Becoming parents is one of the significant milestones for any couple. A new member is added to your family, which means additional responsibility. Nowadays, healthcare has become expensive. Buying family health insurance is one of the best ways to secure the future of your child. Creating a secure future for your child is one of the important things parents must do; but, some of them do not have enough knowledge as to how to begin financial planning for their growing family. A newborn baby of minimum age of 91 days is eligible for health cover under a family floater health insurance.
Let us discuss some of the critical financial planning tips for your family:
- Plan for Pre-Delivery Expenses: After a baby is born, there is an increase in your expenses. Apart from this, health check-ups and diagnostic tests can burn a huge hole in your pocket. Hence, it is advisable to opt for family health insurance. This health policy has the facility to add new family members. If you have a health cover from Care Health Insurance (Formerly known as Religare Health Insurance), you can add your child by paying an additional premium. There is also an option to increase the sum insured, and you need not opt for another health cover.
- Consider The Monthly Budget: With the arrival of the baby, there is a considerable increase in your healthcare expenses. Regular visits to the doctor can amount to substantial medical expenses. Hence, it is essential to reconsider your monthly budget.
- Save for Healthcare Expenses: Because of the increased medical expenses for hospitalisation; it is advisable to invest a small amount monthly in a liquid fund after you have decided to start a family.
- Prepare Budget As a Single-Income Family: In case if an expecting mother has decided to quit her job for a certain period, it may affect a couple’s finances. Hence, it is essential to prepare a budget timely before things get difficult to handle. It is advisable to plan well-in-advance before starting a family. A viable option is that a couple can live on a single income for some months on an individual’s salary. It will give them an idea as to how they can sustain this situation.
Family health insurance is an excellent option for taking care of your family’s healthcare needs. This plan is also available online, and the buying process is hassle-free. It is advisable to opt for an affordable family health insurance that can cover all of your family members, including the newborn baby. If you are living in a metro city, then getting an adequate cover is mandatory for a peaceful living. Depending on the size of the family, you must opt for a comprehensive health cover. For example, Rs. 15-40 Lakhs cover would be sufficient if you are living in a metro city.
If you are looking for a family health insurance in India, then you can opt for Care by Care Health Insurance. It offers various benefits such as cover for pre and post hospitalization medical expenses, annual health check-up, and ambulance cover.
Hope the above-mentioned financial planning tips would help you in planning your finances.