Family comes first for most of us. This means that their health and well-being are of prime importance to us. When one is faced with health related concerns of loved ones, the last thing we want to be worried about is financial burden. No matter the cost, the best healthcare is what we want for our family. To ensure that you and your loved ones get the best healthcare, you must invest in a suitable family health plan. In this blog, we will outline the types of family health plans available in India and the factors to be considered during purchase. Cholamandalam Health Insurance understands this need and hence we have created a number of family health plans. We encourage each one to understand your specific needs for your family before you research and choose a family health plan based on your requirements and budget.
To know more, read till the end of this blog.
Types of Family Health Plans
Individual Health Insurance Policies:
This policy covers an individual separately. Each member of the family gets their policy, and the sum insured is applicable individually.
Family Floater Health Insurance:
This policy covers all the mentioned family members in one family health plan. Any family member can utilize the sum insured as and when needed. The premium will be slightly higher in a family health plan as opposed to an individual health insurance policy but the benefits and the coverage makes it worth it. Whether this will suit your family depends on the number of persons who may have specific health needs.
Group Health Insurance:
This policy is offered by employers to cover all their employees under a common health insurance plan. These can cover your entire family, providing benefits and coverage specified by the employer. Be sure to check which kinds of dependants are eligible for what types of coverage.
Factors to Consider
1.Family’s Health Requirements:
The medical history of your family members plays a huge role in deciding which family health plan will be best suited. In case of pre-existing medical conditions, make sure the policy you choose covers them.
2.Sum Insured:
The sum insured should be enough to take care of any potential medical expenses borne by you and your family members.
3.Hospital Network:
Every health insurance company will have a network of hospitals associated with them. Make sure you choose a plan that includes your favored hospital/ a hospital accessible to you and your family.
4.Premiums and Deductibles:
Compare the premium costs and annual deductibles. Find a suitable middle ground between your requirements and budget.
5.Co-payments and Co-insurance:
Understand how c-payments and co-insurance will be handled for doctor visits, prescriptions, and hospital stays, among other things.
6.Pre-existing Disease Waiting Period:
Insurance plans have a waiting period for pre-existing diseases. Ensure you read up on this before signing up for the plan.
7.Claim Process:
Learn how you can raise a claim and the lead time to receive the amount once the claim is raised. The claim process should be simple.
8.Customer Service and Reputation:
Find out about the insurance company’s reputation and genuine customer reviews on their experience with the company.
All in all, this is an important decision to be made for you and your family. Make sure you consider the different types of family health plans available. Assess your requirements and budget for the plan and shortlist plans that fit the criteria. Keep the above-discussed factors in mind and make an informed decision. Ask around about the plans, and speak with a trusted insurance professional if required.
We at Cholamandalam Insurance urge you to learn more about the type of health insurance policies that are on offer. Click here to read more. When you take care and invest in the right plan, you can enjoy the peace of mind that you can always afford the best healthcare for your loved ones.