Life-style ailments, stress, increasing medical cost – healthcare has turned out to be an expensive proposition; especially when medical intervention becomes essential. Health insurance is no longer just an employee incentive or tax-saving measure, it has turned out to be a need. Hence, Insurance companies have gradually expanded into particular and specialized products like that of medical policy for family to ensure everyone is safe and secure.
Of course, you all want to buy a health insurance plan that offers utmost possible coverage to your loved ones at the time of need. However, with the obtainability of different health insurance plans, it can get perplexing to choose the right one. Going through so many insurance policies, their types, their features, inclusions, and even that of restrictions can appear to be a daunting task. And to avoid the trouble or time constraints, a lot of people end up purchasing a health plan too without knowing if it would be passable for them or not. Here are some Do’s and Don’ts you should have in mind when you purchase a family medical insurance policy.
Search for a suitable Policy Coverage
Select a medical health plan that offers you coverage against a huge range of medical problems, both pre and post-hospitalization cover, ambulance charges, maternity benefits, critical illness cover, cashless treatment, daily hospital cash benefit, in-patient hospitalization, and so on. In case you are buying medical insurance for your family, make sure that the policy meets the requirements of every member that should be insured.
Consider your needs, compare different plans, find out the policy features, and restrictions. There can always be hidden factors such as waiting period, sub-limits, etc. That we miss you to miss. Therefore, ensure that you go through the policy wordings for all the terms and conditions. Such a thing would ensure that you and your family do not need to encounter any trouble at the time of the claim.
Check the flexibility Aspect of the policy
When purchasing a family health plan, you need to make sure that you can add a new family member without any hassle. In case the senior-most family member dies or is no more eligible for the coverage, then the other family members should be in a position to continue with the same plan without losing the advantages of the plan.
Moreover, if the policy is flexible, you can be sure that you add up new members when required. For example, if you have just got married and you want to add up your parents-in-laws in your medical family insurance, there should be a provision. Hence, you can be sure that you get the best outcomes for each and every member of your family. Of course, if you get blessed with your second child, you should be sure that you add up the child without any hassle.
Is there any waiting period? Check for it!
Generally, health insurance plans cover pre-existing ailments, maternity expenses, and specific treatments like varicose veins, hernia, etc. After a particular waiting period, i.e., 2 to 4 years, which actually differs from one plan to another. For instance, maternity expenditures are generally covered after a period of two to four years from the date of policy bought. So, make sure that you know about the waiting period before you buy it. Also, ensure that you check the time duration after which the pre-existing diseases are going to be covered in your family health plan and pick a plan that is available with a minimal waiting period.
Don’t Miss out on Co-Payment Clause
This is the percentage of the amount that you shall have to pay from your pocket. The insurance company pays the residual hospitalization expense. For instance, in case you have a policy with a 10% Co-pay clause, it infers that for a claim of Rs. 1 lakh, you will require to pay Rs. 10,000 right from your own pocket whereas the insurance company is going to pay Rs. 90,000 as the part of the claim. You can even look for a policy in the absence of a co-payment clause as well. So, make sure that you do not miss out on this aspect.