Health Insurance 574 views January 15, 2022

A health emergency can exhaust all your savings in no time given the rising healthcare expenses of today. So, if you want to safeguard your family from the financial distress caused due to unforeseen medical contingencies, consider buying a family health insurance plan. Because it can help you pay the bills in case of a medical need whether it is planned or unforeseen. Before buying it, there are a few things that you should know about. Continue reading to know the same.

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Plan Your Family Health Insurance Considering These Things

The following are the things you should check with the insurer before buying a family health insurance plan –

Is the Sum Insured Adequate to Cover Your Family?

Before buying family health insurance check the sum insured option available in the plan. See whether it meets the medical requirements of your entire family or not.

Consider the Age of the Family Members

If your parents are part of your family health insurance, you may need a higher sum insured as the medical expenses increase with age. The premium amount will be high as well because it is estimated based on the age of the eldest insured member. In case your parents are very old, don’t add them to the plan. The reason being the premium will go up substantially. Have a separate health insurance plan for them. When you choose a high sum insured, the premium amount will also go up. And, if you decide to get add-ons, the premium of your family health insurance will increase again. So, don’t go for add-ons just for namesake. See whether they make sense to you before purchasing the same.

Check the Number of Network Hospitals

While buying family health insurance, check the number of network hospitals you’ve got access to for cashless treatment. A higher number of network hospitals means it’ll be easy to get cashless treatment. When taking treatment from a network hospital, you don’t need to pay for the hospital. Instead, your insurer will deal with it directly. Every insurer publishes a list of network hospitals on its website. You can thus go to their websites to check the same.

For How Long Will You Get Pre and Post-hospitalization Cover?

A family health insurance plan covers both pre-and post-hospitalization expenses. This ensures coverage for any expenses incurred before and after hospitalization and helps keep your savings intact. But the key is to know for how long such a cover will continue. Most plans come with a pre and post-hospitalization cover of 30-60 and 60-180 days, respectively.

List of Daycare Procedures

Not always your hospitalization will be more than 24 hours. Thanks to technological advancements, illnesses/injuries can be cured in less than 24 hours too. While insurers stipulate a minimum 24-hour hospitalization for coverage, some daycare procedures entailing less than 24 hours are covered under health insurance plans. Common daycare procedures include dialysis, ear or nose operation, etc.

Ambulance Charges in Case of Admission

Ambulance can be required in case of an emergency. So, don’t forget to check whether your insurer covers the expenses of ambulance transportation or not. If it does, it is a plus point.

Contemplate the Waiting Period Clause of Family Health Insurance

Health insurance companies apply a waiting period for pre-existing illnesses and other benefits. And usually, the waiting period ranges from 2-4 years. During the waiting period, you can’t claim related to pre-existing conditions and other ailments listed in your policy schedule. Hence, select a family health insurance plan that has a short waiting period compared to the others.

Check the Claim Settlement Ratio of the Insurance Company

Check out the claim settlement ratio as it is an indicator of the insurance company’s settlement process. The claim settlement ratio is calculated by dividing the total claims paid by the number of claims filed during a financial year. A company with a high settlement percentage heightens the possibility of quick claim settlement.

Check Exclusions Under the Family Health Insurance Plan

Read the policy and see what the insurer won’t pay. This helps you prevent a possible claim rejection. Usually, the exclusions are – suicide, self-inflicted injuries, treatment due to war or any similar situation, breach of law, etc.

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