How to choose health insurance for your family

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Most of us hope for and strive for a secure future for our families. One of the most important things in securing our family’s future is health. Despite the various efforts that many of us take to live a balanced and healthy life, accidents and health emergencies are unavoidable at times, and being prepared with the appropriate Health Insurance for such scenarios is recommended.

Covid 19 has emphasized the importance of being financially prepared for unforeseen events. A suitable health insurance plan helps us to access high-quality healthcare without facing financial hardship.

Read More: What is insurance and what is its purpose?

What are the Benefits of Choosing a Health Insurance Plan?

The growth in lifestyle diseases and their pricey treatments is the fundamental reason behind this. Aside from illness, an accident or other medical emergency is always a risk. The cash outflow from a medical emergency is significant, especially when it cannot be postponed or ignored.

Medical expenses can put a strain on your budget. It interferes with one’s financial objectives. This is related to rising medical inflation, which means that treatments are becoming more expensive. It is frequently stated to be around 15% per year.

Such expenses necessitate the purchase of a health insurance policy. Health insurance programs cover medical expenses incurred while in the hospital. As a result, they provide critical financial assistance in the event of a medical emergency while still safeguarding your money.

While the decision to purchase a health insurance policy may be simple, a few aspects must be considered in order to purchase an effective and complete health insurance plan. When it comes to health insurance, there are a few things that we should all keep in mind:

The Right Policy- There are numerous types of health insurance available on the market, each catering to a distinct age group, financial status, life stage, and proclivity for health difficulties. It is therefore critical to perform extensive study before making a final selection. Seek the correct facts, grasp what is most suited for diverse family members, and then make a decision.

For example, an indemnity plan is a basic health insurance plan that can be supplemented with riders such as benefit insurance or hospital daily cash, depending on your lifestyle. Consult an insurance company representative or an insurance intermediary, such as an agent, if necessary, to assist you with this task.

Family Floater- This allows you to cover your immediate family, including your husband and children, for a single annual premium. Even if there are many hospitalizations during the year, all members of the family are eligible for compensation up to the sum insured maximum. Furthermore, you can claim tax savings of up to 25,000 per year under Section 80D of the Income Tax Act.

The main advantage of a family floater mediclaim insurance is that it provides coverage for all members of the family at relatively low premiums. If a family member becomes ill, the entire value of the insurance policy may be utilized to pay for his or her care. Family Floater provides several benefits in a single package. Using floater health insurance policies for your family will help you stay stress-free.

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Sum Insured and Premium – It’s critical to recognize that the amount of premium you pay can affect the medical coverage you receive. Calculating your health insurance premium will help you make an informed decision about the best health insurance plan for your family. Determine an appropriate Sum Insured and examine it on a regular basis. If necessary, you can also purchase top-up plans.

Limits and Sub-limits – Some plans may include treatment coverage limits as well as an extra sub-limit as the capping of some specific coverage, such as room rent and AYUSH treatment. When selecting a plan for your family, choose plans with no or few limits and sub-limits.

NETWORK HOSPITAL LIST

Review the list of network hospitals that provide cashless services; this may be a huge aid in the event of an emergency treatment when you are not prepared for unexpected expenses. Select the appropriate health insurance plan to ensure that your finances are not harmed in the event of a medical emergency and that such situations do not grow into a financial catastrophe

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