The importance of having medical insurance was one of the things that the COVID-19 outbreak highlighted. Although health insurance has always been accessible, the necessity has grown since the episode.
The demand for medical insurance has soared as most people have recently realised its importance. Bajaj health insurance plans for family are essential for your financial planning, even after considering the pandemic’s psychological effects.
The leading cause is the rise in unhealthy lifestyles and the high cost of their treatments. Along with sickness, there is always the possibility of accidents leading to injuries or any other medical emergency. The financial impact of a medical emergency is significant, mainly because it cannot be avoided or delayed.
Steps to choose Bajaj health insurance plans for family
The following points have been listed below to help you choose the best health insurance for your family:
- Choosing The Right Type Of Plan
Each of the several variants of mediclaim insurance policies offers a specific form of coverage. The first step before buying health insurance is to find the type of plan for you:
- Individual health plan: A single individual is covered by a single medical insurance plan for a single insured amount. The insurer will cover only hospitalization-related costs.
- Family floater plan: All family members are covered by a single insurance policy under a family floater plan. Bajaj health insurance plans for family offer umbrella coverage, allowing any member to file a claim up to the total insured amount.
- Mediclaim insurance for senior citizens: These plans provide coverage to people 60 and older. Since these plans are specifically designed for seniors, it typically includes all required perks, including coverage for outpatient department treatment (OPD) and pre-existing illness protection.
Critical illness plans: Health insurance covers that pay a lump payment of the insured amount if the insured contracts any of the covered illnesses, such as cancer, heart attack, or stroke. These plans are often fixed benefit plans, meaning that regardless of how much is spent on treatment, the entire sum will be payable if you are diagnosed with a critical condition.
- Top-up plans: They are additional medical insurance policies with a deductible cap. If you wish to select the least expensive approach and increase your Bajaj health insurance plans for family coverage, choose a top-up or super-top-up plan.
- Adequate Sum Insured
You need to assess all the members who require coverage to determine the appropriate sum insured for your health insurance plan. Depending on the headcount, you must select an insurance amount that will be enough to pay for the anticipated medical expenses of every family member. Owing to the rising medical costs and inflation, a high amount insured will be beneficial. A high sum insured also means a hefty premium. If cost is a concern, you can choose top-up or super-top-up Bajaj health insurance plans for family to increase the coverage limit without incurring a substantial monthly expense for premiums.
- Comprehensive Coverage
Making sure the plan provides all the required coverage features is the next step in selecting the ideal health plan for the family. It’s critical to ensure comprehensive coverage to ensure reimbursement for potential medical costs. You should also make sure the benefits of the plan are according to your needs.
- Limits and sub-limits
For less amount insured, specific health insurance plans contain sub-limits on the room rent. A sub-limit lowers the overall coverage. Your inpatient claim will significantly reduce if you choose a room rent over the permitted sb-limit. Plans without sub-limits are more expensive.
- Coverage riders
Most medical insurance plans offer optional supplemental benefits. These advantages, which are referred to as riders, are charged extra. Riders are available when purchasing new Bajaj health insurance plans for family or renewing your old ones.
- Network Hospitals
Health insurance policies facilitate cashless treatment, where you do not have to pay the hospital fees from your own pocket. Therefore, cashless hospitalisation is practical and liberating. You are only eligible for the benefit if you are admitted to a hospital with a partnership with the insurance provider.
- Waiting Period for Pre-existing illness
Pre-existing conditions are illnesses that you or any member under your Bajaj health insurance plans for family has upon purchasing a new health insurance coverage. There is a waiting period before the cover is authorised for the ailments since they already exist. The pre-existing waiting period lasts from 12 to 48 months.
The expenses of any health insurance plan cannot be negotiated. While purchasing Bajaj health insurance plans for family, select the appropriate plan. Carefully over the mentioned details, evaluate several policies to identify which suits you the best and then make a well-informed decision.