Given the ever-increasing medical costs, it only becomes necessary to invest in a medical insurance plan. Such a policy safeguards your financial interests and helps you receive the best medical treatment without any worries.
Health insurance providers offer two types of health insurance plans—individual plans and family floater plans. As the name suggests, individual policies are meant to cover individuals, whereas family health insurance policies provide coverage to numerous members of the family.
While opting for a family floater plan, it is important to take several aspects into consideration. Keep the following six tips in mind before signing on the dotted line:
1. Determine the level of coverage required
The most important aspect to consider while buying a health policy isthe level of coverage required. Ensure that the insured amount is adequate enough to meet hospitalization or any other treatment costs of the members in the family. Choose the amount in such a manner that if one member utilizes a huge portion of the sum insured, there is sufficient left for others.
2. Consider the risk factor
Members in your family may fall in varying age groups. While some may be young, some may fall in the higher age bracket. It is important to remember that a person of a higher age group is considered as a high-risk individual. This means that the chances of that person contracting a disease or suffering from a medical condition are higher.The person may tend to use a large part of the sum insured, thus leaving very little for other members. In such cases, it is advised to opt for a separate health plan for them.
3. Consider the cost factor
Family medical insuranceplans come with varying features and benefits. While some may offer the same features and benefits at an economical rate, someothers may charge a higher rate. It is, therefore, necessary to compare various insurance plans and their premium costs.
4. Compare benefits
Not all plans may be suited to meet your needs and requirements. Before investing in a health insurance policy, it is imperative to ask a few questions based on the current health situation of you and your family. For instance, are hereditary diseases covered under this plan;are maternity services included; or how quick will the claims be settled? Once you receive satisfactory answers to all your questions, you may go ahead and purchase the insurance plan.
5. Check availability of riders
Some health insurance plans provide comprehensive coverage through riders. Such riders offer protection against accidental death, critical illnesses, and permanent disability, besides others. Depending on your needs, select a plan that provides such riders and enjoy maximum coverage.
Keep these tips handy while purchasing a health insurance plan for family. By doing so, you may avail of an extensive cover at an optimum price.