Health is fragile – if there is one thing Covid-19 has taught us, it is the need for a good Health Insurance Plan. Health Insurance Plans for Family have always been around, but people realised their importance during and after the pandemic, which has led to a rise in the demand of Health Insurance.
Health Insurance Plans For Family
Unfortunate medical emergencies can strike not just you but one of your loved ones, this is why you need a Health Insurance Plan offering complete coverage to all your family members. A Family Health Insurance Policy, provides financial security for medical treatment if the covered family members fall sick.
When you are selecting a Health Insurance cover for your family, make your choice carefully as you will find various types of policies in India. Look at every feature minutely to ensure that you select a comprehensive plan offering adequate coverage to your loved ones
There are certain Health Insurance for Family policies providing coverage to siblings, parents-in-law as well as a few other extended family members.
Types of Health Insurance Policies
A little bit of expert guidance is always helpful when you need to make an important decision like choosing a Health Insurance Plan for Family. Here are a few important pointers to guide you.
1. Examining and choosing the right policy
The first step is to zero in on the perfect policy for your family. The commonly available Health Insurance Plans are:
Family Floater Plans
This type of Health Insurance provides umbrella coverage, which means all the family members are covered under a single sum insured and in the event of a medical emergency each covered member can claim up to the entire sum insured.
This type of policy cover:
- Yourself
- Your spouse
- Dependent Children
- Dependent Parents
Senior Citizen Plans
These types of plans offer coverage to senior citizens i.e. individuals aged 60 years and above. The plan covers important elements that specifically senior citizens require like pre-existing disease coverage, outpatient department treatment coverage etc.
Critical Illness Plans
Under this plan the insured is paid the sum insured in lump sum if he/she suffers for an illness that is covered under the plan like cancer, heart attack, stroke, etc. Critical illness plans are fixed benefit plans which means you will be paid the entire amount if you are diagnosed with any critical illness no matter the amount you spent on the treatment.
Top-up and Super Top-up Plans
These types of Health Insurance plans are the cheapest way to supplement your existing Health Insurance Plan for Family. This type of plan comes with a deductible limit and the claims exceeding the deductible limit are paid by these super top up plans.
A family floater plan is perfect to cover yourself, your partner and children who are dependent on you (till the age of 23 or 25). For dependent parents, you can choose a separate senior citizen policy.
A critical illness plan is also an intelligent choice for complete family coverage as it will cover life-threatening diseases like cancer which has become common in recent times. This plan provides a lump sum to help meet the expensive treatment costs without feeling any monetary pressure.
2. Opt for an appropriate sum insured
First and foremost, choose how many members need to be covered and then choose a sum insured that is going to be adequate enough to cover the medical bills and costs of all the covered family members. It is also a good choice to go for a high sum insured, given the inflated medical costs and bills. However, a high sum insured means high premium, which means affordability can be an issue. In a case like this you can opt for a top-up or super top up plan as it will increase the limit of coverage without a sizable premium outgo.
3. Check for Inclusive Coverage Benefits
A Health Insurance Plan for Family with comprehensive coverage means that medical expenses get covered. However, you need to make sure that the benefits offered are appropriate to your needs. For example, a newly married couple must choose a Health Insurance plan that also offers maternity benefits.
4. Choose Coverage Riders
Opt for a Health Insurance plan offering optional coverage benefits called riders and they can be chosen when you buy or renew your policy. Riders are a cheap way to increase the coverage as they are available at a low premium amount. Check and opt for riders that are relevant to the needs of your family and allow you to avail an all-inclusive coverage. Common riders include:
- Critical illness rider
- Maternity and newborn baby cover
- Personal accident cover
- OPD cover
5. Compare the Premiums
Multiple financial institutions offer various Health Insurance Plans. Each of these insurance companies has its own pricing policy, which means the premiums are different for different plans offered in the market. Compare different policies based on the offered coverage and the premium charged.
Remember, do not choose a plan based only on premium charges. A plan with a low premium may not offer comprehensive coverage. Compare premiums against the coverage benefits and go for a plan that offers inclusive coverage at affordable premiums.
Lifestyle-related diseases are on the rise. Thus, eating right, exercising, and ensuring quality sleep become necessary to stay fit. However, if there's a health scare, a comprehensive health insurance policy for your family will provide much-needed financial assistance and offer timely professional medical assistance. Check out ACKO's health plans for a hassle-free insurance experience.
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