When And Why Consider Family Health Insurance?

When And Why Consider Family Health Insurance?

Being responsible for your family can seem like a daunting task. One of the primary responsibilities is to ensure everyone in the family is protected and receives the best care in case of unfortunate occurrences. 

One of the best ways to do so is by buying health insurance for the entire family. There are robust insurance plans available in the market that ensure the needs of everyone in the family are met, irrespective of their age and ailments. While buying health insurance for family, you can choose the one with the maximum benefits and buy add-ons to customize the policy. 

It is imperative to comprehend the importance of family health insurance as it will help you make a sound decision. Let us look at some of the key advantages. 

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Why consider family health insurance? 

  1. Coverage for family – In Family floater health plan insurance, the total sum of the policy is shared by the family members and the assured sum can be redirected to the member most in need. This plan works well for smaller families and newly married couples as well. 
  2. Lesser premiums – The premiums to be paid are lesser than purchasing individual policies for every individual of the house. A family floater health insurance will cost lesser than an individual family health insurance plan. However, an individual family insurance plan will give an assured sum to each member of the family. 

 

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  1. More coverage for each member – The coverage depends on the plan purchased and the number of members in the family. If you wish to insure your parents as well, then it is better to opt for an individual family health insurance plan as they may need more medical attention and if it is a floater plan and more than one member is ill, the assured sum might not be sufficient. 
  2. Critical illness benefit – Citizens with advanced age often suffer from various medical complications and family health insurance covers critical illnesses like kidney failure, heart attack, and expenses related to cancer. 
  3. Accidental Hospitalization – This ensures you and your family are safeguarded in case of an accident. 
  4. Maternity benefit with infertility benefit – This plan anticipates your needs and takes care of expenses related to childbirth and delivery of up to two children till 40 years of age. 
  5. New Born baby cover included – The newest member of your family is protected under the family insurance plan for up to 3 months. 

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When And Why Consider Family Health Insurance?

When to consider family health insurance?

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There isn’t just one right moment to buy health insurance. There are a few instances when you might want to upgrade or take a hard look at the insurance plans that you have in place. Let us take a look at a few of these instances – 

  1. Higher income – Buying family health insurance should be planned and you need not wait till your parents become dependants. As soon as your income allows you the budget, you should opt for a family health insurance plan. 
  2. Before parents become senior citizens – The premiums for citizens with advanced age and pre-existing illnesses are higher. That is why you can include your family under the umbrella of a family health insurance plan as soon as possible. Medical insurance for parents is essential and when you are adding parents to your plan, you might want to look at buying individual family health insurance plans. 
  3. When parents become dependants – When your parents have retired, the cover of insurance provided by the employer is rescinded and that is an appropriate time to buy a separate policy for them or add them to your family insurance. 
  4. When you are about to get married – When you are getting married, you can consider buying a comprehensive health insurance plan to protect you both. It has higher benefits and you can keep adding names in the same policy when your family expands. 
  5. Before starting a family – Family health insurance plans have maternity cover included. There may be a waiting period of up to 6 months for the same. When you are about to become a family of more members, it is wiser to get you insured as a family rather than individuals. This ensures your child is covered till they turn 18 provided you renew the health insurance policy. 

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If you are specifically looking for health insurance for parents, then you have 3 main options. Individual health insurance, family floater health insurance, and senior citizen health insurance encompass the needs of citizens of advanced age. These insurance policies have add-on benefits zone upgrade add-on and daily hospital cash as well. 

Irrespective of the type of plan and your budget, a health insurance policy for the family is always a good idea. For if your loved ones are safe, you are at peace.

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