Family Health Coverage: How to Select the Best Medical Insurance

If you are searching for the best medical insurance plan for your family, you may find out that the process of buying one can be daunting. It takes careful consideration of several crucial factors to choose a plan that perfectly aligns with your family's requirements and financial condition. In this blog, you will get to know how to select the most suitable medical insurance for your family.

How to Find the Best Medical Insurance for Your Family?

In the Indian market, there are various reputable insurers who offer excellent health insurance plans for families, however, the one that can serve your unique situation the most is the best one. Follow the pointers below to find out which plan is the best:

1.     Choose the Right Plan

This is a simple one, however, it needs a mention. There are various plans out there to serve specific purposes. Consider your requirements and get a plan that best serves that need. This way you will not waste money on unnecessary coverages or remain underinsured.

2.     Know the Inclusions and Exclusions

When you are comparing plans you should have a good idea about inclusions so that you know what benefits you can expect from the plan. Knowing what does not cover, or its exclusions, is important too. It lets you prepare better and avoid out-of-pocket expenses or claim rejections.

3.     Extensive Coverage

Having a plan with comprehensive coverage is a necessity. You have to ensure that the plan you are buying does have all the coverage your family may need. For example, if you are planning to have a child your plan should include maternity benefits.

4.     Get an Adequate Sum Insured

Assess the total number of members that you want to provide coverage to and figure out a range of medical expenses for them. Include the constant medical inflation into the equation too. Ensure that the sum insured is sufficient to cover everyone's healthcare. If affordability becomes an issue you can extend your coverage by availing of top-up plans.

5.     Look for Coverage Riders

Through riders, health insurance providers offer additional coverage benefits in exchange for a low amount of increase in the premiums. You can get riders that are relevant for your family and increase the coverage. Critical illness rider, personal accident cover, hospital daily cash benefit rider, and OPD cover are some of the most common riders people choose.

6.     Check for Cashless Hospitalisation

Cashless hospitalisation is a facility medical insurance provides where you can get necessary medical treatment from any network hospital and the insurer directly pays the bill. Now, as the GIC has introduced ‘Cashless Everywhere’ you can obtain treatment from any hospital of your choice. However, choosing a plan with large network hospitals is still a good idea.

7.     Check the Pre-Existing Disease Waiting Period

The waiting period signifies a time period within which you cannot get coverage from the medical insurance plan for any illnesses that are pre-existing. Most plans have a waiting period for PEDs ranging from months to years. Therefore, you should prefer plans that have a low or zero waiting period. 

8.     Find Plans with Low or No Limits or Co-Payment Clause 

Limits, sub-limits and co-payment clauses require you to pay a portion of the healthcare cost. Try to find plans that have low or no limitations or co-pay options. 

The Bottom Line

The process of finding the best medical insurance is a difficult one as there are so many excellent plans to choose from. However, if you consider the crucial factors discussed in this blog, you can find a plan with sufficient coverage, tailored benefits, and affordable premiums too.