Amidst the pandemic, a breadwinner always needs to consider securing his/her family’s medical requirements. To ensure that your family members receive adequate health insurance coverage against the current health crisis, it is compulsory to select a health insurance plan. This post shall enlighten you about the family insurance covers. Let’s learn further through the given narration.
An Introduction to Family Insurance Policies
A family health insurance plan is the most comprehensive health insurance coverage amid the ongoing situation. It covers the insured family members in one premium cover under a fixed amount of money (sum insured). It offers assured coverage to the family members in case of hospital emergencies or diagnosed treatments. The insured receives coverage for spouses, children, and parents under one single premium policy.
Factors to Consider When Choosing a Family Insurance Cover
The following are the pointers to consider before selecting a family insurance cover:
- Coverage under the cover: When you compare different insurance plans, always list the coverage requisites. A majority of health plans provide ambulance charges, day-care costs, in-hospitalization expenses, etc.
- Facility to upgrade the sum assured: It goes without saying that the living cost may not remain the same in the distant future. Neither will the medical treatments and costs be the same. Most insurers will provide customers with the flexibility to increase the sum insured in the forthcoming years. For certain cases, the company may reward you with this benefit (only when you renew on time without any claim bonuses).
- Facility to Avail Cashless Hospitalization: Most insurance companies offer cashless hospitalization. It makes hospitalization procedures not only hassle-free but also seamless. Always crosscheck it before choosing any premium plan.
- Ability to Get Seamless Claim Settlement: Though insurance companies follow a definite claim process directed by an insurance regulator, there’s a difference concerning companies’ functionalities. Thus, it is imperative to understand the settlement process of the company before anything else.
Eligibility Criteria of Family Health Coverage
As a family insurance policy is similar to group health coverage, it includes multiple members in one single premium cover. If the insured has 4 to 6 family members, he/she can purchase the policy. However, there are a number of crucial points to keep in mind. The following are the pointers:
- Allows including new members at an additional cost
- Policy expires when the eldest family member reaches the maximum age of the cover
- It’s advisable to increase the amount of sum assured after the inclusion of a new member
- It’s recommendable to not include any other senior citizen as it increases the premium
Steps to Claim for the Coverage
The following are the steps to claim for the coverage, both for a cashless and reimbursement process:
For cashless request:
- Mail or fax your pre-authorization form
- Submit credentials
- The management team sends the letter of approval or contact the hospital in case of queries
- When it’s not approved, you can request for reimbursement procedure
For reimbursement process:
- Submit your claim alongside other documents
- Address queries raised by the insurance company’s team
- You will either get a letter of approval or receive the claim’s denial
Thus, these are the essential things you need to learn about family insurance coverage.