Things to consider before buying a Family Health Insurance policy

The significance of availing family health insurance cannot be underestimated. A family health insurance plan enables you to take care of your family’s health requirements without worrying about rising medical expenses.  It is indeed a very challenging task to choose the best health insurance policy at an affordable premium for your family since the insurance market is filled with multiple products that look very similar on paper.

Thus, it is very crucial for buyers to analyse the different factors before choosing a family health insurance plan. Some of which are explained below:

Waiting period:

Most family health insurance have different terms and conditions regarding pre-existing diseases. Your claims will be settled by the insurer after a definite period if you had diseases before buying a health insurance policy. Thus, it is imperative for buyers to know the waiting period for pre-existing diseases before they buy a policy.

Most insurance companies have an average waiting period of 2 to 5 years.

Network of hospitals:

It is very important to go through the list of hospitals covered by the family insurance policy before you choose a health insurance plan. The policy must have hospitals in your vicinity and there should be a sufficient number of hospital options to choose from. 

It is also pertinent to check whether the hospital has a cashless facility along with minimal formalities during medical exigencies.

Insurance amount and co-pay clause:

Family insurance plans that offer the lowest co-payment percentage are certainly the best to choose. This clause essentially means that the insured will have to pay a substantial portion of the total medical expenditure on his own while the remaining amount is paid by the insurer.

It is to be noted that health insurance plans in India do not cover treatment costs incurred abroad.

Maternity benefits:

Before buying a family health insurance plan, it is necessary to check whether the coverage includes maternity benefits. Moreover, the sub-limits and waiting period for availing maternity benefits are also essential since the cost of treatments during pregnancy has skyrocketed in the last few years. 

A family health insurance plan that includes maternity benefits makes a significant difference during pregnancy-related complications.

Pre and post hospitalisation expenses:

Treatment of most diseases covered by health insurance policy does not begin or end with hospitalization. It may, in fact, begin much before hospitalization and continue even after discharge.

Therefore, it is pertinent to check whether the family health insurance plan includes pre and post hospitalization expenditures. A health insurance plan should effectively cover both these expenses which can easily run into lakhs of rupees.

Lifetime renewal:

The most beneficial health insurance policy must be renewable throughout life. In case the buyer falls ill during old age, the medical expenditures will be borne by health insurance policies having a lifetime renewal feature. 

This facility is also required when the policy buyer decides to cover his old parents in the family health insurance policy.

Note the exclusions carefully

Every health insurance policy does have a certain set of exclusions which should be carefully noted before purchasing it. There is no health insurance policy in India which covers all the ailments. 

Most health insurance policies usually exclude dental treatment, HIV/AIDS, eye-related healthcare, cosmetic surgery, hernia, cataract, sinusitis, gastric and joint replacements etc. It is in the interest of the buyer to have a family insurance policy with minimum exclusions.

Bajaj Finance offers a range of health covers under its Pocket Insurance category. These products are customised to cater to the unique needs of customers. Some of the products under the category are Group Jeevan Suraksha, Dengue Cover, Tuberculosis Cover, Hospital Cash Cover, Infections Cover, Monsoon Cover, Kidney Stones Cover, amongst others.

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