The insurance sector in India is expected to grow to 280 billion dollars by the end of 2020. The primary reason behind this growth is the increase in awareness among individuals and the availability of health insurance plans with multiple benefits.
Employers may provide healthcare insurance schemes for its employees, but it may not suffice all the needs when it comes to meeting the expenses for the treatment of their family members. In such situations, availing an insurance scheme for the family is beneficial to cover such costs.
However, individuals must consider the following points when they avail such policies:
- Maximum coverage amount
Medical costs are rising with every passing day. Individuals should avail a scheme that offers maximum coverage amount. They can avail a family health insurance plan to avail coverage of up to Rs. 50 Lakh. It also entitles an individual to add a family member to an existing plan easily.
- Low premium amount
The premium amount varies according to the different types of insurance policies. However, individuals must ensure to compare the benefits and premium amount offered by various schemes before they avail it.
- Family floater plans
Individuals can avail family floater policies to cover the medical costs encountered by any member of the family. They are not required to avail of different plans for every family member. The premium amount in case of such schemes is comparatively lower than the individual plans and the sum assured is also much higher. Moreover, any member of the family can utilize the amount for their treatment.
- Low co-payment
Co-payment is the minimal amount that individuals have to pay when they avail healthcare services. The amount may vary according to various health insurance providers.
Customers must ensure that they avail a scheme that requires minimum or zero co-payment as it can create a massive problem during times of emergency.
- No claim bonus
Insurance providers offer no claim bonus to customers each year if they do not make any claims. No claim bonuses can come in various forms, including reduction of premium amount, increase in sum assured amount, free services like check-ups, etc. Individuals should check the different no claim bonuses offered by a policy before availing it.
- Minimum waiting period for a pre-existing illness
Health insurance plans come with their own set of terms and conditions in case of pre-existing diseases. The waiting period in case of such diseases is the time an individual has to wait before claiming treatment against such illnesses. Customers must choose a policy that offers a minimum waiting time so that they can cover most of their medical expenses.
- Maximum age renewal
Choosing a policy that provides coverage for longer age limits is an added bonus. Hence, customers should choose a scheme that offers renewal age of at least 65 years so, that they can continue with the insurance scheme for prolonged periods.
- High claim settlement ratio of the health insurance providers
A claim settlement ratio is a ratio between the total number of claims received by an insurance provider and the claims settled by them. Individuals should avail a scheme from a provider that has a high ratio to date. The same will reduce the chances of their claim to be rejected.
- Network hospital coverage
Insurance providers usually offer the cashless facility in their network hospitals. Customers should ensure that they are availing a scheme that provides high network hospital coverage. It will enable them to benefit from the facilities during times of emergencies.
Individuals should keep the points mentioned above when they avail health insurance plans. Also, they should take into account the exclusions in the policies before availing them.