With the increasing lifestyle diseases such as heart disorders, obesity, stroke, etc., and the rising pollution, living a disease-free life has become a sort of challenge for the people, especially the ones living in metro cities. Protecting one’s family from various health-related issues is of utmost importance. To help you with this, the insurance companies provide medical insurance for family, based upon your needs, financial conditions, etc.
As the number of insurance companies is increasing day by day, there are numerous options available. This makes it difficult for an individual to decide, which insurance policy will fulfill his and his family’s needs and requirements.
Here are 5 must-haves for medical insurance for a family in India:
- Cashless claims and hospitalization: In today’s hectic life, cashless hospitalization and cashless claims have come as a boon for an individual. While buying a medical policy for a family always ensure that the insurer provides both with the policy. It helps you to avoid arranging for cash on medical expenses, ambulance charges, etc. All the expenses are cashlessly settled by the insurer.
- Lifetime Renewability: Most health-related issues arise during the later years of a person’s age. Suppose, a family insurance policy has a renewability period of 50 years, then after that, you have to buy a new policy. But if you have a policy that offers lifetime renewability, you can carry the same insurance for your life. This is why you should choose a family insurance plan with lifetime renewability or a maximum renewability period.
- Coverage of the policy: This is the most important thing that you must look at in a family insurance policy. Always consider the coverage that your family members need before buying the policy. It must always cover a wide range of health problems such as critical illness, maternity problems, etc. When you buy family health insurance, you should choose an insurer that fulfills these needs.
- No or low co-payment clause: There are hidden factors in a family insurance plan such as a copay clause. According to a copay clause, the policyholder has to pay a percentage amount from his side. All the insurance plans do not have a copay clause. But, if you choose one, it should have a copay percentage as low as possible.
- Flexibility for add-ons and addition of new family members: The family insurance plan must provide flexibility for add-ons such as critical illness, pre-existing illness, etc. It should have the flexibility to add new members of the family. For example: If a family member passes away or reached the age limit, the other member of the family can be added to the same policy, so that you do not lose the benefits of the insurance policy.
More factors play an important role such as your financial condition in deciding which family insurance policy you should opt for. The must-haves that are given above helps you to enhance your coverage.