What To Look Into For Finding The Best Health Insurance For Your Family?

Over the year the medical cost has risen so much that today the medical cost inflation stands at 15% per year in India which means every fifth year the cost of health care actually doubles. In today’s world when cost of basic living has gone up so much nobody can’t actually build a savings corpus which can handle all medical emergency every time or otherwise your long term plans of retirement and other crucial goals might go into jeopardy. The only solution in this case is a health insurance.

Health insurance in laymen terms can be explained as an insurance plan which pays for medical and surgical expenses in case you fall ill. You can either get a cashless arrangement or pay later way when you fall sick. In a cashless arrangement the insurance company directly pays the cost to the hospital or the doctor whereas in case of pay later way you initially need to pay it out of your pocket and then claim the same later from the insurer. Looking at the overall scenario finding a health insurance plan for yourself or family which fits suits with your requirement is a critical question to answer. If you think of buying individual health insurance plans online for every member of the family then it might become a costly affair so the best possible solution for this problem is family floater health plan. The best of a family floater plan is that you buy a single cover and the benefits of the same can be used by any member of the family. Under this plan more than one member can enjoy the benefits of the plan simultaneously depending on the amount of cover which you have opted.

The critical question at this stage is how the find the best health insurance plans for family. There are array of offerings from different insurers with specific feature catering to different requirement and as all financial products are always complex to understand this is true for health insurance. So the best part is understood this is judge any health insurance plan based upon certain basic parameters which are critical while making an insurance buying decision.

  1. For whom you are buying insurance: In case your family comprises of two adult under the age of 45 and two kids then your family floater health insurance with at least Rs. 10 lacs of coverage may be an apt solutions which will not only be a beneficial one but will not affect your pocket largely. On the other hand if are also looking at including parents who fall under an age group above 60 under your regular family floater plan.  Then in a case like this it can become a costly affair. Health insurance premiums are always judged based upon the eldest member of the family. Premiums may rise by 100% if the age is above 50.
  2. Deciding upon the amount of cover to opt for: Deciding upon best health insurance plan which gives maximum cover at the least cost. But the challenge here lies in finding the amount of cover one should look into. Though for a nuclear family Rs.10 lac of cover can be judged as the apt amount but the rate which health care costs are rising , doubling every 5th year should also considered as a factor before defining the amount of cover one should be look in family floater plan

Other than above two factors based upon which a health insurance plan for a family has to be judged another critical thing that is very important is the Room rent limit. If you see how hospitals charge you on medical services rendered to you, the cost regarding the same is defined by the type of room you opt for. Say if you opt for sharing room the same doctorial service may cost you less if otherwise you have opted for an AC room. Based on this factor every health insurance plans have limits on the room you can opt for .Limits define the amount of cost the plan would cover . The room rent limit can be lead to make or break situation, say your insurance provider cover only 40% of your room rent then the cost for other services of the hospital which you might have used would also be covered in the similar proportion. Because of this reason do opt for family floater plans which don’t have any limits on room rent.

Other than all these factors you should always look at the claim settlement ratio of the insurers which means every month how many claims they have rejected or served. Looking at the overall objective why you need a health insurance for family you should look clearly at every health plan that fits into your requirement and budget criteria based upon the factors discussed. 

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