Skip to main content

7 Important Things To Consider Before Buying Family Medical Insurance



An insurance policy works as a life-saver instrument, especially in a medical emergency. While buying a medical insurance policy may not be challenging with the score of options available online, it is essential to undertake detailed research on the coverage, benefits and other important nuances of the health plan. 


While there are different types of medical policies you can choose from, a comprehensive health insurance policy for the family can provide adequate coverage and financial backup for medical treatment. Instead of paying for expensive medical treatments at the last minute, investing in a policy early on is always better to smoothly handle a medical contingency. Medical insurance best solutions from top-rated insurance companies can help you cope with heavy medical expenses. 

You may want to consider a few things before buying a mediclaim policy for your family.


  1. Check the coverage 

It is essential to check the coverage of your health insurance policy. It refers to what is included in the plan as it determines the scope of the policy. It is significant to gauge the clarity of the medical insurance policies as it helps seek the required benefits in need, mainly since the policy covers all your family members. Not knowing the coverage may lead you to pay out of your pocket and drain your savings.


  1. Get a health insurance plan early in life

Waiting to buy an insurance policy until you are old is never a good idea. Instead, purchasing family health insurance early in life can save you from making too many current claims. If you don’t file a claim, the sum insured under your policy will likely increase by 10% yearly. So the better you buy a policy, the more you can financially secure yourself right from an early age.


  1. Selecting an appropriate health insurance company

The health insurance company plays a vital role in the quality of their benefits in family health insurance. Be it the speed of processing claims, online facilities for renewing a policy or raising any query regarding an insurance plan, a dependable insurer can provide all the benefits and facilities.


  1. Know the waiting period 

The waiting period is when policyholders or their family members cannot raise a claim against the health insurance plan even after buying it. In most cases, the waiting period stretches from 9 months to a few years and could vary across insurance companies. The waiting period is critical to consider in case of pre-existing diseases or if you want to avail of maternity benefits. Before investing in it, you can check whether or not it is applicable and its duration in your policy. 


  1. Make a note of the exclusions

Aside from what is included, it is essential to be informed about what is excluded from the mediclaim policy for family that you invest in. It prevents any claim rejection. Exclusions aren’t standard for all policies, and there are some exclusions that every policyholder must be thorough with before purchasing a policy. Benefits such as pre-existing diseases, waiting for clauses, pregnancy, congenital conditions, surgeries such as joint replacement, cosmetic surgeries or dental surgeries and alternative treatment procedures such as Homeopathy and Ayurveda treatments may not be covered in most plans.


  1. Policy premium and the sum insured

As a policyholder, you must purchase a health insurance policy with specific coverage. The higher the coverage, the higher the premium amount. It is best to thoroughly understand the coverage details and the premium amount while buying the family's mediclaim policy. 


  1.  Availability of add-on covers 

Add-ons are optional coverages that come in handy, especially when you want to increase the scope of your family insurance coverage. It allows you to choose a suitable add-on to customize your medical insurance policy, such as ambulance charges, OPD expenses, diagnostic test expenses and so on. Note that every add-on cover requires an extra premium that can be added to the premium of the base policy. 


The other details you can check are daycare procedures, specific ailments and treatments, alternative treatments, coverage for advanced medical treatments, pre and post-treatment coverage, the network of hospitals, etc. 


Read More:- Be Smart While Calculating Health Insurance Premium
Labels:

Comments

Post a Comment

Popular posts from this blog

Quick Guide For Zero Depreciation In Car Insurance

Some parts of your car face wear-and-tear faster than the others and these parts are often referred to as depreciated parts. Once you file for an insurance claim, the insurance company deducts a value equal to the depreciated value of all such parts and does not settle your claim in full. The parts that are made up of rubber, plastic, fiber, etc. fall in this category. If you want to avoid this deduction from the final claim amount, you can avail of a zero depreciation car insurance cover. It is also known as nil depreciation cover as it nullifies the deduction from the claim amount due to the deprecated components of your vehicle. The benefits of a zero depreciation car insurance policy are stated below: Comes at a reasonable price  If you have already purchased a comprehensive car insurance policy, you can avail of a zero depreciation car insurance cover at a nominal price. It is because it is an add-on insurance policy that only enhances your claim amount to reduce the part of the
Post a Comment
Read more

Necessary Information On Hospital Cash Insurance Plan

Medical treatments these days are a matter of the huge amount of money. And if you need quality treatment facility from the super-specialty hospitals and clinics you need a medical insurance plan for you and your family. If you are planning for the medical insurance plan with hospital cash cover , then be sure to consult with the best insurance plan provider.  Let us discuss in details. Financial companies such as reputed NBFC Bajaj Finserv and other insurance companies have their own health insurance policies that range from smaller amounts of bigger amounts. All these medical policies fall under the pocket insurance policy scheme. It gives clients the facility to get benefits with minimum investments. The procedure is quick and does not require lengthy documentation. You can get a higher amount of money with such hospital cash insurance to continue medical treatments even for critical patients. Just make sure you read the policy details clearly before you in
Post a Comment
Read more

Know Detailed Information About Acko Bike Insurance

  If you’re a bike enthusiast, you know that it’s important to have the right coverage for your bike. Acko Bike Insurance provides comprehensive coverage for bikes, offering a range of plans to suit different needs.  Acko Bike Insurance is an insurance product from Acko General Insurance, a digital-first insurance company based in India. It’s an innovative product that provides comprehensive coverage for two-wheelers, offering a range of plans and features to meet the specific needs of bike owners.  Acko Bike Insurance provides coverage for a range of bikes, from standard models to high-end bikes. The coverage includes accidental damage, theft, fire, and natural disasters. It also covers legal liabilities, including for third-party property damage and bodily injury.  The main benefits of Acko Bike Insurance are the comprehensive coverage and the flexibility of the plans. You can choose from a range of plans, each with its own set of features and benefits. You can also customize the co
Post a Comment
Read more