How to Pick the Perfect Health Insurance Plan for your Loved Ones?

How to Pick the Perfect Health Insurance Plan for your Loved Ones?PolicybazaarAverage Rating / 5 ( reviews)
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All of us wish to buy a health insurance policy, which offers maximum coverage to our loved ones during the hour of need. It has become even more important these days when the medical expenses are ever-souring.

Many of the millennials have knowledge about health insurance benefits; however, there are still many who remain oblivious to the benefits of a health cover. It is time they realize that it is an extremely important investment, which comes with various health benefits and enormous riders. 

Why Do I Require a Health Insurance Plan?

Since the medical expenses have risen drastically with time, a single trip to the hospital can wipe out all of your savings. You will be shocked to know how such small expenses can cause you serious financial harm.

Having a health plan will help you in bearing these expenses to some extent. You will realize the reason for buying a health plan after going through the following point.

  • Covering your health will offer coverage for your medical costs in an extensive way.
  • It secures and prepares you for facing the unplanned medical costs.
  • A health insurance plan will also take care of your hefty medical bills on your behalf.
  • The claim settlement process is hassle-free and simple with the majority of the insurance providers.
  • The premiums on such plans are comparatively lower.
  • The probability of your claim request being rejected is very low with a trusted insurance provider. 

Tips for Choosing a Perfect Health Plan for your Family

Since there are many different health insurance policies available, picking the right one may get confusing. Looking at so many plans and their inclusions, types, features, and limitations may turn out to be a daunting thing to do.

For avoiding the time constraints and hassles, many of you may end up purchasing a health cover without even checking whether it would be sufficient for them or not. Here we have listed some tips for helping you to select the best health plan for your family. 

1. Search for an Ideal Policy Cover

You should choose a plan, which offers you coverage from a huge range on medical issues, pre & post-hospitalization costs, critical illness, ambulance charges, cashless treatment, daily hospital benefit of cash, maternity benefits, in-patient hospitalization, and much more.

If you are looking for health insurance Dubai for your family, ensure that the plan meets the requirements of each member that is being insured.

Take your requirements into consideration, compare various plans, go through the features as well as the limitations of the policy. The policies may have hidden factors such as waiting period, sub-limits, etc, which we may skip. Hence, ensure that you and your loved ones do not have to come across any trouble during the claim process. 

2. Look for the Clause of Waiting Period

Generally, health policies include maternity expenses, pre-existing illness, and some specific treatments such as varicose veins, hernia, and more after a certain waiting period, which can be 2-4 years depending upon the plan you have bought.

For example, maternity charges are usually covered after a duration of 2-4 years starting from the date of purchasing the policy.

You should make sure that you check the time period post which the pre-existing illness will get covered in your family health insurance policy. You must select a plan that comes with the minimum waiting period. 

3. Look for the Option to Include New Family Members

At the time of purchasing a family health insurance, you must ensure that you can easily include a new family member in your policy. If the senior-most person in your family dies or is not eligible for the coverage anymore, then the other family members should be able to continue with that policy without losing any of its benefits. 

4. Select a Plan that Allows Lifetime Renewability

Lifetime renewability of a plan is also an important factor to keep in mind. Many of us usually forget to put much stress on it. Ensure that you keep a track of the number of years for which your policy will remain validated. Check if it provides limited lifetime renewability or not.

If you are wondering as to why you need this option, then the answer is that you will need a health insurance plan the most in the later years of your life. Hence, you must select a family plan, which offers lifetime renewability. Doing so will allow you to continue the same policy in the coming years without the stress of purchasing another plan after reaching the age limit.

For instance, your health plan offers the option of renewability till the age of 45 years. As soon as you reach that age, you will have to purchase another plan, which will cost you even more due to the age factor. On the other hand, on buying a policy with lifetime renewability, you will be able to continue it further in a convenient way. 

5. Look for the Clause of Co-Payment

This is the percentage of the funds, which you will have to bear from your pocket. The insurance provider will bear the remaining hospitalization cost. For instance, in case you have a plan that involves a co-payment clause of 10%, this means that for the claim of AED 10,000, you will have to pay AED 1,000 from your pocket. The insurance provider will pay AED 9,000 as the claim. You can also go for a plan that does not involve a co-payment clause. 

6. Limit on Room Rent

The type of hospital room you get, whether a semi-private room, private hospital room, or a shared one, is dependent on the kind of plan you have. Opting for a health plan, which offers a higher limit on room rent, is always better, in case you wish to avoid extra charges that hit your pocket. 

7. Precisely Select the Sum Assured

Depending on your age and family status, decide on a suitable sum assured. In the early years of your life, the risk factor is low. However, as you grow older, your requirements and objectives will evolve. During this later stage of life, the individuals may start to become prone to a huge number of diseases including lifestyle such as BP, diabetes, and more. Similarly, after getting married, you must select the policy sum assured of the plan keeping the health condition of your spouse in mind as well. 

8. Comparing Insurance Premiums

It is important to compare health insurance plan as well as insurance premiums. There are various web aggregators, which help you in comparing the insurance plans in terms of features, benefits, maximum returns, benefits, and more. If you choose a plan for your family without taking all of these options into consideration, then you will be left with regret in the end. When you compare all the plans before buying one, you can avail of all the features and benefits at a lower rate of premium. 

Things to Keep in Mind before Investing in Health Insurance

Here is a list of things that you need to cover before you buy a health cover.

  • Network hospital
  • Add-on option for critical illness
  • The maximum renewal time period
  • Claim settlement ratio incurred
  • Waiting period involved for a specific illness, if any
  • Clause for co-payment
  • Waiting period for pre-existing diseases
  • No-claim bonus
  • Insurance premiums

This is list is not a comprehensive one. However, this may be helpful while making an informed decision during buying a health plan. Since there are a huge amount of health plans in the market, it can be a tedious task to look for the best plan amongst all the available options.

Hence, taking help from the comparison instruments online is an ideal decision. There are various insurance calculators or premium calculators, which will help you in finding the best option. This will give you an opportunity to haggle the insurance premium with the insurer. Also during renewal, you can compare what different insurers are offering on a similar plan.

In case you find any of these options better than yours, you can switch your insurance company. If you plan to switch, you must remember to transfer your no claim bonus at the time of changing the insurer.   

In a Nutshell!

You can make use of the above-mentioned tips for getting better coverage benefits at the time of purchasing a health insurance plan for your loved ones. You will be able to make a well-informed decision. Moreover, you will not have to face much hassle at the time of filing the claim.

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