People work day in and day out to secure their family‚Äôs future. People try to provide all kinds of security to their family, be it emotional, mental, social, or financial. When we talk about financial security, everyone tries to save for a rainy day by keeping aside money for any contingency. There are many unforeseen situations in life where you need to dip into your savings. 

One of the aspects that take up maximum savings is medical expenditure. The COVID pandemic has brought about an awareness in people about the need for health insurance. The best insurance you can opt for is collective family health insurance. Here are a few tips on how to choose the best collective family health insurance for you and your family. 

The Right Policy

There are a variety of health insurance policies available in the market for different people based on their financial status, age group, stages of life, and a tendency for health issues. Before deciding on a family health plan, do proper research on the benefits the plan gives to see whether it suits the needs of all your family members. The plan should cover you, your spouse, your dependent children, and your dependent parents. 

Comprehensive Coverage Benefits

Ensure that the plan you opt for has all the required coverage benefits. This would mean that the plan covers all possible medical expenses. The coverage benefits should be as per your needs and requirements. The Canada-based insurers from explain that there are a variety of group benefits packages that family members should look into to make the right choice. As an example, a couple that has just got married may opt for maternity benefits in their plan. 

The Floater Plan

A floater plan is an entire family health plan covering you and your entire immediate family with a single yearly payment. This plan covers multiple hospitalizations and gives umbrella coverage to all members of the family up to the insured sum. The main advantage of this plan is that it covers all members of the family with a nominal premium. 

This single plan is a lot cheaper than individual plans for all the members of the family. Moreover, there are many additional benefits that come with this plan. 

Premium and Insured Sum

To decide on how much of an insured sum is adequate for your family, you need to consider the number of members in your family. The sum that you decide on should be sufficient to cover the medical expenses of each member. Keeping in mind the ever-rising medical expenses, it is advisable to go in for a plan with a higher insurance sum. 

This would also mean that you incur a higher premium. For people for whom affordability is a concern, you can go in for super top-up or top plans which will increase your insured sum without a major rise in the premium to be paid. A super top-up or top-up plan supplements your main health plan. These plans have a deductible limit and claims beyond this limit are paid by the insurance company. 

Limits and Sub Limits 

Certain plans have a maximum limit on coverage. There are some others that have a sub-limit beyond which the company will not pay. A particular plan might have a sub-limit on the room rent in case of hospitalization. In that case, the expenses beyond the limit will have to be covered by you. Some of the benefits where you might have sub-limits are:

  • Organ donor expenses
  • Maternity coverage
  • OPD expenses
  • Domiciliary treatments

Coverage Riders

Most health insurance plans have additional benefits apart from the usual coverage they offer. These riders as they are called are available at a nominal extra premium. These riders are not mandatory and you can choose them while buying or renewing your policy. They supplement the health insurance coverage and it is always advisable to go for them. Some of the riders commonly available are the critical illness rider, coverage for personal accidents, daily cash rider for the benefit of hospitalization, newborn and maternity coverage, and OPD coverage. 

Hospital Coverage

Almost all family health insurance plans cover 100% of hospitalization bills. This takes a lot of financial burden off your shoulders. You only need to ensure that you get admitted to hospitals that are linked to your insurance plan. The insurance companies provide you with a list of hospitals that are covered in your policy. 

The environment today is not at all conducive to healthy living. The pollution levels are increasing everywhere causing a rise in diseases, epidemics, and pandemics. Medical expenditures are constantly on the rise. A single hospitalization can make a big hole in your pockets. It is always better to be prepared for these expenditures and the best way to do so is to choose a perfect family health plan for your loved ones.