5 Features To Look For In Family Health Insurance (Don’t Buy Without Checking These Off Your List!)

5 Features To Look For In Family Health Insurance (Don’t Buy Without Checking These Off Your List!)

If you have settled down with your family, it may be a bit of a hassle for you to buy a separate individual health insurance plan for each of your loved ones. You can avoid this hassle by opting for a family health insurance plan. These kinds of health plans are designed to give coverage to the entire family, including children and senior citizens. With so many family health plans in the market, however, you may get confused as to which one you should go for. To help you out, we look at 5 features a good family health insurance plan should have. 

1. Extensive coverage 

This is one feature that makes or breaks an insurance plan. While the coverage offered differs from insurer to insurer, health insurance plans for family should ideally cover the following:

–  Pre-hospitalization and post-hospitalization for a specified number of days (in addition to regular hospitalization)

– A large number of day-care surgeries

– Annual check-ups

– Vaccination 

– Ambulance and other urgent assistance services

– AYUSH treatment

2. Affordable premiums 

It is vital that the family health insurance plan you choose has affordable premiums. Since several members of your family are being covered under one plan, the premium could be quite higher, especially if there are senior citizens under the plan. So, make sure to research and reach out to a reliable agent to get a premium that is suitable for you. However, also ensure that you do not have to compromise on the coverage you require to be able to pay the premium you want. 

3. Sufficient riders

Depending on the health of the members covered under the plan, you may have to opt for additional coverage with the health insurance plan in the form of add-ons. For instance, if you or your family members are under risk of getting diagnosed with a critical illness, then it would be prudent to purchase a critical illness rider to prepare yourself for the expenses that you may incur. Choose an insurer that has a good number of add-ons so that there is no need of switching insurers when you have to purchase any add-on. 

4. A large number of network hospitals 

Network hospitals are those where you can access cashless treatments. The cashless treatment facility can be very helpful as it reduces the need for you to arrange for large amounts of money. However, this cashless facility can only be availed at certain hospitals that meet the insurer’s parameters. The higher the number of network hospitals on your insurer’s panel, the better. This means you and your loved ones can get access to good quality treatment without worrying about the treatment expenses. 

5. A high claim settlement ratio

The claim settlement ratio or the CSR refers to the number of claims the health insurance company resolved as compared to the number of claims they received in a particular year. In this case too, the higher the CSR, the better it is for you. A high CSR implies that the insurance company is committed to settling their policyholders’ claims. Usually, a CSR of 95% or above should be preferred. 

It should be mentioned that these features would differ from insurer to insurer. While looking for the best health insurance plans for family may take a bit of time and research, it is important to approach it carefully and select it according to your needs and not under pressure from any agent. It will ensure to a certain extent that you have a smooth, long-standing experience with a reliable insurer. Stay safe.