Every parent works hard to secure the future for their loved ones. There are many ways of doing that, and health is probably the most crucial aspect. Accidents and health emergencies are part of life despite your best efforts to stay healthy. Fortunately, having the best health insurance policy will come in handy in such scenarios.
The current uncertainties surrounding the world are enough proof that you should always be prepared for unforeseen circumstances. That can only happen if you follow these tips to secure the most suitable health insurance policy for your family.
Health insurance policies come in various options. Understanding what each policy entails is key to choosing the right one. One of the common insurance plans you will come across is an individual health plan. An individual health plan is an indemnity insurance policy that covers hospitalization costs. It’s the best option if you want adequate coverage for a single family member.
If you want a comprehensive health insurance policy for all your family members, then a family floater plan is your best bet. Such an insurance plan allows each family member to claim up to the sum insured.
You can also opt for disease-specific insurance plans to cover illnesses and conditions like heart ailments. If you are considering this plan, it’s best to take it along with another indemnity policy.
It would be best to take critical illness plans for critical illnesses like stroke, cancer, heart attack and more. These health insurance policies usually pay the sum insured in lump sum in the unfortunate event that your loved one suffers from the covered illness.
Other health insurance policies such as medicare advantage plans and hearing aid coverage can also come in handy if any family members require hearing aids or other specialized medical devices.
Ideally, you want to select a plan that offers comprehensive coverage. Since it is not always possible, you can take other plans along with your existing health insurance policy.
To provide adequate coverage for your family, you need to choose a sufficient sum insured. So, find out the number of family members covered in your plan. This way, you can calculate the ideal sum insured to cover all medical expenses for your loved ones.
With inflation rising daily, opting for a high sum insured might be the most desirable option. However, a high sum insured means a high premium. That’s why you should take your time to think about your family’s specific needs. It would be best to opt for a sum insured just enough to cover all expected medical expenses. Alternatively, take a super top-up or a top-up to improve coverage without paying high premiums.
The next thing you should do to secure the best health insurance policy for your loved ones is to review the coverage benefits. Checking the coverage benefits will help you ensure you get enough coverage for all medical expenses. While at it, ensure that the coverage benefits offered in that plan are ideal for your unique situation. For instance, a senior couple can opt for a medicare advantage plan that covers treatment and programs not under their original plan, such as hearing aids.
Some health insurance plans usually have limits and sub-limits. Limits are placed on treatment coverage, whereas sub-limits are placed on specific coverages such as AYUSH treatment, OPD expenses, maternity coverage, organ donor expenses, and room rent. In order to give your loved ones adequate coverage, choosing plans with no or fewer limits and sub-limits is advisable.
Most health insurance policies have optional coverage benefits, known as riders. However, you must pay an additional premium for these riders. The good thing with riders is that they are available at a lower premium and provide extra coverage. Some riders you can opt for include maternity and newborn baby cover, critical illness, OPD cover, and personal accident cover.
Choosing the right insurance policy for your family can help your loved ones get the required healthcare without compromising your financial future. Follow these tips to find the right health insurance policy for your loved ones.