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Insurance Article

How to Choose the Right Health Insurance Plan for Your Family?

August 12 2015

Make a wise choice

 

Healthcare expenses in India are spiraling upward; do you have the right insurance plan?

According to World Bank reports, the healthcare expenditure in India was a whopping 90.4 Billion USD in the year 2013 as against 78.6 Billion USD in 2012.The importance of covering your family with the right blend of health insurance products cannot be over-emphasized.

Your age, the size and structure of your family and your existing insurance cover needs to be considered before you choose a health plan for your family or else you might be underinsured. Here are a few tips to guide you in selecting the apt plan.

  • Do you have a young family?

    A family floater plan is most suitable for a young, nuclear family. Under such a plan, the sum insured is fixed and can be availed by any family member for the maximum coverage amount. In simple terms, it means that certain number of people in the family share the cover and avail insurance as and when required.

  • Does your employer cover your health expenses?

    If you are an employee, you may have a health cover provided by your employer. You need to check the adequacy of such a cover. It is recommended that you buy a comprehensive cover that supplements your existing group health plan offered by your employer. Experts strongly advise employed professionals to not rely solely on the employer’s cover. As a change of job, contract termination or retirement could put one at risk.

  • Do you run a business?

    If you are self-employed or running your own business, a policy that only indemnifies your medical expenses may not suffice. Opt for a plan that compensates you for the loss of income due to the medical condition.

  • Do you stay with dependent parents?

    If you have dependent parents living with you, it would be wise to purchase individual health covers for them. While choosing a health plan for your dependent parents, look for a policy that will give them a lifelong cover. Check the renewal clause and ensure that there is no maximum age for renewal of the policy.

Other Factors to Consider Before Zeroing in on the Right Plan

  • Exclusions

    Certain illnesses and medical conditions may be excluded from health plans. Look for permanent major exclusions before zeroing-in on a policy.

  • Sub-limits
  • Many policies specify sub-limits on the room rent, surgery charges, ICU charges etc. Make an informed choice by comparing the sub-limit clause, etc.

  • Network of Hospitals

    Go through the list of network hospitals covered by your insurer. Ensure that you choose an insurer who has tie ups with a good number of reputed hospitals in your city and across India.

    Choosing the right health plan is critical to ensure that your family is sufficiently covered in case of medical emergencies. Keep your family's needs in mind while you chose the plan. Ensure that you have gone through the policy terms clearly, in order to avoid an unpleasant experience while making a claim.

 

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