Tips To Find The Right Health Insurance Plan For Your Family

By Author: Samidha Harinna
Total Articles: 128
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Health insurance is a deal between the insurance company and the insured person where the insured person pays an annual premium to the insurance company for compensation against the medical expenses.

The rising medical costs are a reason as to why you should consider health insurance. There are different types of health insurance called Individual health insurance and family health insurance. The individual health insurance is for a single person. The family insurance plans are for the entire family.

Individual health insurance plans
This type of plan is owned by an individual. You have the option to customize your plan as per your needs. You can avail tax benefits on this type of plan as per the Income Tax Act. This type of plan requires that you complete a waiting period to cover pre-existing illness.

If you are not satisfied with your plan you can switch your insurer. This plan can be renewed lifelong. This plan offers cashless claim benefits.

This insurance covers pre and post hospitalization, maternity and newborn, emergency medical services, severe illness, diagnostic tests, doctor’s ...
... consultation fee and more.

Family health insurance plans
This type of plan allows you to cover yourself, your spouse, children and dependent parents. You can even cover your in-laws. This plan has a cheaper premium compared to the individual health insurance. The plan cannot be renewed after the senior most person reaches the age of 65.

This plan does not offer the option of customization as per your needs. The premium paid is eligible for tax benefits under the Income Tax Act. This plan offers greater coverage. Few features of the plan offer discounts and incentives.

This insurance covers adding a new family member, restores exhausted coverage, rebate on high sum, increase in the sum assured, day-care treatments, daily cash allowance, ambulance charges, hospitalization fee and more.

Tips on what good family insurance plans should offer
• The plan should allow you to increase the sum assured.
• It should allow you to add a new family member easily.
• There should be facilities to avail cashless hospitalization easily.
• The plan should offer value added features like 24*7 telephonic medical advice, free health check-ups, discounts on services like health clubs, medical stores and fitness centres.
• The plan should have a maximum renewable age limit.

The author likes to write about different insurance plans offered by the insurance companies. Here he has discussed the family insurance plans. For more information visit greyfont.com.