Medical insurance awareness in India leaves a lot to be desired. According to data from the National Health Profile (NHP), only 27% of Indians have medical insurance. With rising medical inflation pushing up healthcare costs, there’s a need for family medical insurance in India.
However, there are several factors to be considered before you choose a medical insurance policy for your family. Read on to know more about the various aspects of buying medical insurance plans for the whole family.
Family floater plan for the entire family
A family floater plan is a single policy covering all the family members. This will be more economical for you rather than taking out individual medical insurance plans for each family member. Any new addition to the family like a new baby can be easily covered by informing the insurer.
You also have the option of covering your dependent parents under a family floater plan. However, the premium may become higher by virtue of their age. The only drawback of the family floater plan is that the sum assured is fixed. If you claim this amount for one member during a particular year, the sum assured gets exhausted and you will not be able to make a claim for any other member.
If you have your dependent parents as part of your family it is advisable to take separate medical insurance for them. This will ensure that all their medical expenses are separately covered without having to link it with the coverage of other family members.
Cost and benefit comparisons
There are many insurance companies in the market offering an array of health insurance plans for family. It is important to compare the premiums of various companies and choose the one that offers maximum benefits at the most economical price.
The benefits of the various products should be analysed to choose the most suitable one for your family. There are various aggregator websites that help you make easily comparisons.
Exclusions and waiting period
Generally, pre-existing illnesses are not covered until after 4 years of continuous coverage. Most insurers have a waiting period of 30 to 90 days before you can make a claim from your medical insurance. Certain surgeries have an upper limit on the amount that can be claimed. It is important for you to go through the policy conditions before you take a decision.
Network hospitals
Most health insurance plans for family offer cashless hospitalisation in network hospitals. It is important that the nearest hospital(s) in your area of residence is part of the network. It may be inconvenient for your family if the network hospital is located far from your place of residence.
Convenience of online purchase
Most insurance companies offer the convenience of online purchase of family medical insurance policies. You need to take some time out, fill in all your family details and make an online payment in order to purchase a medical policy for your family. The older members of the family may need to go in for medical check-up before the policy can be issued.
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