Best Mediclaim Policy for Your Family: How to Choose the Correct One?

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health insurance

Given our hectic work lives and changing lifestyle habits, our health choices are affected. Maintaining a daily healthy lifestyle is difficult and there are chances that illness might strike without any warning.What to do in these situations?

Purchasing health insurance can help you save a lot of out-of-pocket expenses in case you face a medical emergency. Buying a mediclaim for your family in the safety umbrella you need today. It saves you the last-minute hassle and brings you peace of mind during critical times. But which is the best mediclaim policy for the family in India?

While choosing the best mediclaim policy for the family in India, here’s a step-to-step guide to making sure all your points are covered: 

  • Analyzing the sum insured options available along with the refill option present: Did you know that when purchasing the insurance policy, it might cover hospitalization expenses up to the sum insured? But with increasing medical costs, the sum insured might get over before time. Therefore, you should always remember the ‘restore’ option.
  • Waiting period and coverage against pre-existing illness: If you are already facing any ailment like diabetes, high blood pressure, or thyroid. They are called pre-existing illnesses and usually, insurance companies cover them. But there is a waiting period. The terms and conditions for a waiting period usually differ and do check this before investing in one.
  • Expense coverage related to pre and post-hospitalization: These are any medical expenses that are incurred before being admitted to a hospital and after the patient is discharged from the hospital. The plans can also include any follow-up treatments, medical consultation sessions, and diagnostic tests.
  • Room rent capping: While buying insurance, usually people forget to check on this service. This is the hospital room charge limit that is borne by the insurance provider you choose. The capping can cover either some percentage or the whole sum can be assured. Always check with the room rent capping under your health policy.
  • ICU room rent on offerings: Sometimes your healthcare provider also covers a limit on ICUs, always remember to check the same.
  • Annual health check-ups are available or not: Medical costs are on a rise and keeping a track of your health is a good solution. Annual health check-ups as a daily monitor to prevent diseases. Health insurance should provide this free service every year.
  • Ambulance charges available: Health emergencies might occur at any time. During these difficult times, public and private transportation is a hassle. Always calling an ambulance which is equipped with medical equipment is the need at that time. Majorly the providers cover a decent sum under this facility. 
  • Critical illnesses coverage: Worried about how many illnesses like heart attack, cancer, and lung failure can be insured? This feature covers the insured against life-threatening critical diseases. The policy provides a total coverage amount that can act as a cover for exorbitant medical expenses. 
  • Affordability of the plan and worthiness as per the premium being paid: While deciding upon your premium, you can also avail deduction under Section 80D of the Income Tax Act, 1961. This is for health insurance premiums paid for self, spouse, dependents, children, and even parents.
  • Presence of the network of cashless hospitals: With all payments moving towards digitization, the cashless hospitalization facility ensures convenient and faster transactions. The insured family members do not have to spend money from their pocket and the hospital directly settles bills with the insurer, this is subject to the terms and conditions mentioned.
  • Easy claim process and claim settlement ratio: Before buying any policy, always remember to check how dependable a Health insurance provider is. The claim settlement ratio (CSR) is a good indicator to check the percentage of life insurance claims an insurer settles during a financial year as compared to the total claims that were raise. Also, in the event of the demise of the insurance holder. The company can provide the dependents with a much-needed safety net.
  • Special benefits on offering for senior citizens: As your age increases, the demand for more medical attention is required, and constantly the expenses also shoot up. After you turn 60, you are considere a senior citizen. And it is advisable to buy a separate policy for them. The major reason is the recurring health issues. And as they need more attention, a normal plan might not be overall sufficient. 

After carefully keeping the above points in mind, to choose the best health insurance company in India, take a look at the factors that affect your health insurance plan:

  1. Age: While buying the family policy, always consider everyone’s age and especially that of people who are turning older soon. The earlier you decide to take a health cover, the more it would be beneficial for your loved ones.
  2. Previous Medical History: If you are someone who has a lot of pre-existing illnesses, be ready to shell out more money as the cost might get affected by the insurance premium. 
  3. Health Policy Timeline: The duration of the policy affects the cost of the premium. Longer the plan, the lesser the premium. Be mindful before purchasing about the tenure.
  4. Injurious Substances: One thing that people miss out on is that if you have regular habits of smoking and drinking, you are more prone to diseases and this increases your premium rates. Be honest with the insurer but always keep your health in check also.
  5. Profession Effect: Jobs also play an important role in deciding the cost of your premium. If you have a high-risk job like working in the radiation and chemical industry might require a top premium as it might involve accidents and cardiovascular diseases

Here’s a list of best Mediclaim policy in India for family that you can consider:

Max Bupa Health Companion Plan
Apollo Munich Optima Restore Health
Cigna TTK ProHealth Plus
Royal Sundaram Health Lifeline Supreme
Digit Family Health Insurance Plan
Kotak Family Health Insurance Plan
Aditya Birla Active Assure Diamond plan
Star Family Health optima Insurance Plan
IFFCO-Tokio Health Insurance Plan

To conclude, health is wealth and taking this first step towards your loved one reduces tension and worries. It keeps your family secure and safe.

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