Health insurance plans have become the ideal way to secure your family’s savings from unexpected medical emergencies. Especially with medical inflation averaging approximately 12% to 14% in India, family health insurance policies are essential to get quality treatment without draining your family’s hard-earned savings.
However, since there are multiple types of policies in India, choosing your ideal plan will depend on the age of your family members and their medical requirements. Read on to discover the names of top coverages to choose for your family.
What are the Different Types of Health Insurance for a Family?
From family floater policy to senior citizen plans, have a look at the details of the top health insurance coverages ideal for your family.
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Family Floater Policy
A family floater plan covers multiple family members under a shared sum insured. In this policy, you can include your spouse, children, and parents with a single premium. Thus, instead of buying separate policies for each member, get this health insurance plan for a cost-effective and structured way to meet your family’s healthcare needs.
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Senior Citizen Insurance
If your parents are above 60 years, buying them a separate senior citizen plan is ideal. With this specialised policy, your parents can access a wide range of benefits for age-related issues. Since including them in your family floater plan can lead to higher premiums, longer waiting periods and quicker exhaustion of the sum insured, this policy is a better alternative.
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Top-up Health Cover
With this additional health insurance plan, you can enhance the coverage of your base policy. Especially in a family with multiple members, it is a cost-effective way to continue coverage when the sum insured of your base policy exceeds a specific limit. In fact, reliable providers like Bajaj General Insurance make this policy applicable for up to 80 years of age.
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Critical Illness Policy
This specialised policy provides coverage against chronic conditions such as kidney failure, cancer, and heart attack. Although this policy comes on an individual basis, policyholders can manage their medical bills and family expenses, such as debt payments or household expenses, from its lump-sum payment upon diagnosis.
How to Choose the Best Health Insurance Plans for Your Family?
While choosing health insurance for family, you must consider the following factors to get the best coverage without compromising any benefit.
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Review Coverage Features
Irrespective of the health insurance plans you choose for your family, checking the coverage features is a must. For example, your policy must include in-patient hospitalisation, pre- and post-care, modern treatment, and daycare facilities.
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Compare Multiple Policies
You can use online tools to compare the benefits, premiums, and coverage features of health insurance for family. In fact, instead of focusing on the cheapest policy, you should always consider policies with better coverage benefits.
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Check Waiting Periods
Most health insurance policies have an initial waiting period of 30 days and a pre-existing disease waiting period of around 12 to 36 months for conditions such as diabetes or hypertension. Therefore, ensure your provider hasn’t exceeded this limited timeline.
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Consider Network Hospital Numbers
To easily access cashless treatment during medical emergencies, make sure your family health insurance covers adequate network hospitals. For example, top insurance providers like Bajaj General Insurance have over 18,000 network hospitals, which can be sufficient for your family.
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Check Add-on Covers
To enhance the coverage of your health insurance plans beyond the base coverage, you must select providers with valuable add-ons. For instance, look for benefits like OPD cover, hospital cash allowance, and non-medical expenses cover.
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Verify Claim Settlement Ratio
The claim settlement ratio indicates the percentage of successful claims your insurer makes in a policy year. Therefore, to get hassle-free support during an emergency, choose a provider with a higher ratio.
Final Word
With the right health insurance plan for your family, you can manage unexpected healthcare expenses while ensuring access to quality treatment. Now that you have learnt the list of the best family health coverages in India, carefully compare their coverage features, add-ons, and waiting periods to get the best plan within your budget.
