An affordable health insurance plan is meant for providing coverage of medical expenses for all the family members against various diseases and illnesses during the plan period on a specified premium. Such plans are also called a family floater policy through which more claims can be available during the policy period. You can pick from any of the plans provided by the numerous insurance players in the market today. Various options make it apt for you to pick the right kind of family health plan.
What are the policies for?
If you have been looking towards having medical insurance cover for your family, then the family’s plans are a perfect choice. So check the benefits in the plan that may help you a lot in picking the right one:
- Reimbursement of actual medical expenses becomes a possibility
- It is not only meant for critical illness but is also applicable in case of an accident or surgery during the period of the plan
- It defrays hospitalization expenses entirely
Hence, you should be able to shortlist the best family health plan from various family floater policies. Depending upon your family’s members and your requirements, financial needs, and dependencies, you should pick the best family health plan for you.
Some technicalities related to the policies?
You must know various terms before watching out for buying the policy that will cover your family. For instance, the premium loading is defined as an increase in the premium amount because the floater’s individuals have pre-existing health conditions of some critical illness.
You should thoroughly check the policy terms in case of either plan for family or affordable health insurance plan and review the following terms:
Payment in the plan-things you need to know about!
After getting acquainted with the above info, let’s check out something that has got more exclusivity to it:
- Check out how much percentage of expenses you would be required to pay as per the Co-payment option.
- Some plans offer the option in which you would be required to pay a fixed amount from your sources before claiming for insurance. Such plans with deductibles are also referred to as top-up plans so that you can opt for these plans apart from your regular family health plan. The premium amount for such plans is kept very low.
- Room Expenses: – Some plans have a capping on the room rent applicable, whereas some plans have the option of room types, for which expenses would be covered.
- In no-claim during the plan period, some companies offer a reward for offering a no-claim bonus. For that, a particular year and this bonus is the percentage increase in sum insured value while renewal during the next year. In contrast, some companies offer discounts on the premium while renewal in case of no-claim during the year. So, do consider rewards available for your plans for a family or family health plan.
It would help if you also looked for restored benefit after the entire sum insured is exhausted; the basic sum insured is restored for utilization during the plan period.