By Nick H 
Post Covid-19 pandemic crisis, health insurance has gained significant prominence among the Indian population. People have realized that health insurance is no more a priority but a necessity. This has led to increasing demand for health insurance for families, making health insurance a key aspect of financial planning. With many health insurance providers now offering various health insurance plans for your family, you are spoilt for choice.
Depending on your family’s health insurance needs, you can buy Health Insurance Mediclaim Policy for Family, Family Medical Insurance (Mediclaim for Family), etc.
What is Health Insurance for Family?
Family Health Insurance or Family Floater Health Insurance policy refers to a single medical insurance plan covering your entire family’s health insurance needs. There is a single sum insured umbrella coverage for your whole family, and each person gets to claim up to the total sum insured. This eliminates the need for separate individual health insurance plans, saving time and money.
Finding the right health insurance plan for your family takes time but picking an appropriate family health insurance policy is necessary to get maximum health insurance benefits.
Finding the Right Health Insurance Plan for your Family
Planning is integral to getting the right family health insurance cover. Consider the below tips for finding the right health insurance for your family.
- Purchase Early
In India, people tend to delay buying health insurance, unless they face a family medical emergency. Instead, early birds get the optimum health insurance policy benefit. When you purchase health insurance at a young age, you need to pay a lower premium for the coverage provided. So, get going and buy a Health Insurance Mediclaim Policy for Family as soon as you start earning. Select the Mediclaim for Family as per your family’s medical needs and budget capacity for payment of premiums.
- Network Hospitals
Many people buy a health insurance plan for their family to avoid paying cash upfront during a medical emergency. To help policyholders tend to medical emergencies promptly, many insurance providers in India provide cashless treatment facilities. However, to avail of the cashless option, the policyholder must avail treatment at hospitals that form part of the insurance provider’s network.
While buying family medical insurance, ensure that you opt for an insurer connected with many Health Insurance Network Hospitals closer to your home. This would help you attend to medical emergencies on time and avail cashless facilities easily.
- Opt for Higher Sum Insured
Before you buy a Health Insurance Mediclaim policy for your family, ensure that you select a sum insured which adequately covers the medical costs of your entire family. Due to rising medical expenses, one should consider a higher sum insured. This could result in a higher premium to be paid, so one can go for a top-up or super top-up health insurance policies to manage the coverage limit.
- Claim Settlement Ratio
Claim Settlement Ratio (CSR) refers to total claims successfully settled by insurance providers against total claim applications received during a year. When buying Family Medical Insurance, go for an insurer that offers a higher claim settlement ratio, increasing your chances of getting a claim approved and settled.
- Add-on Benefits
Compare various plans as many insurance providers provide add-on benefits like coverage against critical illness, maternity benefits, and so on. These provide additional coverage at the existing premium.
Conclusion
Having Mediclaim for family ensures health security for your family in case of an emergency apart from timely and quality medical treatments, without worrying about arranging cash. Find the right health insurance plan for the family to enjoy the maximum health coverage benefits.