The steady rate of medical inflation in India calls for sufficient health insurance coverage for all. As the need for family health insurance plans continues to increase, would-be applicants are finding it harder to avail the most suitable scheme.
Availing a health insurance policy marks the beginning of a financial itinerary. Even before an investment plan is initiated, one must consider a family health insurance scheme to keep themselves and their families protected against any abrupt medical emergency.
Here are the essentials to help you zero in on the best health insurance policy.
Why is availing a health insurance policy a necessity?
- If you are feeling healthy right now, it might not be the case always. There are chances that a medical emergency might arise all of a sudden and take you by storm. Hence, it is wise to anticipate the unforeseeable within time and have a backup plan ready at your disposal to take hold of the situation. Choosing one of the best health insurance plans for family gives you the edge over the crisis.
- There are certain critical illnesses whose symptoms become visible all of a sudden or during older years. So, if you are young and have good health, don’t refrain from availing a medical insurance policy and continue renewing it without claim. This will lead to satisfactory claim experience when the requirement arises.
There are more reasons to avail health insurance for family, and they are as follows –
- The medical insurance policy will bear the high cost of health care on your behalf.
- Options to avail extensive range of medical coverage, including hospitalisation cost, overall treatment cost, compensating the loss of pay during illness, and many more benefits.
- Lesser premium amounts in comparison to the full range of benefits availed.
- Hassle-free and on-time claim process.
- Fewer instances of a claim getting rejected.
Basics to buy a suitable insurance policy
Here are the basics to be explored as you are on a mission to avail the perfect health insurance plans for family –
- Types of insurance:Health insurance plans in India comes in two types, namely –
- Indemnity policies pay hospital bills.
- Benefit policies generally pay a lump-sum as a critical illness you are covered for is diagnosed.
- Surgery coverage:It should be checked whether the insurance plan has adequate surgical coverage or not.
- Specific disease coverage:It is essential to check the limitations against the claim to be made for various treatments or particular surgeries. It is better to take such a policy when you are young as that makes the premium low.
- Top-up plans:With the increasing cost of expenses, larger covers have become a necessity. That calls for higher premiums, which does not seem affordable to all. A top-up plan is the best option in such cases. It comprises in-built deductibles to reduce cost. This deductible is the amount used in the treatment before the insurer paying for it. A mix of primary insurance and the top-up plan is a better choice in comparison to a standalone indemnity policy.
- Maternity expenditure coverage:Maternity coverage is favourably a new concept introduced in the domain of health insurance, but it is a crucial component to avail. Along with coverage for pregnancy complications, other add-ons should also be provided to make it a complete package for an all-protected transition to motherhood.
- Medical check-up coverage:Health check-up cover is another significant aspect to be checked in health insurance policy. The options, however, vary from one player to another and one product to another.
All the above considerations are essential to choose the right health policy. The final consideration should be based on the need of your family. A young family might manage with a basic cover of Rs. 5-6 Lakh. If the family has multiple senior members, go for a more extensive coverage. If you have ageing parents, it would be wise to take separate coverage for them other than keeping them in the same floater plan.
There are various players in the market but availing a Health Insurance Plan from Bajaj Finserv can be an intelligent decision. It has earned great reputation in the financial domain by offering the best of features and benefits. Bring your family under one single comprehensive health insurance scheme without further delay.