Home / Health Insurance / Articles / Health Insurance for Family / How to Find the Best Health Insurance Plan for Your Family?

How to Find the Best Health Insurance Plan for Your Family?

TeamAckoNov 8, 2024

Most of us have a vision towards securing our family’s future. As an individual, there are many aspects to secure your family’s future, and health is one of the significant factors.

Opting for health insurance for your family is highly crucial to be financially prepared in case of unforeseen medical circumstances. Although buying a family health insurance plan can be easy, you must consider a few factors to choose the best one.

In this blog, we will cover the essential factors you must be mindful of before buying the best health insurance for family.

How to Find the Best Health Insurance Plan for Your Family.png

Contents

How to Choose a Health Insurance Policy for Your Family?
Wrapping up!
Frequently Asked Questions

How to Choose a Health Insurance Policy for Your Family?

Family health insurance covers the medical expenses of an entire family under one policy, such as hospitalisation charges, daycare expenses, etc., without exhausting your family’s savings and assets. Here are some tips to help you choose the best health insurance policy for your family:

Seek the Right Policy Coverage

One of the key factors for choosing the best health insurance policy is the plan’s coverage. You must select a family health insurance plan that offers wide coverage, including medical problems, ambulance charges, pre and post-hospitalisation coverage, cashless treatments, etc.

In addition, ensure the policy caters for the needs of each policy-covered family member. You must also check if the policy offers enhanced coverage to safeguard yourself and your family against various health-related emergencies.

Check the Sum Insured

In health insurance, the sum insured refers to the maximum amount an insurer can pay you for medical emergencies in a particular year. If you exceed the sum insured limit, you will have to bear the excess amount from your pocket, as the insurer will not bear the additional expenses.

Hence, choosing the best medical insurance for a family with the right sum insured becomes crucial. You must also seek to increase the sum insured at every phase of your life, as the medical care cost is rising continuously. The increased sum insured will also ensure that you can cope with the medical inflation. However, the higher the sum insured of a policy, the higher will be its premium.

Check for Flexibility

A family health insurance policy must be flexible to enable you to add new members, such as your spouse, parents-in-law or a newborn, to the plan. It empowers you to cut down the cost of getting separate health insurance for the family member.

In addition, you must ensure that the sum insured covers the new members in the plan. You must also check that in case an insured senior member is ineligible for the coverage or passes away, the other members can continue with the existing plan without any compromises in the benefits.

Select a Lifetime Renewability Plan

It is one of the crucial factors in choosing the best healthcare plans for a family. You must check the plan’s tenure and whether it offers limited or lifetime renewability. As health insurance policy is usually required in the later stages of life, you must choose a policy that offers lifetime renewability.

It will ensure that your family has the same coverage for the future, even after crossing their age limit. In addition, it will save you from the hassle of buying new health insurance for your family.

Check the Waiting Periods

Usually, insurance companies have a waiting period of one or two years, and it differs from one company to another. The waiting period refers to the time when you have to wait before utilising the benefits of the policy. In this period, you cannot raise any claim against your family health insurance policy.

Hence, you must choose an insurer with low or zero waiting periods, as it will enable you to file the medi claim immediately after buying the policy. For instance, insurance companies like ACKO offer family health insurance policies with no waiting period. However, it is subject to availability and eligibility.

Look Over the Co-Payment Clause

Co-payment in a family health insurance refers to the percentage of the amount you must pay from your pocket in case of medical emergencies. The insurer will pay the remaining amount on your behalf.

For instance, if you have a family health insurance policy with a 10% co-payment clause, which means that if you claim Rs. 2 lakh, you will have to pay Rs. 20,000 from your pocket. The insurance company will pay the remaining Rs. 1,80,000. Hence, you must opt for health insurance for your family with a low or no co-payment clause.

Look Over the Network of Hospitals

Another factor that plays a significant role in choosing the best health insurance for a family is the network of hospitals. You must always check whether the plan covers the prominent or nearby hospitals to your residence or not.

Hence, you must choose a policy or insurer that covers the hospital near your residence to avail the cashless treatments at these hospitals in case of medical emergencies. Cashless claims enable the insurance company to directly settle the hospital bill with the hospital without involving the policyholder.

Check the Room Rent Limit

In case of a medical emergency, the policy-covered member will get a private, semi-private room or shared room, depending on the type of policy they have chosen. Hence, it is recommended that you choose a family health insurance policy with no room rent limit to avoid extra expenses from yourself.

For instance, ACKO plans do not have a room rent limit. Hence, you do not have to pay extra to upgrade the room according to requirements.

Check the Policy Exclusions

While it is necessary to check the inclusions in a family health insurance policy, it is crucial to check the exclusions. It will help you understand the expenses the insurance company will not cover in case of medical emergencies.

Hence, you must consider choosing an insurance company with the least amount of exclusions.

Wrapping up!

In today’s age and generation, availing a family health insurance policy is a necessity rather than a choice. It will protect your finances in case of medical emergencies and let you and your family avail the plan’s benefits. Hence, considering these factors for choosing the best health insurance for family, you can buy a policy that suits your family’s requirements.

If you are seeking the best health insurance family plan, you can consider buying ACKO’s family health plan. It offers healthcare insurance for your family with 100% bill coverage and a zero co-payment clause.

Frequently Asked Questions

Given below are answers to some frequently asked questions about the best health insurance for a family.

How can I select the right sum insured in a family health insurance plan?

You must consider the following points when selecting the right sum insured in a family health insurance plan:

Age of your family members
Income of the members
Medical history of members
Lifestyle of members

Which health insurance is best for a family?

A family floater insurance policy is the perfect choice that enables you to cover yourself and your family under one plan. You can avail family floater policies from reliable insurance companies like ACKO to get medical coverage in case of medical emergencies.

What is the co-payment clause in a health insurance policy?

The co-payment clause refers to the percentage of the amount you agreed to pay the hospital from your pocket in case of medical emergencies. However, the insurance company will pay on your behalf. So, you must choose with a low or zero co-payment clause to safeguard your savings.

Do family health insurance policies cover pre-existing diseases?

Yes, family health insurance policies cover the pre-existing conditions of members. Nonetheless, you must read the terms and conditions of the policy related to pre-existing conditions and specific illnesses.

Can I change the family health insurance coverage later on?

Yes, you change the family health insurance coverage later on. However, to do this, you have to choose a policy which you can customise at a later stage.

When is the right time to buy insurance for your family?

It is recommended to avail health insurance for your family when you are young. The premiums are usually lower when you buy insurance at an early stage, and it enables you to complete any waiting periods.