8 Things You Didn’t Know About Insurance Plan for Your Family

Jan 04, 2018 | 10 months ago | Read Time: 3 minutes | By iKnowledge Team

Most of us are wary to even think about being hospitalised. But what skips our attention is the fact that in case of hospitalisation, our savings may not be sufficient to bear the bills. This is quite true if you live in a metro, where the cost of hospitalisation for 2-3 days can go up to Rs. 60,000 – 70,000 in private hospitals for common illnesses. You can only imagine how big an amount can be for bigger illnesses. That’s why, investing in a comprehensive health insurance plan for you and your family is the wise thing to do.

A family health insurance policy, also referred to as a family floater plan, reimburses any hospitalisation or surgical costs of your family members who are covered in this plan. It makes sure your loved ones will not have to face financial burdens of any sort that may arise due to illnesses or other such medical costs. Most family floaters cover an entire family of a couple and two children. However, some insurance companies also allow you to include your parents and in-laws at an additional premium cost.

Here are eight points to keep in mind whenever you go about looking for a wholesome insurance policy for your family:

Sum assured

The size of your family is the first thing to keep in mind while selecting an insurance policy for them. The more the members, the higher the sum assured is a good approach to adopt. Keep in mind your family’s medical history while buying an insurance plan. If your family runs a history of cancer, diabetes, or any other such disease, opting for a higher sum assured is a good idea.

Basic coverage offered

While selecting an insurance plan for your family, checking the basic coverage it offers is always helpful. This may include ambulance service costs, in-hospitalisation costs, day-care service costs, and other such expenses related to medical emergencies. If you plan to start a family soon, opt for a policy that will cover maternity as well as medical costs for your newborn.

Flexibility

Nowadays, keeping in mind the growing medical expenses, many insurance providers allow you to increase the sum assured of your family floater plan. This is an added bonus, as you never know what life throws at your way.

Renewal terms

Different insurance companies have different renewal terms and conditions. While some only allow you to renew your policy up till the age of 65 years, some others come with a lifelong renewal feature. Many insurance providers offer you a No Claim Bonus, (NCB) where you get a certain percentage increase on your policy’s original sum assured, upon renewal of your policy. Checking for such benefits will help you get complete value for money.

Network hospitals

Network hospitals are those hospitals with which insurance companies have a tie up. These hospitals offer you cashless treatment, wherein all your hospitalisation and other medical bills are paid to the hospital directly by your insurance provider. Therefore, check whether your preferred choice of hospital features in its hospital network list while selecting an insurance policy.

Co-payment feature

If you wish to pay lower premiums towards your family floater plan, select an insurance plan that comes with a co-payment feature. As per this feature, you pay a certain percentage of your claimable hospital expenses from your own pocket.

Claims settlement record

While opting for a health insurance policy for your family, make sure to select an insurance provider that has a high claim settlement record. This increases your chances of having a hassle-free claim settlement.

Room rent

Selecting a family floater plan that has no limit on hospital room rents is the best thing to do. This is because room rents make up for a huge portion of your hospital bills. If you select a plan that has room rent limits and happen to exceed that limit, you will have to bear the additional costs from your pocket, even if you haven’t exceeded your sum assured.

Getting your family’s health insured must be treated as one of your priorities. With the growing era of online insurance, a gamut of some of the best insurance plans for a family is just a mouse click away. So, make the most of this and invest in a family insurance plan, today.


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