Family health

Wealth Guide: Family Health Insurance – Factors to Consider Before Buying – Expert Suggests These Tips

Wealth Guide: Family Health Insurance – Protecting your family from any financial distress that may arise due to an unforeseen medical condition is one of a person’s top priorities. A person can achieve financial security from these unforeseen circumstances by purchasing a family health insurance policy. A family health insurance plan is a type of health insurance policy that provides medical coverage for the entire family for a single annual premium. Under this type of health insurance policy, family members such as spouses, parents or children can be included without paying separate premiums for them regardless of their age.

Buying a family health insurance policy can be a difficult task. Therefore, it is advisable to consider a few factors that will help you choose the right plan for your family. Ankit Agrawal, Co-Founder and CEO, InsuranceDekho, shares his knowledge on buying family health insurance and suggests some tips to keep in mind before buying a family health insurance plan.

Sum insured:

“It is always essential to choose a sufficient sum of insurance to cover all members of our family, and it is advisable to choose a high sum of insurance. A high sum of insurance will ensure that all members of your family receive good treatment and the cost of the treatment will be covered by the health insurance policy.But if you are not able to afford high sum insured due to financial constraints, you always opt for supplemental plan plans with your basic policy at affordable premiums or gradually increase the amount of cover in your basic policy,” advised Ankit Agrawal.

Pre & Post Hospitalization:

“When purchasing a family health insurance policy, always make sure that pre-hospitalization and post-hospitalization expenses are covered by the policy. Pre-hospitalization expenses include consultation fees for doctor’s x-rays , MRIs, blood tests, ST scans, etc. Post-hospitalization expenses include follow-ups, checkups, tests, etc. Always choose a family health insurance policy that covers the maximum number of days before and post-hospitalization,” Agarwal added.

Hospital Network:

“At the time of purchasing a family health insurance policy, check the number of network hospitals associated with the insurer and it will help you get cashless treatment. It is better to choose a plan family health insurance from an insurer that has a high number of hospitals in the network,” he explained.


“The ceiling in family health insurance refers to the limit, i.e. the percentage up to which the insurer will settle the claim for reimbursement of hospital expenses such as room rent, treatment costs conditions and any other medical conditions or the sickness cap in the policy. It is always advisable to take out uncapped family health insurance, otherwise the insured will have to bear the remaining hospital costs,” he said. -he adds.

Coverage for daycare procedures/treatments:

“Usually, some health insurance plans cover daycare procedures/treatments, but there may be limitations as to which daycare procedure/treatment is covered by the policy. Always look for a health insurance policy that covers a maximum number of daycare procedures/treatments and listed them in their terms and conditions,” he added.


“You can also consider restoration benefits as a factor when purchasing a family health insurance policy. Restoration benefits refer to the facility offered by the insurance provider where the insurance provider restores the original sum insured in the event that the sum insured is completely exhausted for the treatment of a person’s medical condition,” he said.


“Co-payment is the option under which the insurance company pays a percentage of the claim and the rest is borne by the policyholder. It is advisable to take out a family health insurance policy which has no possibility of co-payment,” he added.

“Family health insurance plans are a great way to provide financial security for your family in the event of a medical emergency. There are a plethora of family health insurance plans available in the market and before making your decision, it is better to do some research on your end which can help you buy a good family health insurance plan.We hope the factors mentioned above can help you choose and select a good family health insurance plan for your family,” he concluded.

(Disclaimer: Opinions/suggestions/advice expressed here in this article are investment experts only. Zee Business suggests its readers consult their investment advisors before making any financial decisions.)