease treatment, add-ons,
pre- and post-hospitalization charges, domiciliary hospitalization, home care
treatment, AYUSH therapy, yearly health check-ups, cataract treatment, and
other medical expenses. Comprehensive coverage protects your hard-earned funds
from medical expenses.