Healthcare is a priority for most individuals. Healthcare for families comes first when budgeting. Therefore, most people opt for good family health insurance plans.
However, it can be a complex procedure to choose the best plan that covers maximum aspects and has several benefits.
Here are five things to keep in mind while buying a insurance. Read on to understand these factors and choose accordingly.
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Claim Process
You should go through the reviews of the insurance company to understand how they handle the claim process of the family health insurance. You can also talk to the customer support to learn about the process for family health insurance.
The claim process is extremely crucial because the faster the claim process, the faster you can settle the claims, and you are insured better.
Most companies work on improving the efficiency of their claim process as this aspect determines how beneficial the insurance company is.
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Age for Entry in Family Health Insurance
There is a maximum age of entry for most companies. Companies do offer health insurance for senior citizens.
However, the general maximum age is 70. Thereby, you should purchase insurance before that age.
The best decision is to opt for family health insurance plans as soon as possible to cover all the members.
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Renewal Age
There are insurance companies that have a maximum renewal age. There is a set age after crossing that the insured cannot renew their policy.
However, some companies offer lifetime renewal too; thereby, it is always recommended to opt for the good plan that offer lifetime insurance.
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Sub-Limits
Some insurance companies set a sub-limit for the, which means that you cannot claim more money on the operation than the set limit.
Even if the premium is high on that health insurance, the companies set a limit for certain treatments.
For example, even if the premium is high and the cost of the operation or the treatment is five lakhs, you would only be able to claim about 1 lakh because the company has set a sub-limit.
Such insurance plans are not very beneficial. Therefore, before purchasing health insurance, check for any sub-limits. It is always advisable you opt for which does not have any sub-limits for special treatments.
The high premium may be enticing, but the bottom line is that they are not very beneficial.
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Coverage for Pre-Existing Disease
Insurance companies generally do not cover the cost of pre-existing diseases in the first year of purchasing the family health insurance.
Although, from the second year, the insurance company may start covering the cost of the pre-existing diseases.
Therefore, before purchasing a family health insurance, conduct thorough research, read the terms and conditions, also assess your current financial position considering your family member’s health.
Another great method is to compare the and understand which one is suitable and beneficial for your family.
End Notes for Health Insurance
Before purchasing any insurance, meticulous research is extremely crucial. Just through recommendations, suggestions, and reviews, you cannot determine the family health insurance that is suitable for you.
When it comes to health insurance, you would want to have maximum coverage. That is why you should go through the terms and conditions and speak with professionals such as lawyers to understand coverage and benefits better.
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