How to Choose the Best Health Plan for Family: With medical expenses rising every day, one should be pro-active in not only taking a medical insurance for himself, but also should introspect on How to Choose the Best Health Plan for Family and sign up for one while there’s still time. It is imperative for the family to take a comprehensive health plan which will cover the family against medical emergencies.
How to Choose the Best Health Plan for Family
The best family health insurance plan must provide for the following:
- Pre and post-hospitalization cover
- Day care benefit
- Ambulance cover
- In-patient hospitalization cover
- Maximum Disease coverage that includes critical illnesses
- Minimal exclusions
What is Family Floater Health Insurance Policy?
Family floater is a kind of health insurance policy that covers more than one family member for a fixed cover. The amount of sum insured ‘floats’ over the entire family – in other words, the limit can be used by any member of the family and for any number of times.
The only difference between a Family Floater health plan and an individual health plan is that the cover is extended to cover your entire family.
Some important factors on “How to Choose the Best Health Plan for Family?”
Premium: This is the first thing that most of us will analyse while before an insurance policy. A family floater plan provides health insurance to the entire family at a lower cost compared to individual Health plans.
Co-Payment clause: Co-payment implies that the policyholder will bear a certain percentage of the claim amount, and the remaining can be claimed. For example, in an 70%-30% clause, the policyholder will bear 30% of the cost and the remaining amount (70%) can be claimed.
Sub-limits: Health insurance companies sometimes specify limits for certain illnesses or treatments. For ex: the policyholder can claim only Rs 10,000 for a surgery but the policy sum assured might be Rs1 Lakh. The policies without sub-limits are usually better but may charge higher premiums.
Waiting period for Pre-existing diseases: You need to ensure that existing diseases (if any) are covered by the policy. While in certain plans, existing diseases may be covered, in some others, the policy holder might have to wait for few years before putting a claim.
Alternative Treatments: Some policies also cover alternative treatments like homeopathic, ayurvedic, unani etc.
Waiting period for specific diseases.
Disease wise capping (if any).
Definition of family i.e., who and all are included in a Family Floater plan with the insurance cover.
Check if any of the (or) all day-care or OPD procedures are covered?
Find out if any complimentary free-health check-ups are allowed?
Maximum Renewal age: This criterion tells you up to what age the policy can be renewed. Find out and try to go for life-long renewals.
No claim bonus: These are incentives provided by the insurance company in years where a claim hasn’t been put.
Policy continuation after Proposer’s death: Usually, any other eligible floater member can apply to the insurer, asking to be the new proposer after the death of the proposer, and the cover can continue. In such cases, the premiums for other policyholders may also come down. However, it’s best to clarify this at the time of buying an insurance, because most insurance companies are silent about this.
Super-Top Up facility: Some insurance companies offer optional deductible. You may also buy a stand-alone Super Top up. Find out about this ahead of buying a family insurance plan.
List of ‘exclusions’: Read the brochure or consult the customer care of the concerned insurance company for a detailed list of exclusions.
Claim Settlement Record: Try and find out the claim settlement history of the company. The data available on the internet may not always be friendly, but it’s important to include them in your evaluation.
Best Health Insurance Plans for family
Below are some of the popular & best Health Insurance Plans for Family (family floater medical insurance plans) based on affordability and key benefits;
- Apollo Munich’s Optima Restore
- Bharti Axa’s Smart Health Plan
- Cigna TTK PRoHealth Plus
- ICICI Lombard iHealth – Complete Health Insurance Plan
- Max Bupa Health Companion – Family Floater
- Oriental Insurance’s Happy Family Floater – Silver Plan
- Star Health’s Family Optima
- TATA AIG’s Medi Prime plan
So, next time when you are trying to find the answer to How to Choose the Best Health Plan for Family?, make sure you seriously consider these aspects.