Health has always been the most critical aspect of our existence, and the pandemic has reinforced this notion. In this regard, it is seemingly vital to have a health insurance policy.
With the ever-rising cost of hospitalisation and medications, a comprehensive health insurance policy should be part of our financial planning.
When buying your parents health insurance, you should look out for certain things as a well-thought-out health insurance plan can come in handy in times of need.
Health insurance is a crucial aspect of ensuring the financial stability and well-being of your family. With the rising cost of healthcare and the increasing frequency of medical emergencies, having health insurance for your family has become more important than ever. In this blog, we will discuss the importance of having health insurance for families and what you need to consider when choosing the right policy.
Why is health insurance important for families?
Having health insurance for your family provides financial protection in the event of unexpected medical expenses. With the rising cost of healthcare, a single hospitalization or surgery can result in a significant financial burden. Health insurance policies help mitigate this risk by covering a range of healthcare services, from routine check-ups to major surgeries. With a health insurance policy, your family can access quality medical care without worrying about the cost.
What should you consider when choosing a health insurance policy for your family?
When choosing a health insurance policy for your family, there are several important factors to consider. Firstly, it is important to consider the coverage offered by the policy. This includes the type of medical services covered, the maximum amount that can be claimed, and the co-payments and deductibles required.
Here are some tips for buying a health insurance policy for parents
Choosing the right policy
A health insurance plan differs from person to person, and you have to know what you are looking for to select better the policy that would suit your needs.
Since you are choosing a health insurance policy for our parents, the two plans which should be most suitable are the “Senior Citizen Plan” and the “Critical Illness Plan.”
The Senior Citizen Plan can be opted for by customers aged 60 and above. It covers most of the necessary benefits senior citizens require, like OPD charges, existing illness cover, etc.
The Critical Illness plan can be beneficial if someone is diagnosed with a critical illness, as it provides a lumpsum amount as a benefit.
Identifying the adequate sum
The rise in medical bills and inflation can tempt you to opt for a higher insurance sum. But you have to be careful as a higher sum will always lead to higher monthly premium rates; hence you have to objectively identify your parents’ needs and then come up with an adequate sum required.
The term duration is quite literally the duration of the health insurance policy.
Here it is advised to not opt for short-term plans, as opting for a long-term plan has several benefits. Most importantly, a long-term policy will have a comparatively lower premium rate and offer certain discounts.
When choosing a health insurance plan for our parents, it is imperative to ensure that the policy has all the necessary coverage benefits that your parents would require.
The plan should include ambulance charges and OPD expenses. If your parents have some pre-existing health complications, you should ensure that the plans you choose have the necessary provisions.
Another important factor is the premium cost of the policy. Family health insurance plans usually have a higher premium compared to individual health insurance, but they also provide a wider coverage for all family members. It is important to consider your family’s budget when choosing a policy and to ensure that the premium is affordable and within your means. Finally, it is important to consider the reputation and stability of the insurance provider. Choose a provider that has a good reputation, a proven track record, and a commitment to providing quality service.
Coverage riders are value-added benefits which can be added to the selected policy. Although it may increase the premium rates, they can come in handy in certain situations.
Some common coverage riders are:
- Critical Illness Rider
- OPD cover
- Personal accident cover
Coverage riders are a cheap way to diversify a health insurance policy coverage.
- Opt for cashless hospitalisation; it is convenient and quick.
- Check for limits or sub-limits; some policies have certain limitations. It might mean that during hospitalisation, you may not be able to opt for a room with a higher rent. Policies with cheaper premium rates have such limits attached to them.
- Insurance companies are generally tied up with specific hospitals; it is usually listed on their websites. Before buying the policy, you should check this list and decide accordingly.
- The health insurance industry is competitive, and numerous companies offer health insurance plans. Before buying a policy, you should compare the premium rates and coverage details and then opt for a particular plan.
As a health insurance plan is a non-negotiable document, you need to be mindful of choosing the right plan which would suffice our parents health care needs. For further information, you can contact the provider’s support team, for example, Aditya Birla health insurance customer care number, to resolve your queries.
Health insurance for families provides financial protection for medical expenses for all family members. It covers a range of healthcare services, from routine check-ups to major surgeries, and helps mitigate the financial burden of unexpected medical bills. Family health insurance plans usually have a higher premium compared to individual health insurance but provide a wider coverage for all family members. By purchasing a family health insurance policy, you can ensure that your family has access to quality healthcare services when they need it, without worrying about the cost. With a variety of health insurance plans and options available, it is important to carefully consider your family’s specific needs and budget before choosing the best policy.