Factors to consider while choosing mediclaim policy for your family
New Delhi : Protecting the health and well-being of one’s family is a top priority. Given the unpredictable nature of life and growing instances of diseases and ailments, it is best to tread cautiously and remain financially prepared for what the future might have in store for us. Purchasing a family mediclaim policy is undoubtedly an essential step towards achieving this goal.
What is a family mediclaim policy?
Dealing with medical emergencies in your family can be emotionally and financially draining. However, with a family health insurance in place, the fiscal part of this problem can be taken care of at such demanding times. A family mediclaim plan is essentially a health insurance policy that offers comprehensive coverage to each family member for any medical expenses incurred during the policy term.
Points to remember while selecting a family mediclaim plan
Purchasing a mediclaim plan for your family can be daunting, given the sheer number of options available. It would help if you considered your family members’ pre-existing health conditions and genetic predispositions to choose the benefits package and premium best suited to you. We have listed the most important factors you must consider before purchasing a family mediclaim plan to simplify this process.
1. Premiums-to-coverage benefits
When dealing with a health emergency in the family, you may not want to compromise on the treatment options due to insufficient mediclaim cover. Thus, when selecting a policy, you must ensure that it comes with adequate coverage depending on the age and number of family members you wish to cover. Therefore, the final decision on the right policy for you should be based on a thorough assessment of the premiums-to-coverage benefits you stand to derive from the plan.
2. Co-pay clause
A co-pay clause essentially mandates that a pre-decided percentage of the policyholder’s hospitalisation expenses have to be borne by them and the remainder by the insurer. Opt for a family mediclaim policy that comes with a low or zero co-pay clause to avoid exhausting your financial reserves while trying to meet the co-pay requirements.
3. Age-specific benefits
The best mediclaim family plan is not one that offers the widest coverage but one that provides the most age-appropriate benefits to the policyholders. The age of your family members has to be taken into consideration when selecting a family mediclaim policy. For instance, plans for senior citizens are designed with age-specific benefits, while those applicable to newborns come with a different basket of advantages. To ensure that you don’t miss out on coverage benefits or remain underinsured, you must closely evaluate the age range of a mediclaim policy before you purchase it.
4. Existing ailment coverage
A comprehensive mediclaim policy will offer coverage for the pre-existing medical conditions of your family members. Generally, these policies have a waiting period before such coverage benefits are extended. Opt for a mediclaim policy where this waiting period is minimal. Go through the policy documents carefully to know when this coverage is activated to reap its benefits.
5. Network hospitals with cashless benefits
At the time of a health crisis, you’d want to give your family the best treatment possible, and with that in mind, the absence of network hospitals close to your residence is the last thing you would want. Opt for a mediclaim policy with an insurer that offers an extensive network of hospitals for cashless treatment. Bajaj Finance Limited offers plans with partners with a vast network of over 6,500 hospitals that offer cashless claim settlement benefits to the policyholders.
6. Room-rent limits
The room rent limit is another factor that can restrict your hospitalisation benefits and coverage. Generally, the insurer sets a specific room rent capping, and during hospitalisation, if this capping is exceeded, the insurer may not completely cover the expenses. Thus, you must evaluate the rent caps of different family mediclaim policies and opt for one that comes with a higher upper limit to maximise your benefits.
7. Lifetime renewals
Since the probability of contracting disease increases with age, it is best to opt for a mediclaim plan with lifetime renewability. By selecting such a policy, you ensure that your treatment costs remain covered as you age – avoiding the hassle of purchasing a new policy at a higher premium when you cross a certain age threshold.
Some other factors to consider
Choose a comprehensive family mediclaim policy that offers pre and post-hospitalisation benefits. It will ensure that the policy covers the cost of diagnostic tests, medicines and follow-up consultations. Similarly, policies that cover ambulance charges, vaccination expenses, AYUSH treatment charges, as well as offer daily cash benefits, free medical check-ups and tax rebates, should be on your wishlist. It is also advisable to opt for plans that come with maternity and newborn benefits as per your requirement. Thus, you must evaluate the needs of your family members thoroughly before opting for a mediclaim policy.
Why choose Bajaj Finance Limited?
At Bajaj Finance Limited, you get to choose your family mediclaim plan from the most trusted insurance providers like Bajaj Allianz and Aditya Birla. With 6,500+ partner network hospitals, comprehensive covers and sum insured amounts of up to Rs. 2 crore, high cumulative bonuses ranging up to 50% and insurers with a high claim settlement ratio, these family mediclaim policies are undoubtedly some of the best-suited plans for modern needs. Moreover, since the application process is entirely digitised, you can complete your applications in just a few steps.