Know the Importance of a Family Health Insurance Plan

We work hard to take care of our families, sometimes even at the cost of our own comfort. So why is it that we shy from purchasing family health insurance? A health insurance cover will protect you and your family (depending on the plan you choose) from burning a hole in your pocket in case you or your family members are hospitalized due to an illness or an accident.

The need for a health plan for your family

With the ever-increasing costs of healthcare, paying for a medical emergency can be financially stressful and difficult, especially when your income doesn’t increase proportionately. This where family health insurance can help you.

More than 437 million individuals are covered by a health insurance policy, as of FY 2017. However, most people seem to purchase the policy for themselves, but not for their families. The result is that when dependent family members fall ill or have a medical emergency, the principal breadwinner has to pay for their hospitalization out of their own pocket. If you have dependent senior citizen parents, this may be particularly expensive.

However, medical emergencies are universal – they can happen to anyone at any time, irrespective of age and gender. Your young child/children and spouse are as likely to fall ill as your elderly parents. This is why you need a health plan for your entire family. In case any member falls ill, the health insurance plan will cover the cost of their treatment. Moreover, with a family floater plan, you can cover your entire family under a single policy.

Benefits of a family floater plan

There are many benefits of a family floater plan, including:

1. Group coverage: A family floater plan covers you, your spouse, your children and even your dependent parents under a single policy. Therefore, you have a one-stop solution to all your family health insurance coverage needs.
2. Lower premiums: The premium you have to pay for your family floater plan depends on the number of people covered, the sum assured, and the age of the oldest person being covered. However, the premium will be low compared to individual health policies, since the coverage is being shared by many people.
3. Easy payments: Since all of your family is covered under a single policy, you do not need to remember to pay multiple premiums. You just need to keep track of one health insurance policy premium.

Choosing the right plan

Choosing the right plan is not easy. You need to compare health plan premiums and understand the terms and conditions clearly before you choose. Moreover, you also have the option between individual plans and family floater plans. While the latter will probably be more affordable and easier to maintain, sometimes taking individual plans may be the better option.

For example, if you have senior citizen parents who are likely to fall ill regularly, taking individual policies for them might be the better option. This is because the more they fall ill, the more of the entire family’s sum insured they use up, leaving very little for other members covered under the family floater plan.

Thus, choosing the right plan depends on your requirements and budget. You can check out various online health insurance plans. Moreover, availing plans and loans are now even easier with pre-approved offers from Bajaj Finserv.