There is no denying that medical expenses and treatment costs are always high these days. Moreover, after the pandemic, people have started taking health more seriously for themselves and their families. During the pandemic, people saw how their hard-earned money was used to cover hospitalisation, doctor bills, and other medical charges. Therefore, more and more people started to invest in family health insurance plans. These plans are no longer a luxury but have become crucial necessities in everyone’s life.
Numerous insurance companies in India can offer a medical insurance policy for family. Still, there are times when people ignore certain things, which leads to choosing the one that is not suitable for them. Therefore, this article will discuss a few things you should avoid while selecting the best medical insurance plans for family.
Common Mistakes to Avoid While Selecting the Best Health Insurance Policy for Your Family
One thing that leads to choosing the not-so-appropriate medical plan is the habit of making hasty decisions. In most cases, we tend to look for a policy when we either get to know of an unforeseen illness or when some shares their story of struggling to pay medical bills without the support of insurance. Therefore, it is essential to ensure you keep in mind the following things while selecting the best mediclaim policy for family.
Missing Out on Doing Research
It is the most common of all and the reason why people generally regret their policy later on. In most cases, people will go by word of mouth and choose the same insurance policy as their relative or friend. But the critical part they forget is – the requirements, which are always different for each person and family.
Therefore, whenever you plan on buying family health insurance, remember to conduct thorough research. You should check for the pros and cons of different policies and not just one. Additionally, consider adding floaters depending on your family’s needs. Once you can find answers for both, choose the best one.
Not Checking The Policy’s Flexibility
When choosing an insurance plan for the entire family, you should always consider how flexible that company and plan are. Generally, in scenarios where a family takes a single plan, people with different age brackets share the same benefits. Therefore, your policy should be flexible in adding or removing members whenever needed without worrying about the benefits-receiving ratio for others.
Not Looking at The Waiting Period Condition
This point will mostly bother people with pre-existing diseases or couples planning to start their families. Although most family health insurance plans pre-existing cover illness and maternity expenses, a waiting period is attached. So, looking for a company that can offer you the minimum waiting period becomes necessary since you may have aged parents with pre-existing diseases who need the policy benefits anytime.
Not Considering The Coverage
Policy coverage is an amount you get in case of hospitalisation or, in some cases, even on the diagnosis of the illness. Most people need to consider the coverage amount before buying an insurance plan. Purchasing a policy with less coverage to ensure you pay less premium will not help you if one or more than one family member needs medical care in the same year. Eventually, you will end up spending money from your pocket.
Therefore, look for a medical policy that offers coverage that could meet your family’s needs adequately. In addition, the policy should be the one that takes your stress away while dealing with medical expenses.
Not Understanding The Co-Payment Clause
Most health insurance companies deal in the co-payment criteria. Co-payment refers to the amount the insurer will be liable to pay in case of using the policy, and the insurance company will pay the remaining. Sometimes, the coverage and benefits may be so lucrative that people choose not to look or understand the co-payment clause and spend more.
Hence, whenever you plan on buying a healthcare insurance policy for your family, remember to check the co-payment clause. If you do a thorough market check, you may find a policy offering no co-payment clause and paying everything from the insurance company’s end.
Healthcare insurance is one area that should be thoroughly researched before coming to any conclusion. Especially when you have a family for whom you need to buy the policy, it is always better to go for a family plan. Choosing individual plans will result in taking care of multiple approaches and paying various premiums. Hence, remember to check the above points before proceeding with any company in specific.