How To Choose A Health Insurance Plan For Your Family

If there was one thing that the Covid-19 outbreak solidified, it was the necessity of having health insurance. Although health insurance has always been available, its necessity has increased since the pandemic. Unexpectedly, a greater number of individuals are realizing how important health insurance is, and demand for it has increased. Despite the psychological effects the epidemic has had on us, having health insurance is essential for financial planning.

Why Select a Plan for Health Insurance?

The main factor is the rise in lifestyle diseases and the high cost of treating them. In addition to sickness, there’s a possibility of unintentional accidents or any other medical emergency. The financial toll that a medical emergency takes is significant, particularly since it cannot be put off or ignored.

An approximate cost breakdown for a medical emergency in any Tier 1 Indian city is as follows:

• The daily hospital stay cost is INR 4,452 in a government hospital.
• In a private hospital, a day’s stay costs INR 31,845
• A private hospital’s intensive care unit stay costs INR 30,000.
• In a private facility, open heart surgery costs INR 2.8 lakh.
• A hospital stay for an illness like cancer costs INR 93,305 a day.

Financial strain is indeed caused by medical bills. It stems from one’s budgetary objectives. This is a result of rising medical inflation and the rising cost of therapies. It is frequently stated to be 15% annually.

It becomes essential to get health insurance to pay for such costs. The costs of hospital stays are covered by health insurance policies. As a result, they safeguard your savings and give you much-needed financial support in case of an emergency.

Plans for Health Insurance for Your Family

Any family member may experience a medical emergency. Because of this, you require a family-wide health insurance plan so that if one of you becomes ill, the insurance will pay you financially.

In India, there are numerous kinds of health insurance policies with a range of features. Nonetheless, you should choose your family’s health insurance plan very carefully. Before completing the strategy, there are several factors to take into account. This would guarantee that the policy is comprehensive and that your family is adequately covered.

Here is a guide to assist you in selecting the best health insurance plan for your family if you need it.

Family floater health insurance plans are available for purchase. A single policy can cover several family members under these programs. Coverage is available for:

• You alone
• Your partner
• dependent kids
• reliant parents

Additionally, some plans cover parents-in-law, siblings, and other family members who are not immediate relatives. So, family floater health insurance plans are an option if you want to cover every member of your family.

How Should Your Family Select A Health Insurance Plan?

This is a clear guide to help you select the best health plan for your family:

Step 1: Select the Appropriate Policy

There are various variations of health insurance plans, and each one offers a particular kind of coverage. The following action would be to choose the best coverage for your family.

These are the typical health plans that are offered:

Specific health plans

Plans for health insurance under a single sum insured that provides coverage for a single person. This is an indemnity health insurance plan, meaning that only the costs incurred during the hospital stay will be reimbursed.

Advice: Therefore, if you’re searching for a plan just for yourself or for a single family member.

Plans for family floaters

Plans for health insurance that provide a single sum insured for all members of the family. Under umbrella coverage offered by family floater plans, each policyholder may make claims up to the full insured amount.

Advice: Choosing a family floater plan is typically less expensive than choosing one for each member of the family. This is particularly valid for newlywed families.

Plans for senior citizens

Plans for health insurance that cover people 60 years of age and older. Because this plan is specifically designed with senior citizens in mind, it typically includes all essential features, such as coverage for pre-existing conditions and outpatient department therapy (OPD), that elderly residents would mostly require.

Advice: You can take this kind of plan for your parents.

Plans tailored to specific diseases

Plans for health insurance are designed to cover certain diseases and their aftereffects, such as heart conditions, dengue, COVID-19, etc.

Advice: This kind of coverage is typically less expensive and covers any particular risk. It can therefore be used in conjunction with an indemnity health insurance policy.

Plans for critical illnesses

Plans for health insurance that cover certain critical illnesses and provide a lump sum payment to the policyholder in the event of a covered sickness, such as cancer, heart attack, or stroke. These plans are often fixed benefit plans, which means that regardless of how much you spend on treatment, the full amount will be paid out if you are diagnosed with any serious sickness.

Advice: To maximize benefits, consider combining this plan with an indemnity health insurance plan.

Plans for top-up and super top-up

There are health plans that are extra and have a deductible limit. Plans that cover more than the deductible amount pay claims.

Advice: The least expensive approach to supplement your current health insurance coverage is to choose a top-up or super top-up plan.