From where do I start? OK, let’s start with the good news. The Life expectancy at birth has jumped up from 59.7 years in 1990 to 7.3 years in 2016 for females and 58.3 to 66.9 years for males. With the rise in the life expectancy communicable diseases are impacting less, but at the same time non-communicable diseases are rising rapidly. In such situation it is very much important to secure our family against any odds. One such health issue can impact not only the victim but also the whole family emotionally and financially. It is imperative to cover the family with health insurance policy. Let’s have a look at the Family Health Insurance Policy 2018.
Things we consume from the air we breathe to the food we eat are not pure as it used to be one generation back. This is resulting into rising rate of disease in India. With the rise of the quality of healthcare, the cost has also gone up. Few treatments like heart surgery, kidney replacement etc are enough to wipe off all your wealth and savings. This is where the health insurance policy came into picture. Health insurance covers the medical expenses and ease off the burden of the expense.
What to look for health insurance policy?
Here one shoe doesn’t fit all. Health insurance plans are different and customization can be done as per the requirement of an individual. There are add-ons to take care of the extra needs. There are different types of health policy like Family health plan, Surgical plan, Senior Citizen Plan, Critical Illness plan, Maternity policy etc.
A few things these plans should have are as follows.
- The waiting period for pre-existing diseases
- It should offer cashless treatment
- Should cover pre and post hospitalization charges
- Expenses of follow-ups medical check-ups should be covered
- Reimbursement of the Ambulance Fee
- Charges of treatment availed at home
- Charges of treatment due to pre-existing illness
- Good Incurred claim ratio
What is Incurred Claim Ratio?
Incurred Claim Ratio (ICR) is an indicator of a company’s ability to settle claims. Every year, the incurred claim ratios of prominent health insurers are published by the Insurance Regulatory and Development Authority of India. The formula for calculating Incurred claim ratio is simple. It is equal to the net amount paid as claims divided by the net premium collected by the company in a financial year.
Ideally, one should go for an insurance company with ICR close to the average ICR of all the providers in an FY.
With an increase in the demand for health insurance, the insurance industry has an overabundance of insurance providers and policies. The question arises- which one should you buy? There are a lot of reputable players in the market. A few of them are Religare health insurance policy, Star health insurance, HDFC Ergo Health insurance, and Aditya Birla Health Insurance.
Best Family Health Insurance Policy 2018
Check below points as well:
- Coverage of critical illness is subject to a waiting period
- No coverage for first 30 days from the date of commencement of the policy
- No coverage for injuries caused by war or terrorism or suicide attempt
- No coverage for cosmetic surgeries
- No coverage for dental treatment
- No coverage in case of treatment was done by under qualified doctors
Hope the above details will help you while taking purchase decision on the family health policy.