You should take into account things like the age of family members, the size of your family, the number of family members, pre-existing conditions, etc., when selecting a cover for your entire family. The advantages of family floater plans and individual policies can also be compared. The rising expense of medical care has become a financial hardship in today’s society, especially for families from low-income groups.
The various kinds of illness, the type of treatment, and the length of the treatment all have an impact on medical costs. The aforementioned causes cause financial stress and anxiety when there is no family health insurance coverage. It wouldn’t be prudent for someone with dependents and a growing list of responsibilities to take chances, especially with so many family health insurance plans on the market. It is crucial that you are aware of your family’s medical history because selecting a health plan can occasionally be a difficult procedure.
Things to think about when choosing your family health insurance:
- The number of members: While the size of your family may not always be helpful in analysing the associated healthcare costs, the number of members unquestionably is. For instance, a two-person family with major medical issues might spend more than a four-person family who is healthy.
- Age of Members: When a family has members who are of varying ages, it is best to consider the health requirements of each individual before choosing a plan. When compared to an elder family member, a younger person may not be at the same level of health risk.
- Pre-existing conditions: Typically, insurers require a waiting period of three to four years for members who have chronic pre-existing conditions. Some businesses start providing coverage for prior conditions on the first day of employment. Therefore, while choosing a, examine the plans and pick the one that addresses the unique needs of each member of your family.
Various health insurance plan types:
- Hospitalization Plans: Depending on the amount insured, these plans cover the costs of hospitalisation for either an individual or a family. Some insurance providers provide supplemental lump sum payments, and the health insurance plan may even cover post-hospitalization costs.
- Daily Cash Plans: Regardless of the actual medical costs incurred, daily cash plans pay out a fixed sum each day. *
- Critical Illness Plan: Critical illness insurance is available as a single plan or as a rider. When an insured person is identified as having severe ailments such a heart attack, stroke, kidney disease, etc., the insurance company pays out a lump sum amount to the insured. *
Always weigh the advantages:
The very next step after deciding to select health insurance plans for family is to compare the offerings of various insurers. Also, one has to pick whether he wants a larger health coverage with expensive premiums or a lesser coverage plan with modest premiums amounts.
What to look for in a family health insurance plan
Some insurance policies cap the amount of daily rent that can be paid, which occasionally forces the policyholder to pay some of the rent out of his own pocket. Many therapies now require no admission because of recent advancements in medical technology. It is, therefore, advisable to choose a health insurance plan that provides enough room for daycare procedures as well.
Only the insurance company’s network hospitals offer cashless claims. When choosing a plan, one must make sure that the network hospitals are accessible. Maternity benefits are offered by several family floater plans if a particular amount in premiums has been paid. It is vital to compare different policies and comprehend the health insurance benefits. *
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
