Family Health Insurance Policy: Why is this important? 5 factors to consider before choosing a policy

Health costs are rising fast and it has becoming increasingly difficult to cover medical expenses from your own pocket. In such a situation, a family health cover is important to meet medical expenses of your family members. But when you purchase a health insurance policy, there are many factors such as health cover size, diseases covered, and premiums that one should consider. Know what important things are that you should look for when buying a medical insurance policy.

A healthy family is a mark of progress, happiness, and togetherness. It is very important to stay healthy as it increases one's productivity and puts them on the path to success. It is equally important that your family members have the resources to fight illness whenever they fall ill. Since medical treatment costs are rising at brisk speed, it is necessary that you have a good family health insurance policy to meet your medical needs.

A good health insurance policy gives you peace of mind, allowing you and your family members to concentrate on their treatment and not think about medical bills. In India, when the bout of coronavirus struck in early 2020, people's earnings depleted while their medical treatment expenses increased. Many of them realised the importance of a good health plan and flocked to buy one.

If you are also planning to buy a family health insurance policy, there are many factors that you should consider. In this article, we will discuss five important points for you to consider when choosing a health insurance policy.
 
1. Budget: Health insurance has become expensive after the coronavirus pandemic. Before buying a family health insurance policy, check your budget and go through various policy options online to gauge the best that suits your budget.

Medical insurance policies range from a few thousand to several lakhs. The one with the higher range may give you high medical cover and more facilities, such as a high room rent, treatment for terminal illness, and reimbursement for being away from work during illness. If you have a good budget, go for a high cover that includes a top-up or a super top-up.  
 
2. Waiting period: The waiting period is the time when the insured waits for all their illnesses to be covered under the policy. Policies come with different waiting periods. However, after some years, all medical insurance policies are bound to cover all diseases. One should opt for insurance with short waiting periods. The waiting period for insurance designed specifically for older people is short. If not, search for PED (pre-existing disease) riders or waivers that might assist in lessening the waiting period in return for a higher premium.
 
3. Network hospitals: Network hospitals are those that collaborate with insurers to provide cashless treatment and high-quality care. It saves you from the hassles of paying from your own pocket and submitting medical bills to the medical insurance company to get reimbursement, which, at times, is not 100 per cent. Choose an insurance carrier that has a large hospital network and also has a few of them close to your home.
 
4. Premium: One of the most significant variables to consider when purchasing a family health insurance plan is the cost of premiums. Compare the premiums of the many available insurance options and choose the one that provides the most advantages at the lowest possible cost.
 
5. Comprehensive coverage: Check if the insurance provides comprehensive coverage in terms of disease treatment. Check if the insurer provides you with the option to purchase add-ons. Also ensure that your insurance covers pre- and post-hospitalisation charges, domiciliary hospitalisation, home care treatment, AYUSH therapy, yearly health check-ups, cataract treatment, and others. Comprehensive coverage protects your hard-earned funds from medical expenditures.