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Tips to Buy the Best Mediclaim Policy for Family

Tips to Buy the Best Mediclaim Policy for Family

Any medical emergency at any stage of life can change our outlook towards life. With so many uncertainties all around, today, the need for mediclaim policy can be easily understood. A family health insurance is a type of medical insurance that provides comprehensive coverage for a person and immediate family members, including spouse, dependent children, and parents, under a floater sum insured. Safeguarding your family against the unknown should be your goal right now. But with so many insurance companies and types of policies floating around in the market it becomes tough to choose the best mediclaim policy for family.

These hard times of pandemic have made us realise the necessity of having the mediclaim policy for the family. If you think you don’t need a medical policy then,  wait, take a few moments to analyse the current situation. Here are some facts that prove why it is the right decision:

  • India is witnessing an unprecedented growth in new coronavirus cases, increasing the need for quality medical care.
  • Getting a health cover after being diagnosed with a critical ailment is difficult. As medical inflation is outpacing overall inflation, healthcare may become expensive in the coming years.
  • Cancer cases in India have sharply increased and are estimated to reach 15.7 lakh by 2025.
  • An unhealthy and sedentary lifestyle has caused a rise in ailments like diabetes, thyroid, and hypertension.
  • Smoking is among the major risk factors for cardiovascular diseases and premature heart attacks among young Indians.

There are a variety of health plans available in India, from individual plans to family floater and senior citizen health insurance. So, you need to assess your requirements first and then purchase a health plan.

Here are 7 tips to help you choose the best health plan: –

  1. Choice of Right Plan or Appropriate Coverage: It is necessary to choose the plan with the right coverage. The basic need is to choose a plan that satisfies and covers most of your diseases or illness and also provides pre and post hospitalization coverage. If you are choosing the Mediclaim for your family members then it should be kept in mind that the policy should cover the needs of all the family members.
  2. Affordable: Choosing and affordable plan is also as important as having a policy. The cost of the plan is sure to affect your budget so one should choose such a plan that offers you maximum benefits in low costs. You should consider the plan benefits before you consider the price of the plan. It is a wise decision to buy a reasonably priced health cover at the start to ensure you are covered properly and the premiums are also affordable.
  3. Preferably Family Health Plans: If you are a family man it is advisable to prefer choosing a family health plan as compared to the individual ones. As this would cover all the members of the family and all may be secured against huge medical emergencies.
  4. Renewability: It is important to check the tenure of the health plan and also it’s renewability criterion. As most of the plans cover the old and big diseases after a specific period of time. So in order to avail the benefits one should continue the policy without any lapse. So, choose health plans which offer lifetime renewability. Also it is good to choose a plan that may provide you with better facilities in later years of age.
  5. Comparison Between Various Policies: One can even ‘request a quote’ online which means you can enter your details on the website and get an estimated premium for your policy. Collect the best quotes and then compare them to arrive at a decision. Comparison of rates becomes necessary as different companies allow various low cost offers which help you get the desired results.
  6. Hospital Network: The knowledge of hospital network where you can avail the benefits of the policy is must and should be taken care of while making the choices. Always prefer an insurance provider that has a wide network of hospitals across the world.
  7. High Claim Settlement Ratio: The high expenses incurred on medical emergencies can make you stand helpless at the time of need. So it becomes necessary to opt for the right medical plan that provides you higher claim settlement ratio accompanied with the cashless benefit. The claim settlement ratio is the number of claims settled by the insurance provider over the total received claims. Always choose an insurer that has a high claim settlement ratio.

Don’t forget about add-ons!

This is another important tip you should keep in mind when choosing a health insurance plan in India. Add-ons are optional extras that widen the protection of your policy to better suit your coverage needs. Some of the common add-ons that you can choose from including the following:

  • Serious illnesses
  • Vaccination etc.
  • Ambulance services
  • Pre and Post hospitalization charges
  • Day care procedure
  • Health check up charges and daily allowances
  • No claim bonus etc. are some other points that should be considered while choosing a family health insurance policy.

Not all health insurance plans in India offer the same amount of coverage. Some insurance companies omit certain things to keep the cost of the plan on the lower side. However, this could end up hurting you in the long run. Therefore, when choosing a medical insurance policy, it is important you look out for these important features as well. Care health insurancecompanyis to be appreciated for its extended help and commitment binding features for the clients in the time of their needs.

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