Dec 28, 2023, 03:36 PM IST
A family health insurance policy enables an individual to protect their family against sudden expenses arising out of medical situations. However, getting the right family health plan may be tricky at times.
Here are seven things to consider while choosing a family health insurance policy.
Medical insurance plans come in all shapes and sizes, ranging from a few thousand to several lakh rupees. One must choose a policy mindfully while keeping in mind the total budget.
One must compare the various plans with their premium amounts in detail while choosing the right family health insurance plan. Remember: It should suit all your requirements at the least premium and maximum return.
A waiting period is the time during which a policyholder cannot raise a claim. Remember: The waiting period may vary from policy to policy, and from insurer to insurer.
Exclusions are the conditions under which a policyholder cannot raise a claim. Generally, these are not time-bound.
One must do some research and choose a family health insurance plan that offers a vast network of hospitals. This way, you won’t have to search through the network of hospitals covered under your policy should the need arise.
This ratio indicates the percentage of claims the insurance company settles in a year. A higher ratio indicates that the company is steadfast in settling its claims.
Go through all the available reviews in detail, both good and bad, and only then pick the right insurer for your family.
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