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Things to Consider Before Choosing Family Health Insurance

Things to Consider Before Choosing Family Health Insurance
Image by Gerd Altmann from Pixabay

Last year has made us realize that financial liability is a much greater concern, and so are the savings that we should make. Also, in the upcoming future, the costs related to the surgeries and operations will eventually rise. This is why family health insurance is a great idea to go for financial assistance for the entire family. A family insurance plan can cover around 4-5 members under a single policy. 

Now, the major concern in choosing medical insurance is how to determine whether the policy is ideal for your family. Since there are numerous family health insurance plans available in the market, it can be a little intimidating to choose one.

To help you out, we have compiled a list of some important aspects based on choosing medical insurance. 

 So, let’s jump right into it.

How much insurance amount to be chosen? 

It is very crucial to consider the amount at the time of selecting the insurance plan. To buy the premium, it is vital to keep the income level in mind to handle further problems. The family health insurance plan you choose should be affordable so that the sum insured does not fall short at the time of emergency. Also, the individual should consider his/her age. Younger the person, need of sum insured will be lower and vice-versa. 

At what age can you go for family health insurance plans? 

Age factor is one of the major things to be considered before choosing the insurance plan. Since the age factor differs from company to company, at what age you can buy a policy will depend accordingly. The premium is mainly set for the eldest member of the family. The general age of entry for buying an insurance policy starts from 21 years and up to a maximum of 60 years, or even more, depending on the insurance provider. 

What maternity benefits are available? 


Maternity benefits
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Family health insurance plans without maternity benefits are no good. When you are considering starting a family, maternity benefits can play a key role at some point in your life. The maternity benefits can be claimed within 2-4 years. It includes outpatient services like prenatal and postnatal doctor visits, medications, lab tests, newborn baby care, location counseling, and the in-patient services, like hospital and doctor’s fees. It is really important to look for maternity benefits while choosing a family insurance plan. 

What company credentials you need to look into? 

After deciding about the insurance policy, it is very important to associate with the right company rendering the services that you are looking for. There is a lot of things to be kept in mind before making the right decision. Firstly, look for the past records of the company’s reputation. Moreover, it should have a clean record for serving the customers. And most importantly, check upon the claim settlement percentage. Along with this, the financial health and stability of the company should be strong. Overall, go with an insurance provider that caters to your particular family health insurance needs.

What would be the waiting period? 

The waiting period is supposed to be that time period where the policyholder is not allowed to claim the policy’s benefits in case of a medical emergency. Generally, the period ranges between 24-48 months. The benefits can only be claimed after the waiting period is over. If someone is already experiencing a disease or medical emergency, it is highly recommended to choose a medical plan with a minimum waiting period. Also, you can go for a plan that can offer maximum coverage at an affordable premium specifically for serious illnesses. 

What are the sub-limits? 

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The insurance companies make up Sub-limits for the expenses related to the medical treatments. A sub-limit can also relate to a percentage of the sum insured. For example, if you have chosen a medical insurance policy with a total sum assured of Rs.3 lakh, you will get a room with a tariff of Rs.3000. But in case you wish to stay in another room with a tariff of Rs.5000 for your treatment, you will have to pay additional room rent of Rs.2000 from your own pocket.  

What would be the renewal age? 

The maximum renewal age is always set by an insurance company, without which a policyholder cannot renew their policy. Some companies provide the flexibility of lifetime renewal, which is a very great opportunity to choose for. Lifetime renewability is the best option to look for if you have old parents or are reaching retirement age and the chances of suffering from diseases increases eventually.  

How to make a claim? 

An insurance claim is a formal request made to the insurance company by the policyholder to receive compensation for the loss. Before buying the medical insurance plan, one should always know about its claim settlement ratio, which tells about the time taken to settle the claim. If the claim settlement ratio is higher, then the time taken to settle the claim will be lower. Also, make sure to look for more and more reviews about the company’s claim process. 


Based on the information above, it may be clear how much the medical policy can benefit all its members. Also, as now you are aware of all the things you should keep in mind before choosing the plan, why wait? 

Featured Image by Gerd Altmann from Pixabay