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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
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