Old school wisdom says health is wealth. In a country like India where healthcare is expensive, it only takes one medical emergency in your family to rob you of all your savings. Imagine losing a family member just because you cannot pay for his or her best medical treatment. Hence, it becomes essential for you to insure your family’s health. Under a family floater health insurance plan, you pay a nominal amount as premium each year, and the insurance company protects you and your family from medical expenses which might pop up suddenly.
However, even the best of health plans have their scope limited and coverage defined. Therefore, it is important to be aware of the clauses and conditions in your policy. I have listed below, the five most important things to take note of, while opting for health insurance for your family:
Self-employed versus salaried individual
If you are a self-employed professional or an entrepreneur, having a health insurance policy for your family automatically becomes crucial. This is a crucial security measure you can gift yourself and your family.
In case you are a salaried employee, you might already be covered by a corporate health insurance policy provided by your employer. It generally covers both you and your family. However, in most cases, this cover is not optimum. The insurance cover also lapses the moment you quit the organization or in case the organization fails to renew its policy. Hence, it is advised to supplement the preexisting plan with a family floater medical insurance.
Deciding the right coverage amount
While selecting the sum insured, you need to keep in mind the cost of healthcare in the city you live in. For someone living in a metropolitan city, the sum insured should at least be Rs 15 Lakh. You also need to account for the size of your family. Do note that a higher sum insured will invariably come at higher premium, and hence you need to plan your budget accordingly.
The premium is usually dependent on the age of the eldest member insured. Hence, if there are seniors in the family, it is advisable to get them separately insured using senior citizen-specific plans, which helps take care of their specific needs.
Insurer’s network of hospitals
The insurance claim made by you is paid in one of the two ways. Either you have to pay the sum initially from your pocket, which your insurer reimburses later; or you visit a hospital which has an existing tie-up with your insurer, and you end up paying no cash at the counter. Such cashless payments save you a lot of hassle. Hence, it is important for you to ensure that there are ample number of reputed hospitals in your vicinity, including those with specializations, with a tie-up with your insurance company.
Pregnancy and hereditary diseases
Always read the exclusions and waiting period clauses in the policy document. Many health insurances do not cover pregnancy and maternity benefits, which you or someone in your family might require. Similarly, some insurances exclude hereditary diseases or have long waiting periods for them. Hence, you need to understand your family history before opting for the plan. Also, you need to ensure that your health insurance plan offers you and your family to undergo preventive health check-ups every year.
Do not lie or hide information
If you or any of your family members have an ailment or pre-existing condition, make sure that you mention it while buying the policy. Lying might get your claim rejected. This advice specifically applies if you consume alcohol or tobacco. By being truthful, you might end up paying slightly higher premiums, but will save a lot of hassle during the claim process.
OneAssure is a distribution platform that helps you make right decisions on matters where health and finances converge. Visit oneassure.in to know more about your health insurance choices.