How do Health Insurance Plans help families in certain emergencies?

December 8, 2023

 

Tips to Find the Best Online Health Insurance Plans for Families

In the present era of rapid growth and progress, there has been a steady rise in lifestyle diseases. Apart from illness, there are chances of accident or other medical contingencies that can strike any family member at any time. For these reasons, health insurance policies are important for covering any financial issues, especially during an emergency.

If you plan to ensure complete safety for your family during medical emergencies, getting the best health insurance plan for family will be important. Let’s take a look at how to choose these plans and how you can benefit from them.

1. Know Each Policy

Health insurance policies have different variants, and all these variants provide different coverages. Knowing the coverage plans of the different health policies and how they benefit families is important. The commonly available health insurance plans are:

  • Individual Health Plans: This plan covers any person under a single insured sum. It covers all the hospital expenses for an individual person.
  • Family Floater Plans: This type of health insurance plan covers all family members with a single insured sum amount. This plan is usually cheaper than other plans.
  • Disease-specific plans: These plans cover specific diseases and their complications, including Dengue, COVID-19, and other critical ailments.

Before choosing a policy, it is imperative to know each plan's details, features, and highlights to understand what’s appropriate for the family.

2. Opting For An Appropriate Insured Amount

Finding the appropriate insured sum and the number of heads that need to be covered is mandatory. Therefore, one should choose a particular amount of sum insured that will be sufficient to cover the expected medical costs of the family members.

Sometimes, medical expenses determine the insured sum for any coverage plan. If the medical expenses increase, it will lead to a huge sum insured. Conversely, a high sum insured will lead to a high premium. So, these are some of the factors one should consider before choosing a plan.

3. Finding Comprehensive Coverage

The next step for purchasing the best health plan for the family is to ensure the selected plan has all the necessary coverage benefits. Opting for comprehensive coverage is necessary as this will cover all the possible medical expenses.

4. Checking The Limits And Sub-limits

Certain health insurance plans have sub-limits on the hospital room/bed rents, generally for any lowered amount of insured sum. The health insurance coverage plan will restrict the overall coverage for a sub-limit.

If there is a higher amount of hospital rent, the claim will be reduced as per the sub-limit. This is why health insurance coverage plans without sub-limit are generally more expensive.

5. Choosing The Coverage Riders

Health insurance plans allow optional coverage benefits that are known as riders. These are generally available at any additional premium. These riders are optional; you can choose them while buying or renewing policies.

6. Checking The Hospital Networks Of The Selected Insurance Company

Different companies offering health insurance online allow cashless hospitalisation, which means you don't have to worry about incurring hospital bills. The companies shoulder those bills on the person's behalf, making cashless hospitalisation more convenient and financially liberating.

7. The Pre-existing Waiting Period

If any family suffering from pre-existing illnesses purchases a health insurance plan, the insurance provider will ensure a certain waiting period before allowing them coverage. Based on the insurance policy, this pre-existing waiting period ranges from 12 to 48 months.

8. Comparing The Premiums

Each company has their own pricing policies, which reflect in the premium of the offered health plans.

Before buying health insurance plans, it is mandatory to compare the plans by determining the coverage and premiums offered by the chosen insurance provider. These two factors differ for every insurance company, so you should choose them accordingly.

The following factors, like comparing the premiums, checking pre-existing waiting periods, and the availability of special riders, must be considered for selecting the insurance plan. Any person should take expert advice before proceeding to buy any insurance plan.

Conclusion

Choosing a proper health insurance plan is a significant decision for any individual. When choosing a plan for the family, the risks are even higher. Determining the family's needs and choosing insurance coverage that perfectly meets them is crucial. Breezing through options provided by reputed insurance providers like ACKO will help to a great extent. Their coverage plans, additional benefits, and affordable policies ensure numerous family advantages.


 

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