Insurance

Watch This Before You Buy Health Insurance | Best Health Insurance Plan for Your Family

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Choosing the Right Coverage:
– A cover between ₹10–20 lakhs is generally recommended to avoid the risk of inadequate coverage.
– Medical costs, rising at a rate of 10+% due to inflation, make lower coverage less effective over time.
– Policies may offer higher protection through features like base cover, no-claim bonus, and restoration benefits.

Buying a Health Insurance Policy:
– Consider key factors before purchasing, such as selecting a reputable insurer based on claim settlement ratio, network hospitals, track record, and product portfolio.
– Essential features in a good policy include :
* no room rent restrictions,
* no co-payment clause, a
* no-claim bonus of at least 50%, a restoration benefit of at least 100%,
* short waiting periods for pre-existing conditions,
* pre and post-hospitalization care,
* coverage for daycare treatments, and a
* free annual health checkup.

Choosing Health Insurance for Families:
– Family floater plans are recommended for families, covering all members under a single contract.
– While some insurers restrict dependents to spouses and children, a family floater plan is operationally less intensive, cost-effective, and generally extends the benefits of individual health policies.
– It’s a suitable option for insuring children under 18 and provides comprehensive coverage for the entire family.

Note: Do your due diligence before choosing an insurance.

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Google doc : https://bit.ly/healthInsuranceChecklist

Watch This Before You Buy Health Insurance | How to choose the right Medical Insurance?

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