5 Things To Check While Buying Health Insurance For Family

Are you someone who takes responsibility for the health and well-being of your loved ones? If yes, then securing a health insurance plan is vital to ensure their good health. With a reliable insurance policy, you can cover the cost of medical treatments and hospitalisation. However, with the plethora of health insurance options available in the market, selecting the right plan that fits your family's needs and budget can take time and effort. In this article, we bring you a complete guide on the five essential things you need to check before purchasing a health insurance plan for your family.

What is Health Insurance ?

It is a kind of insurance that covers the medical expenses of individuals who are insured. It provides financial protection against unexpected medical expenses due to illness, injury, or accidents. It is essential to have a health insurance plan to avoid financial strain during a medical emergency.

1. Coverage and Benefits

The first thing to check while buying health insurance for your family is the policy's coverage and benefits. You can look for a plan that covers a wide range of medical expenses such as hospitalisation, surgery, diagnostic tests, ambulance charges, and pre-and post-hospitalisation costs. The policy should also provide coverage for critical illnesses like cancer, heart diseases, and kidney diseases. Additionally, you should check the benefits offered by the policy, such as maternity benefits, coverage for pre-existing illnesses , and optional riders that can enhance the coverage of the policy. If you have senior citizens in your family, it is essential to consider health insurance policies that cater to their specific healthcare needs. Such policies may provide coverage for age-related illnesses and chronic conditions that commonly plague the elderly.

2. Waiting Period

The waiting period is when you cannot claim on your health insurance policy, typically for pre-existing conditions and maternity benefits . The duration of coverage can vary from a few months to several years, depending upon the insurance provider and policy. Before purchasing a policy, be sure to verify the applicable waiting period.

3. Premiums and Deductibles

The next feature to consider is the cost of premiums and deductibles . Premiums are the amount you pay to the insurance company for the policy, while deductibles are the amount you should pay before the insurance company starts covering your medical expenses. You should compare the premiums of different policies and choose the one which offers maximum benefits at an affordable price. Additionally, you should also check the deductibles of the policy and select the one that suits your budget.

4. Provider Network

Another aspect to examine is the provider network. This includes the hospitals, clinics, and healthcare providers that the insurance company has contracted with. Choosing a policy with a wide network of healthcare providers in your area is important. You should check if your preferred providers are in the insurance company's network. Choosing a health insurance policy with a vast network of healthcare providers can save you from out-of-pocket expenses in case of hospitalisation or medical treatment.

5. Claims and Customer Service

The thing to check while buying health insurance for your family is the claims and customer service. It would help if you chose a policy that has a hassle-free claims process and good customer service. You must check the settlement claim ratio of the insurance company, which indicates the percentage of claims settled by the company. Additionally, you should check the turnaround time for claim settlement, which is the time the insurance company takes to settle the claim.

Conclusion

In conclusion, buying health insurance for your family is a significant decision that requires thoughtful consideration. Hence, it is vital to take the time and carefully go through the conditions listed in the health insurance plan.

Leading health insurance providers such as ManipalCigna Health Insurance offer an extensive range of comprehensive healthcare plans which aim to provide hassle-free and lifelong access to quality healthcare, thus safeguarding your financial needs.

FAQs:

Q: How can I determine the best health insurance for my family?

A: To identify the best health insurance plan for your family, you can compare policies using factors such as coverage, waiting period, benefits, premiums, deductibles, provider network, claims and customer service.

Q: What is the best way to compare health insurance plans ?

A: Online comparison tools that offer a side-by-side comparison of various policies are the most effective means of comparing health insurance plans.

Q: Can I find out if my preferred healthcare providers are in the network of a particular health insurance plan ?

A: It is possible to check whether your preferred healthcare providers are part of a specific health insurance plan's network by thoroughly going through the list of the provider network of the insurance company before purchasing the policy.

Q: Is it important to understand the claims process before purchasing health insurance ?

A: Yes. Having an understanding of the claims process is crucial to ensure that you can submit a claim and obtain reimbursement for medical expenses.

Q: How do I choose a health insurance for my family?

A: When selecting a health insurance plan for your family, it is necessary to pay attention to features such as coverage and benefits, premiums and deductibles, provider network, and claims and customer service.

Q: What are the things to check before buying health insurance ?

A: Before purchasing health insurance, you should verify coverage and benefits, premiums and deductibles, provider network, claims and customer service, and any supplementary riders or benefits that the policy might offer.

Q: Which health insurance company is best for a family?

A: The best health insurance company for a family may depend upon factors such as coverage needs, budget, and location. Comparing policies from different insurance companies is recommended to find the one that suits your family's needs perfectly.

Q: What questions should be asked before buying health insurance ?

A: Before purchasing a health insurance plan, you should inquire about the extent of coverage and benefits, the amount of premiums and deductibles, the provider network, the claims process, and any supplementary riders or benefits that are available under the policy.