Comparing Family Health Insurance Plans From Different Providers

When thinking about securing your and your family’s future, you have to consider buying a family health plan. Medical costs are rising, and if you do not have an insurance policy, then it could cause a significant dent in your family’s finances as you have to pay them out of your pocket.

The biggest obstacle you will face while looking for the best family health insurance plans is which one to choose. Some may have lower premiums but may not have all the covers you are looking for. In this article, we will give a guide on what to look for while comparing different family healthcare insurance plans provided by different insurers.

What are the Types of Family Insurance Plans?

Before we look at the various features you need to consider while choosing the best family health insurance in India, let us look at the various types of plans offered by insurance companies.

  • Family floater plan: A family floater plan is a type of healthcare insurance which covers an entire family under a single sum insured. Different members of the family can avail the insurance amount and all the benefits. There is a single sum insured for the whole family. Hence, it is advisable to seek a floater plan that has a cover that suits your requirement.
  • Individual family plans: You can invest in an individual plan for each member of the family. In this case, each member has a separate sum insured and hence, can utilise it when the need arises. However, since each member has an individual sum insured, the premiums will be higher.
  • Senior citizen plan: If you have family members or dependants who are seniors, i.e. above the age of 60, then this plan would be suitable for them.
  • Critical illness plan: This family health plan covers members in the family who have been diagnosed with a critical illness such as cancer, heart disease, liver or kidney failure etc. The insurance company provides a lump-sum amount of the sum insured once you get the diagnosis.

How to Choose the Right Family Insurance?

When there are so many insurers out there offering a range of benefits, you have to make sure you get the best family health insurance plan. There are various factors you need to look at while comparing plans by different providers to make sure you choose the right plan:

  • Coverage: Many providers offer comprehensive coverage, which includes hospitalisation expenses, pre and post-hospitalisation, annual check-ups, doctor visits, tests, surgeries etc. While looking at plans, look at which one offers the most comprehensive coverage for the family.
  • Type: It is important to choose the right type of plan. For instance, if you have family members who would need to be hospitalised more frequently, then choosing a family floater plan might not be ideal for you as they offer a sum insured for the entire family.
  • Premiums: Look for plans that have premiums that you can afford. The best family health insurance in India offers comprehensive coverage for a lower premium.
  • Network: Insurance companies have a network of hospitals with which they have regular transactions. Some benefits, such as the cashless hospitalisation option, can be availed only in hospitals that come under their network. Hence, choose an insurance provider who has a wide network of hospitals which can help during unexpected medical emergencies. For example, Niva Bupa has a network of over 9,000 hospitals spread across the country, making it easier for policy-holders to avail the plan anywhere.
  • Company reputation: Look up customer reviews and ask the people you know how their experience with their insurance companies has been. If you choose a company which does not have a good reputation or good customer service, it becomes a hassle to deal with during emergencies.
  • Flexibility: Look for plans that might offer more flexibility, such as out-of-network coverage and changes to the overall plan.
  • Add-on benefits: Many plans provide add-on benefits to your family plan, such as prescription drug coverage, no-claim bonuses, alternative medicine, travel insurance etc.

When it comes to having a secure future, it is important to choose the best family health insurance plan to make sure there is no hassle in case of emergencies. Check Niva Bupa’s ReAssure family plan. It is one of the best family plans in India that offers extensive coverage with a huge network of hospitals.