How to Choose Health Insurance Plans for Your Family

Oct 12, 2021


How to Choose Health Insurance Plans for Your Family

Per Harvard University, the U.S. healthcare system is the most expensive in the world. Yet, despite this, about 15% of Americans under age 65 have no health insurance coverage, according to the National Center for Health Statistics (NCHS). With the pandemic posing a major risk to your family's health, you need to choose the right health insurance plan for your family. This article guides you on how to go about doing this.

Health Insurance Plans for Your Family

It's worth noting that the scope of coverage varies from one plan to another. Specifically, some plans only cover elementary family members, while others cover extended family members too. Therefore, you should analyze your situation and choose a suitable health insurance plan that will adequately cater to your family's healthcare needs.

Here are detailed steps towards choosing a health insurance plan for your family:

Step 1: Choose the Right Policy

The type of policy you choose should depend on your coverage needs and the terms of the coverage.

Step 2: Select an Adequate Sum Insured

Depending on the number of family members, choose a sum insured that will provide sufficient coverage for everyone to avoid an unnecessary financial burden.

Step 3: Seek Comprehensive Coverage Benefits

Different types of health insurance policies provide varying comprehensive coverage benefits, and hence, choose one according to the benefits offered.

Step 4: Check the Limits

Health insurance coverages usually have limits that depend on the amount of sum insured. As such, check the limits and sub-limits in plans for better decision-making.

Step 5: Opt for Riders

Typically, riders allow you to increase your coverage limits without necessarily hiking your premiums. They include, among others, critical illness rider, OPD cover, and personal accident cover.

Step 6: Research the Hospital Network of the Insurance Company

Most insurance companies have a network of hospitals from which you can seek medical services. You can seek cashless medical services by choosing a hospital inside the network as the insurer will pay the hospital bills directly.

Step 7: Check the Pre-existing Waiting Period

If any of your family members has a pre-existing health condition at the time of the health insurance purchase, they'll have to wait a certain period, say, three years, before the policy covers them. Therefore, go for a policy with the shortest pre-existing waiting period.

Step 8: Compare Quotes

By shopping around, you can land a more affordable health insurance plan.

Step 9: Check What Is Excluded

Be sure to know the exclusions of every insurance plan for better decision-making.

Step 10: Ask about Discounts

Typically, discounts can help lower your health insurance premiums, and hence, find out if your insurer offers any.

Step 11: Look for Other Benefits

Other than the standard coverage, some plans give value-added benefits such as free doctor's consultations and telemedicine services. Consider choosing such plans.

Group Health Coverage

In case you have employer-based health insurance coverage that extends to your family, you can still purchase an independent policy. This way, you'll increase your sum insured, have lifelong coverage, and enjoy some tax benefits.

Review Your Health Insurance Coverage at Regular Intervals

The Insurance Information Institute (III) recommends reviewing your health insurance needs annually. This is especially useful if your family has grown bigger or become smaller. Policy reviewal is also necessary if you just want to increase your sum insured.

To choose the right health and life insurance plans for your family, follow the steps outlined in this article. Do you need help securing the right health or life insurance policy? If so, then contact our experts at Udell Family Insurance. We are ready to assist you with all your coverage needs today.

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