If you have a family or loved ones to care for, then it is extremely important to invest in a proper and comprehensive health insurance plan. There is absolutely no telling when a medical emergency or an illness might occur, and it is always the best course of action to be 100% prepared. Especially in the current scenario, with the coronavirus pandemic wreaking havoc all over the world, it’s a good time to look into proper health insurance plans for family. To ensure that your family savings is secure during the coronavirus pandemic, you should look into the Corona Kavach policy that is being offered by health insurance providers all over India.
Here is a quick guide that will help you to choose a comprehensive insurance plan for your entire family.
- Scrutinize the waiting period clause: Most of the insurance plans available today also cover pre-existing medical conditions, treatments for hernia, varicose veins, etc., maternity care, etc. after a stipulated waiting period. This waiting period generally varies from 2 to 4 years and differs from provider to provider. Before you finally settle on an insurance plan for your family, make sure that the waiting period is something that works for you. Choose the plan that has the least waiting time.
- Also check out the co-payment clause: Most insurance plans come with a co-payment clause. The co-payment percentage is the amount of money that you will have to pay after incurring a medical expense. For example, if your co-pay percentage is 8% and your total medical bills are 1 lakh INR, then you will have to pay 8000 INR while your insurance will pay the remaining amount. Make sure you pick a provider that has a comparatively smaller co-pay amount.
- Renewability of the plan: Although this is one of the most important factors that one should consider while choosing a comprehensive insurance plan, most people tend to forget it. Before you settle on an insurance plan, ensure that it offers you a lifetime renewability. Most families require regular medical attention as the members approach old age, so it is always the best course of action to pick a lifetime renewable plan. This decision will save you a lot of unnecessary hassle.
- Double check the policy coverage: Since your medical insurance is meant for your entire family, it is extremely important to double check whether the plan offers all the facilities and services that your loved ones might require. Some of the basic elements that it should cover include ambulance charges, critical illness cover, maternity benefits, in-patient hospitalization fees, etc. Make sure to compare different insurance plans and then finalize on the policy that will provide you with what you need.
- Flexibility & Adding New Members: If you are purchasing an insurance plan for your family, then you should make sure that it allows you to add new members in a flexible manner. If the process of addition will entail a lot of hassle, then you should consider a different insurance policy. This will help you a lot in the future.
These are the tips that will help you to choose the best comprehensive health insurance plan for your family.