A family health insurance plan is not an option today. With an increase in lifestyle-related ailments, sedentary lives, and unhealthy eating habits, we are all susceptible to various diseases and ailments. Also, with medical costs increasing every year, managing medical exigencies can burn a hole in our pockets.
The right health insurance plan can help navigate such situations without denting our finances. If you live in a family that has little children and the elderly, then a family insurance plan is ideal for you. It is an affordable health insurance plan in India for families.
However, these plans are slightly complex compared to individual health insurance plans since they cover people of different ages and medical conditions. Hence, you must ensure that you consider all aspects while buying one. Here are some do’s and don’ts to remember while purchasing a family health insurance policy.
Do’s While Buying Health Insurance Plans for Family
- If any family member has a pre-existing medical condition, then make sure that you inform the insurer about it upfront. Usually, the insurer increases the waiting period for such cases. However, if you don’t disclose this information, then you might have trouble getting your claim processed later.
- Usually, insurers set sub-limits under different categories for family policies. Ensure that you go through them and ascertain that they meet your requirements
- Read the policy wordings carefully when you buy family health insurance online and look at the list of diseases that are not covered by it
- If the insurer offers a cashless hospitalisation facility, then make sure that you inform the company about the hospitalization of an insured family member within 24 hours. This can help the company process your request and offer a cashless service
- Try to get a treatment done at a hospital listed with the insurer. If you have a preferred hospital, then make sure that you buy insurance from a provider that has a tie-up with the said hospital.
- Right from the first bill to the last, make sure that you keep all the documents in a folder in chronological order. This will help you get your claim processed faster.
- Insurance policies have a validity period. Make sure that you renew your policy on time to keep it active.
- If there is a birth or death in the family, then make sure that you inform the insurer to add or remove the member from the policy
- If there is a history or any critical illness in your family, then you might want to take a critical illness add-on cover too. For example, you can opt for cancer insurance if there is a history of cancer in the family.
Don’ts While Buying Family Health Insurance
- Do not hide or misrepresent any facts regarding the existing medical condition of any of your family members. This can result in claim rejection and even policy cancellation without any refund of the premium.
- Don’t delay the renewal of your family health insurance policy.
- Avoid making fraudulent claims and never falsify information provided to your insurer as it can result in the cancellation of your policy.
- Policyholders making frequent small-ticket claims against their family insurance policies usually have to pay a higher premium. Some insurers even cancel such plans. Make sure that you use the policy for the right reasons.
- Don’t file a claim unless you have all the documents ready. Sometimes, hospitals can delay in handing over documents to you. Talk to your insurance company and keep them updated about the progress.
- Don’t avoid taking a family insurance policy because the premium seems a little high. Most insurers calculate premiums based on the risks posed by all the members of the family. A higher premium usually indicates a higher chance of medical treatment. Without a policy, you will have to bear the cost of the treatment.
Summing Up
While you can take individual insurance policies for each member of your family, the total premium can add up to a huge amount. In comparison, the premium of a family health insurance plan is affordable. Each family member has access to a higher sum assured. Most family plans also cover maternity costs and allow you to add a newborn child to the plan with ease. These plans also offer tax benefits. Hence, it is prudent to opt for a family health insurance plan. Also, there are many health insurance tax benefits that you can receive. Follow the do’s and don’ts mentioned above and get the best family plan for your loved ones. Good Luck!
