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How to select the right Family Health Plan

20 February, 2013

The best way to insure the health of your loved ones is to opt for a family health insurance plan. This is much affordable than getting a separate plan for every member of the family. The main feature of this plan is that the sum assured is floater amongst the members covered by the plan. This means that all the benefits provided by the plan are shared by all. Being a popular plan there are many providers for a family health plan in the market. As each plan has different features and benefits to offer you need to be careful while making a selection.
Here are a few tips to select a family health plan that aptly matches your requirement -
Understand your requirements well : Before buying any financial product it is important you understand what you need from it. Same applies to family health plan. Some self-introspection that you need to do include,

  • Your budget for the health plan.
  • The kind of cover you need, if you are nearing retirement, or you have more members to cover.
  • Minimum medical expenses incurred in a year.
  • The sum assured you want.

After you work out these details you’ll have fair idea what to look for.
Premium amount : Comparing the premium amount of different plans along with the features they offer. Your budget plays a major role in deciding on a plan, so select a plan that is affordable. While comparing the premium also keep in mind that many factors like the sum assured, number of members covered, age of the members, the kind of cover offered etc. play a major role in deciding the premium. Availing a plan online can get you a good discount on the premium amount.
Number of member covered : A family health plan is designed to cover all the members in the family namely you, your spouse, dependent children and dependent parent. However there are plans that extend to cover other legal relations like siblings, in-laws, grand-parents etc. So assess your requirement and select a plan that gives you the required cover.
Coverage provided : While checking the features of the plan make sure to check what the plan covers and what is excluded. This will save you from unpleasant surprises in future. Check if the policy covers critical illness, pre-existing diseases, trivial hospitalization expenses, day care procedures, ambulance charges etc.