How to Pick the Right Medical Insurance Policy for Your Family

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How to Pick the Right Medical Insurance Policy for Your Family
How to Pick the Right Medical Insurance Policy for Your Family

New Delhi : Usually, people buy insurance to protect their expensive items against unforeseen incidents. It helps them to cover the losses. The aim of purchasing a medical insurance policy is not very different. It gives you financial assistance during medical emergencies. As health is the most valuable asset for any person, diligence and care must be taken while purchasing a Mediclaim policy for your family. 

Here are some factors you should consider while buying a medical insurance plan for your family.

Adequate coverage: You can find numerous medical insurance plans in India. But the coverage they offer may not be the same; hence all of them may not suit you. You should keep your family medical history in mind while choosing a medical plan. Also, check various benefits included in the plan and how many have a waiting period. Most insurers put a waiting period clause for all pre-existing ailments. A health insurance plan with a lower waiting period is always better. 

Hospitalisation expenses: It is good to have a plan that covers benefits like pre-and post-hospitalisation expenses, free annual medical check-ups, ambulance expenses, dental care, etc.

Affordable premium: The premium of your medical insurance plan depends upon various factors like the number of benefits included, your location, age, medical history, etc. Hence, go for a plan that offers you all the necessary coverage at an affordable premium.

Adequate sum insured: While buying a medical insurance plan, care should be taken that the sum insured is enough to cover all your family members’ medical requirements for the next twelve months.

Add on covers: Every health insurance plan has several benefits, and every insurer gives specific add on covers that you can avail of by paying an additional premium. Add-on covers enhance benefits or sum insured that can be availed of in emergencies.

Rising medical costs: Increase in inflation has also resulted in a rise in medical expenses; it increases at 18-20% every year. Therefore, while purchasing a mediclaim plan for family, consider age, medical history, inflation and select an appropriate sum insured. 

Check for network hospitals: Network hospitals offer cashless procedures to the insured. Hence buy the health insurance plan from an insurer with a more extensive network of hospitals in your city/town. It helps you to face medical emergencies without financial distress. 

Read the exclusion list: Just like knowing the benefits, you should be mindful about what is not covered in your plan. It helps you avoid confusion while availing of the benefits and raising a claim request. Hence, read the exclusion list carefully before buying the plan.

No Claim Bonus: For every claimless year, your insurer will offer you a bonus called No Claim Bonus. It can either be a discount in the premium or a cumulative bonus. Under cumulative bonus, the sum insured of your plan increases by a certain percentage, while the premium remains the same. 

Check the claim settlement ratio: The claim settlement ratio of an insurer shows how many claims they have settled out of the total claims they received during the previous year, and it’s expressed in percentage terms. Higher the ratio, the better the insurer. You can see the claim settlement ratio of insurers on the Bajaj Finance Limited official website. 

Deductible: The deductible is the sum of money you pay before the insurer starts covering the cost of medical expenses. Usually, top-up plans have deductibles, which means lower health insurance premiums. You agree to the cost-sharing with the deductible to take care of the insured.

Lifetime renewability: Go for a plan that offers your lifetime renewability. It helps you to avoid paying higher premiums as you grow older. Usually, premiums of health insurance plans increase with the insurer’s age. If your plan offers your lifetime renewability, the policy will be renewed throughout your lifetime. 

Bajaj Finance, in association with some of the leading names in the insurance industry, offers carefully chosen health insurance and top-up plans to its customers. You can select one that suits you the best for yourself and your family.