How to Protect Yourself and Family with the Right Insurance Policy?

The rapid success in the medical science field has given rise to various advanced medical treatment options for a range of diseases, but these treatments don’t come cheap.

Right Insurance Policy

The same can be said for the rising medical costs of quality healthcare services. With treatment costs rapidly increasing with time, people are left with another choice but to take health insurance seriously.

Having a reliable health insurance policy by your side is not less than a boon in today’s time. It can cover your treatment costs that can be sprung up unexpectedly. If you want to secure your and your family’s healthcare needs, health insurance is all you need. The Indian insurance market offers a range of health insurance products, making it challenging for many to pick the right insurance.

If you’re trying to navigate your way to find the ideal health insurance out of the many, the following tips for identifying the right insurance policy for you and your family will certainly help.     

So, Let’s get started.

Look for a Right Insurance Policy Offering the Right Coverage

Those looking for a single health insurance policy to cover themselves and their families should pay special attention to the policy’s coverage. Look for a health policy that covers a wide range of treatment options and has a good network hospital list.

If you’re looking to cover the medical needs of all your dependent family members, you will have to evaluate the policy to check whether it covers all the medical needs of the concerned people or not. The better and wider the scope of coverage, the better it is.   

1. Compare the Different Available Options

As mentioned at the beginning, the Indian insurance market has various health insurance products. While it can confuse many people, it certainly does an excellent job at providing more choices for everyone. As an informed insurance buyer, it is advised to look around for options matching your criteria instead of settling with the first insurance policy you come across.

You can conduct independent research and compare different health insurance plans by visiting individual health insurance websites or taking the help of online resources that share exhaustive guides and comparison articles on various health insurance plans. In the end, your ultimate goal should be to shortlist a health insurance plan that is affordable yet offers the best coverage.   

2. Prefer Family Floater Over Individual Health Plans

No one likes managing multiple health insurance policies for individual family members for various reasons. First, there is too much paperwork involved, and second, it becomes too expensive. A better alternative to buying individual health insurance policies for everyone is by investing in a family floater health insurance policy.

This single policy covers your spouse, dependent children, and parents under a single plan. If you’re not married but have dependent parents, look for a policy that covers yourself and offers excellent coverage in terms of health insurance for parents. It will not only be convenient but also reasonable in terms of price when compared to individual health insurance premiums of multiple plans combined.    

3. Check the List of Network Hospitals

Every insurance company ties up with various hospitals to provide its policyholders the benefit of cashless treatment. However, be careful and don’t assume that all good hospitals are part of your shortlisted insurer. Head to the insurance company’s website or reach out to their customer support team to double-check the list of network hospitals before proceeding. Try to find an insurer that has partnered with at least two multi-specialty hospitals.   

4. Read the Full List of Inclusions & Exclusions

One aspect you should never ignore is checking a policy’s inclusions and exclusions. Any assumption should be kept away while finalizing the insurance policy. Not all health insurance plans from different insurers offer the same set of inclusions and exclusions, so read the policy papers or head over to the insurance It is recommended to check the company’s website to find out more about insurance, what is included and what is not.

Also, check how much ambulance charges, room rent, ICU rent, pre & post-hospitalization charges are covered by the policy. Once you’ve seen the full list of exclusions, head straight to check what all is excluded from the policy. Generally, any treatment related to hospitalization without a doctor’s recommendation is not covered. But the list of exclusions can have more points that you should be aware of before buying a policy.

5. Be Clear About the Co-Payment Clause

For the uninitiated, co-payment refers to a percentage of the claim amount the policyholder is supposed to pay. It is generally a small percentage, but it can vary from one insurance company to another. If you don’t want to pay a significant amount from pocket at a future date during a medical emergency, side with a policy that has a low co-payment clause. But low co-payment clauses will generally translate to higher premiums and vice-versa.

6. Know About the Policy’s Waiting Period

A misconception some people have about health insurance policies is they’re eligible to claim the policy benefits from day one. If you’re new to health insurance policies and have never invested in one, keep in mind that all health insurance plans come with their own waiting period that has to be completed to become eligible to claim policy benefits.

Some insurers can have a waiting period of three years, while some can have four years. You will have to check with the insurance policy or refer to the policy papers to know more about the waiting period. If you have a pre-existing illness, the waiting period in your case can be a little longer.  

7. Inquire about the Insurer’s Reputation

An excellent way to weed out unfit insurance plans is by ranking policies based on the insurance providers’ reputation. Insurance is a long-term investment, and you would want to end up with a company that values its policyholders and provides excellent customer support.

It can come as a big relief during claim filing and settlement processes. Many policyholders end up porting their health insurance plans because of the unruly behavior of their insurance providers, so make sure you end up in a similar boat. Research and gather information about the insurance company’s reputation online before framing any final decision.     

8. Opt for an Insurance Company with the Best Claim Settlement Ratio

The sole purpose of investing in health insurance is to get quick claim approval and settlement during a medical emergency. If you want your genuine claims to be approved and reimbursed as quickly as possible, look for insurance companies that have a good claim settlement ratio.

You can find the claim settlement ratio of different insurance companies online. To be safer, check the claim settlement ratio of all your shortlisted insurers for the past few years. It will give you enough idea whether to proceed or not.  

9. Settle with Affordable Yet Reasonable Premiums

Last on the list is insurance premium. While it is important to get the best health insurance offering excellent coverage, you also have to be mindful of the premium.

Don’t make any insurance purchase decision in haste and end up with a policy whose premiums are hard to pay on a recurring basis. After filtering the insurance plans based on the points listed above, pick the option that is most economical.


Settling with the right health insurance can be a lifesaver in emergency situations. If you haven’t covered yourself and your family under an excellent health insurance policy, it’s time you do it now. My curated list of tips shared above will assist you throughout the process of selecting the right health insurance plan from the rest.

Now, I’d like to know from you:

Do you understand How you can protect your family through Insurence Policy?

Have you buy already an Insurance Plan?

Let Me know in the Comment Right Now.

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