The COVID 19 pandemic shed light on the importance of health insurance for us all. With the pandemic affecting people of all ages, it became clear that no one is safe from unexpected illnesses. From young children to seniors, everyone needs coverage in order to prevent the family’s savings from getting depleted in a crisis.

Now, if you are about to buy health insurance for your family for the first time, things can be a bit confusing. To guide you, we have listed down 5 tips that will help you to choose a good family health insurance plan.

  1. Choose the right sum insured

 Since you are covering several individuals under one plan, it is important to choose the right sum insured. In case one family member makes a claim, there should be a sufficient amount left over for another family member to make a claim, if they need to. The sum insured should increase proportionate to the number of members covered – if there are 5 family members covered in the plan, you would preferably need a higher sum insured than if you just have 3 members covered.

  1. Check for holistic coverage

A good family health insurance plan offers extensive coverage. Look for features such as reinstatement of sum insured, coverage for a wide range of day care procedures, AYUSH, health check-ups, daily allowance cover, inclusion of ambulance charges, and inclusion of vaccination charges. The right health insurance plan will offer to cover the specific health needs of your family members.

  1. Look for affordability

The sum insured of family health insurance plans is generally on the higher side and therefore, the premiums too can get a bit costly. So, make sure to compare the premium across several insurance companies to see which one offers you value for money. The more affordable the plan is, the more likely you are to continue with it.

  1. Ensure there are network hospitals near your home

If you have your senior parents covered in your plan, it helps to have network hospitals close to your home. This way, you will not face much stress in travelling long distances to network hospitals. Remember that you can only avail cashless facility at network hospitals, so keep this tip in mind for a better claims experience during a medical emergency.

  1. Check the insurer’s claim settlement ratio

Choose an insurer with a good claims settlement ratio. You should be able to find this information easily on their website. Also, make sure to read a few customer reviews from existing policyholders. These reviews will give you an insight into the kind of service you can expect from the insurance company. You may also want to call up the helpline number and speak to the insurer’s staff to evaluate them yourself.

Keep these tips in mind when buying health insurance for your loved ones. We hope that this information helps you when you set out to buy coverage. Take care and stay safe!