Seeing our loved ones hale and hearty is a source of joy. At the same time, there is a constant worry about the increasing number of lifestyle diseases due to the hectic lives we lead.
Expenditures arising from an emergency hospitalisation can be stressful. Spending on hospital bills without any financial back-up can gradually exhaust a family’s savings. This is where the role of health insurance plans comes into picture.
Opting for a family health cover is one of the valuable gifts you can give to your loved ones. In India, medical expenditures are rising steadily, so a health cover becomes a necessity. Instead of buying individual covers for each family member, you can choose a family health insurance policy.
When it comes to assessing the cost of the insurance policy, there are various factors to consider. The size of your family, i.e. the number of members covered in the policy is an important factor.
Entire Family is covered under one Policy
If an individual buys a family health plan, he or she can get entire family covered under a single policy for a single premium that must be paid to the insurer on a regular basis. The policy would cover self, spouse, dependent children as well as parents.
We discuss below some points that you should bear in mind when assessing the cost of your family health insurance plan:
Premiums are Affordable
If you opt for individual health covers for each family member, the collective premium amounts would come out to be much higher as compared to the single premium you would pay for the family health cover. This makes family health insurance plans affordable as it brings the same benefits and features available in individual plans. It has to be noted that premium depends on the age of the oldest family member included in the plan.
Option to Increase Coverage
Medical costs are rising making an existing health cover inadequate when it comes to meeting the high expenditures. Family health policies offer the advantage of increasing the sum insured amount. Often, this facility is available under the ‘no claim bonus’ feature at the time of policy renewal. It is essential to note the premium costs payable upon renewal.
You can Add New Member to the Policy
Under family health insurance cover, there is also the option of adding new members to the existing policy. This is not possible if you opt for an individual insurance cover. For one policy the coverage is generally limited to two adults (self and spouse) and two children.
Family floater plans also provide the option to include aging parents. There could be a slight increase in the premium costs which should be considered when calculating your health insurance costs. For senior citizens parents, one can consider purchasing a separate senior citizens health policy as it comes with unique benefits.
It is necessary to consider the above-mentioned points so that you can prepare your finances in advance.
Many people depend solely on the mediclaim policy provided by employers that covers family members. However, purchasing a family health insurance plan is recommended as such a plan comes with a set of benefits that may not be available in your mediclaim policy.
To protect your family from the sudden impact of medical expenses, choose ‘Care’ by Care Health Insurance (Formerly Religare Health Insurance) which is a comprehensive health cover with an array of benefits and coverage options.