Health insurance protects several people from financial breakdowns during a medical emergency. The best health insurance has very wide coverage to protect the policyholder from various diseases and unfortunate events. Anyone can get a huge coverage amount for a reasonable premium through the best health insurance policy. But several employers and families use the benefit of group health insurance. The bundling of multiple policies into a single plan can result in several monetary and coverage related benefits. But like normal medicare, family health insurance also has several criteria in the selection procedure. Following these will ensure that you get the best health insurance policy from all the available choices.
Family Health Insurance – The Best Health Insurance Policy for A Family
Family health insurance is a group health insurance solely for individuals related by blood or matrimony. The Insurance Regulatory and Development Authority of India or the IRDAI recognizes such family plans as family floaters. IRDAI also has a set of rules for family floaters which benefit the policyholders. The basic eligibility to apply for this scheme is at least two or more family members.
A major benefit of family health policy is that the premium amount is much lower than separate policies. This means every individual gets the same coverage amount and the per capita premium becomes lower. Through this, the return to investment of the policy becomes much higher. All best health insurance providers in the country have the facility of grouping in their existing policies.
Methods To Find a Family Health Insurance Policy
The only way to find the best health insurance policy for a family will be through thorough comparison. This comparison needs to be in a way that includes the major features of family health insurance. Given below is the detailed information of four approaches of finding the best health insurance for a family.
Based On Premium and Coverage Amount
The premium and coverage amount are the first features to verify while purchasing the best health insurance policy for the family. It is because these two are the direct and visible factors that can affect the family budget. The premium should be low to ensure a burden-free premium payment throughout the years. And in the case of family plans where the number of policies is more, the premium amount will also be more. So the customer should take measures to reduce the premium amount, like opting for a monthly premium, reducing unnecessary covers, or choosing plans with tax relaxations.
And the coverage amount should also be high enough to meet the maximum expense of any treatment and subsequent hospitalization. As a family also has individuals from higher age groups, the coverage amount should be high enough to meet the expenses of treating older people and their extended recovery duration.
Based On Discounts for Group Policy
The best health insurance policy for a family always has more discounts on co-claim and timely payment. So, one should always ensure the selected family plan has the maximum discounts and bonuses. A discounted premium is also the major attraction of family floaters. And if the plan doesn’t have any significant decrease in the total premium, it is not advisable.
Based On the Included Diseases
The quantity of included diseases in the health insurance is also of importance. With a higher number, the policyholder can reduce the chances of having a disease not covered by the policy. In doing so, they can avoid paying the expenses from their savings or funds meant for other purposes.
Another thing to ensure is the waiting period should be the least. For this, the policyholder needs to understand what is waiting period in health insurance. The waiting period is the duration you have to wait after purchasing family health insurance until you become eligible to raise a claim for long-lasting diseases. These include chronic diseases, cancer treatment and pre-existing conditions at policy purchase.
Based On Available Network Hospitals
A high number of network hospitals, especially in the near locality, will help the policyholder get immediate treatment. Sometimes patient rush or lack of multi-speciality facilities can affect the availability of treatment or beds at a network hospital. In such cases, having options will ensure receiving treatment in at least one good hospital. And in case the policyholder resides in a remote location with limited or no network hospitals, they at least verify that the family floater has cashless treatment or reimbursement facilities eligible at any hospital.
Conclusion
Apart from these methods, the best one is to ensure insurer reliability. A reliable and trustworthy insurance company always has a high claim settlement ratio as they value their customers over material gains. The best health insurance policy that everyone finds will always belong to an insurer with high trustworthiness. Max Life Insurance is a trustworthy insurer in India, with a claim settlement ratio of 99.22% in F.Y. 2019-20. This high percentage is a testimony of how the policyholders benefit from their health insurance policies. So go ahead and find the best health insurance policy from Max Life Insurance today itself to have the best customer support and great returns.
