Health is a fundamental resource you have to take care of, before you can enjoy so many other things in life. However, with the ever- evolving lifestyle changes, exposure to a degraded environment and the like, health issues are increasingly arising in every age group. Contemporary medical services can help take care of these, but often at the cost of an empty pocket and a whole lot of mental stress. This is why it is recommended to buy Bajaj health insurance plans for family so that you may be assured of the healthcare your family needs in case of any medical needs.
16 things to consider while buying health insurance for family
Before you buy health insurance, here are a few things to consider that might help you to choose the plan which fits your needs perfectly:
- Sum assured- Depending on the size and age structure of your family, as well as pre- existing or chronic health issues, you need to buy a health insurance policy that will give you adequate coverage through an adequate sum assured amount.
- Extent of coverage of medical needs- Compare various health insurance plans for family policy plans to choose one that provides you with the most comprehensive coverage of the medical needs that may arise in your family. For example, doctor’s check ups, maternal health issues etc. Members of your family might need coverage for treatment of specific illnesses such as cancer; or age- specific health requirements. Buy a policy that suits the needs of your family.
- Smaller one- day medical treatment coverage- Present day technology often enables you to have one- day medical treatments that are minimally invasive, like cataract surgery, gallbladder stone removal surgery etc. Choose a health insurance policy that gives you coverage for these medical procedures.
- Waiting period- Most health insurance policies will have specified waiting periods for various pre- existing diseases, maternity care and treatment of specific diseases. Choose a plan with a short period of waiting.
- Co- payment requirements- A co-payment requirement is the specific portion of the medical expenditure that you have to pay out of your own pocket. For example, if you have a clause in your policy requiring co- payment of 12%, you’ll have to pay ₹12000 on a claim of ₹100000. Choose a plan with a small or non- existing co- payment clause.
- Renewability of the plan- Renewability of a health insurance plan refers to your ability to renew the same plan multiple times. This will be more smooth and cost- effective than buying a new policy all over again. This is important since members of your family may need to avail more insurance benefits with increasing age.
- Tax benefits- Many health insurance plans for family enable you to avail various tax benefits. For example, the Income Tax Act (1961) Section 80 D allows you to claim tax deductions up to ₹ 25,000 for this purpose. If you are a senior citizen, you will be eligible for availing additional tax benefits. Choose a plan that enables you to avail the highest tax benefits.
- Regular medicines coverage- Family members with chronic illnesses will need recurring medical treatment and medicines. For example, dialysis, insulin etc. Check if your health insurance policy will cover these requirements, if any.
- Ease of adding new members to the plan- Choose a plan that will easily enable you to add new family members such as a new child to the family plan, and will not affect the plan in case any of your family members pass away.
- Empanelled hospital network- Check the list of hospitals included in your medical insurance plan. Buy a policy that will enable you to avail the services of good hospitals near you.
- Speed of claim payment and claim settlement ratios- Check the health insurance company’s track records of claim settlement speed and settlement speed before you buy a family health insurance plan.
- Hospital room payment cap amount- Check how much of your hospital room rent amount will be covered by your health insurance provider, as this can significantly change the amount of your out- of- pocket expenditure.
- Cutting edge new technology and alternative treatments- You may have to undergo new- age surgical procedures for better treatment, such as cyber knife surgeries, robotic arm surgeries, etc. You may also opt for non- allopathic traditional medical care like Ayurveda, Yoga, Unani, Siddha and Homeopathy (AYUSH). Choose a family health insurance plan which allows you to be flexible in the type of treatments you wish to avail.
- Coverage before and after hospitalisation- Check the extent of the coverage your health insurance provides for check- ups, diagnosis tests, physiotherapy etc, which are not taken during the period of actual hospitalisation.
- Global coverage- In case any of your family members need to avail health insurance for medical procedures performed outside India, you may look for health insurance policies with more international coverage.
- Affordability- Finally, choose a plan that fulfils the above conditions in accordance to your family’s needs without putting a disproportionate pressure of health insurance premiums on your pocket.
Bajaj health insurance plans for family enables you to choose from various different health insurance plans for family plans at affordable rates. Compare and choose among various policy options based on the above mentioned guidelines. Bajaj health insurance plans for family are essential investments you make for the physical health, mental peace and economic stability of your family.
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