Showing posts with label Why Is a Family Health Insurance Policy Important? Five Things To Think. Show all posts
Showing posts with label Why Is a Family Health Insurance Policy Important? Five Things To Think. Show all posts

Wednesday, January 10, 2024

Why Is a Family Health Insurance Policy Important? Five Things To Think About Before Selecting A Policy.

 

 


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.

 

Shibashis Banerjee

Life & Health Insurance Advisor

 


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