If you are the head of the family regarding financial matters and decision making then you must have realized the importance of family health insurance policy. Individual health insurance is not just enough when you have a spouse, children and parents to look after.
Most of the diseases and health issues caused to people nowadays are due to the changing lifestyles, bad eating habits, lack of exercise and pollution. There is no age bar for people to get ill and suffer from a particular disease. The illnesses that used to occur to older people are also detected in much younger children. So you cannot take a risk of not having a family health insurance policy for your spouse and children besides your parents.
There are many health insurance policies offered by reputed Insurance Company with a range of innovative benefits. But there are terms and conditions, exclusions and inclusions and various other factors that you have to keep in mind before purchasing a family health insurance policy. For a proper guidance you should depend upon an expert to tell you all the nuances of a family health insurance package. A correct expert advice can save you a lot of money and harassment at the right time.
However here are a few factors that you need to keep in mind while applying for a family health insurance policy:
- Keep in mind who you are planning to cover- If you are planning to cover your spouse and two children under your health insurance policy, then it is good to select a family floater health insurance plan. But this can be only opted for if you and your spouse are below 45 years of age. If you are considering to cover your senior citizen parents then it is highly advisable to purchase a separate health insurance plan for senior citizens the premium for senior citizens are slightly higher but the sum assured is somewhat moderately high in comparison to your individual health policy.
- Do not rely solely upon your employee Health Insurance policy- You may be covered by your employee health insurance policy along with your spouse and two children. However it is not advisable to depend upon the employee insurance policy as in the long run if you have to switch between jobs then your policy is non transferable. Also the policy becomes invalid after your retirement. Even the assured amount for these policies are lower than individual health policy.
- Plan your health insurance policy for the future- Do not select a policy plan just because it offers you a moderate amount for a lower premium. The medical expenses in India rises a minimum of 15% every year. So while you select a Health Insurance, plan it wisely and keep the insurance amount a little bit higher then you have calculated.
- Always check the claim settlement ratio of an insurance company- The claim settlement ratio of an insurance company will give you a vivid idea of how many claims they have rejected and settled in the past. The company with the highest claim settlement ratio is more likely to be immediately helpful during a medical emergency.
- Check room rent limit- The hospital charges come in packages that include the same surgery expenses, consultation fees and expenses of other services but the kind of room can make all the difference in the hospital bill. Many insurance companies have room rental limit in their policy. Luxury suits and ac rooms are sometimes excluded from the coverage. So choose a policy that does not have room rental limit.