Health insurance has become a necessary option for everyone. Having a secured future not only makes you tension free but also leads you to a healthy living. Whenever you are looking for the best health insurance plan, you may find yourself amid so many questions – which one is good? Which plan covers all your need? But before buying insurance, you have to consider certain factors strengthening your health insurance policy.
Knowing the basics of health plans and different coverage policies help you take the right decision. The content discusses the principles of every health plans and their benefits.
Comparing policies is the best way to get the underlying answer which one you should buy for your family. There are some key points mentioned below:
Knowledge about different health plans:
There are different types of health plans available in the market. But the most common two are individual health insurance plan and family floater health insurance policy. In an individual plan, the policy holder gets the benefit coverage. It is a single health insurance plan where an individual gets insured as per the terms of a company. So, if you opt for individual health insurance plan for your family, the number of policy should be equivalent to the member of your entire family.
On the other hand, family health insurance plan includes your entire family under the policy, and the ‘sum assured’ is divided into the member of the family in a given policy year. You can multiple claims under this policy, if necessary.
Since individual health plan is subject for single person only, the age of the insured person determines the policies of a health plan, and the sum assured is calculated accordingly. But in a family floater health insurance plan, the age of the senior member has been counted as the principal of the plan. The policy termination and the premium amount have been decided as per the age of the senior member.
In case a family health plan includes children as minors who are migrated to an individual health plan, the credit limit of a waiting period for each plan has been nullified.
For family health insurance plan, a claim by one member nullifies the NCB (No Claim Bonus) for the year. NCB is a benefit provided by the companies to the insured person in terms of reduction of the premium amount or an increase of sum amount in case of a claim-free policy year.
Family floater health insurance has come up with terms and conditions. A few insurance companies allow you to include grandparents and in-laws in the policy benefit. In inclusion of kids also, there are a few restrictions. An individual health plan can be good options for this extended family.
Having in-depth knowledge about policies is a must-to-do thing before buying a policy. Consider the family floater health insurance plan which includes your kids. But if you have a high risk of severe health problems, you must opt for an individual health term. Always consider a high sum assured for a family floater health plan as it includes more than one member of your family.