5 Questions to ask before Buying Family Health Insurance
Finding a health insurance plan that meets the diverse needs of your family can be challenging. Besides the coverage, one also has to consider one’s budget for the premium. But it is vital that you do not compromise on a family health plan as it can lead to difficulties when a health emergency strikes your loved ones. To help you in the process, we share with you 5 questions that you must ask your insurer before you finalize a family health insurance plan.
- Do they provide comprehensive coverage for the entire family?
The biggest draw of any health insurance plan is the coverage it provides. Therefore, this question is the most significant. A good family health insurance plan should provide coverage for hospitalisation, pre and post hospitalisation, a wide variety of day-care procedures, annual health check-ups, and so on. Other coverage aspects are also to be looked for such as vaccination, AYUSH treatment, ambulance charges, diagnostic scans and X-rays, and so on.
- What kind of add-ons do they provide?
To get additional coverage for your family, you may have to look for add-ons or riders. By paying a slightly increased premium, you can ensure to a great extent that, if your family suffers from any health crisis, you have the finances to get the best treatment for them. If you or your loved ones are at a risk for critical illnesses, then do consider opting for the critical illness insurance add-on. Or, if there is someone in the family that is prone to staying at the hospital for a long or indefinite period of time, then you may consider the daily hospital cash rider. A good insurer should be able to provide you with these essential add-ons.
- How many family members can you add under the family health insurance plan?
If you are the breadwinner of a large family or live with extended family members, then wouldn’t it be great if they are all covered under one plan? Therefore, choose an insurer that allows you to add your spouse, dependent children, dependent parents, siblings, brother-in-law, sister-in-law, nephews, nieces, or any dependent relation that live with you. If you are a single parent, then you should also ask the insurer if they provide coverage for you and your child/children. Plus, also ask whether you have the flexibility to add/remove members from the health insurance plan.
- What are the insurance company’s credentials?
Yes, this is an important question to ask and learn the answer to. The health insurance company you choose should be reliable, trustworthy, and be well-known, having spent several years in the insurance industry. Remember to take a look at their IRDAI registration number. The claim settlement ratio, which should ideally be above 90%, is a good indicator of how dedicated the insurer is to solving the claims of the policyholders and is also to be looked for.
- How easy is the claim settlement process?
Raising a claim should always be easy and hassle-free as the policyholder is, more often than not, dealing with a health emergency. Ensure that the insurer provides 24/7 claim assistance. Nowadays, one can also raise claims through apps or websites, so do look out for that also.
Your family’s health is important and therefore, spending a bit of time in understanding their health needs and choosing a suitable family health insurance company is important. Good luck, and do stay safe.
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