It is no doubt that most fun and rejuvenating moments are shared with family. It is our family that stands still through every thick and thin of life. Thus, it is our responsibility to give something in return and would be best other than a family floater mediclaim policy.
The ease access to internet is making people more aware and concerned, and thus, family policy plans are picking up the demand among individuals. Considering the rising demands, several insurance companies have introduced their health insurance plans with varied benefits and terms. However, every good thing comes with great responsibilities too. So, before moving ahead, let’s get the basic understanding about the family plans.
As the name suggests, family health insurance policy is designed to provide health care coverage to the family at times of medical emergency. In simple terms, mediclaim policy is an insurance plan where the insured individuals receive health coverage benefits for the value of sum assured. The policy gives financial relief by covering the entire family’s health care expenses.
Definitely, the digital platform has given immense convenience, but the other side of the coin suggest that dozens of options can easily land anyone into a great confusion. Thus, to avoid getting into spiral of such confusion, make a note of few tips and get the list checked to make the right choice.
Know your needs – First and foremost it is essential to pen down the needs and requirements before starting to hunt for the best family floater mediclaim policy online. Everyone has different health conditions and therefore, choose the policy that suits best to your health care needs. For instance, a family of young members can opt for a little lower coverage (say Rs.10 lakh), while a higher sum assured should be opted for a family with senior citizens. A separate insurance plan can also be opted for parents under senior citizen category.
Compare premiums – Once you are aware of your policy needs and requirements, the next in the list is to compare the premiums vis-à-vis features and other added benefits. Make sure premium not being the sole decision factor. It won’t be great to opt for a policy with higher premium, but lower coverage benefits. Instead, compare and choose the plan that offers maximum coverage benefits at lower premium costs. Also, it is suggested not to buy a high-end cover just to avail tax benefits.
Research insurer – Yes, this is another important aspect to be considered. An insurance company with low claim settlement ratio never makes a good choice. Therefore, search for insurer’s market reputation and claim settlement ratio. Also look for the number of years since when the company has been operating in the market and with a good customer base.
Network hospitals – The key reason to get the policy is to avail hassle-free and cashless health care assistance. This makes sense to check the list of network hospitals for preferred health care treatment. Opt for the insurer that has cashless network with leading hospitals that would aid in case of any medical emergency. Also check the distance of the network hospitals closer to your home.
Better coverage – Since a single covers the entire family, the coverage benefits are extended as there is no need to buy individual policy plans. With family floater plans, each member gets potentially higher coverage against a single premium including hospitalization costs, surgery expenses, doctor consultation fees, hospital staff care, and ambulance cover along with severe medical conditions being covered.
Cost effective – As a single premium is being paid against the entire family’s health coverage, the cost of individual premiums is dragged down. Most family plans have lower premiums compared to premiums of individual plans.
Hassle-free management – You don’t have to put the reminder for every premium due date and keep a bulk of policy documents on a safer place. Instead of following multiple renewal dates, family floater health insurance plan gives freedom to follow up a single renewal date with multiple coverage benefits. This is what we call hassle-free management.
Easy to add new member – In case a baby is born in a family, there is no need to buy an individual plan for the new member as it is easy to add member under an ongoing policy plan.
Tax benefits – Policy holder can avail tax benefits as family floater health insurance policy is eligible for tax deduction under Section 80 D of the Income Tax Act. The benefits can be doubled in case of paying premiums for the dependent parents.
We all are possessive and concerned regarding safeguarding our family from all sort of uncertainty. And as the matter of fact, life is so unpredictable and no one knows what next will come on time’s dice. Hence, family floater mediclaim plan is best when it comes to safeguarding our loved ones.