Our families are very important to us. We are happy when they are hale and hearty and we feel upset when they fall sick. We always like to take good care of them. Getting family health plan is one way of doing this. It will take care of expenses incurred during medical treatments of all our family members.
Health insurance plans for family will cover you, your spouse, children and in some cases dependent siblings, parents and parents in law. Whether it is hospitalisation for an elderly member of your family for surgery or maternity expenses for your spouse or laboratory services – a good health insurance will take care of all these and more thereby taking care of your worries.
We share with you the details of why, how and which of family health insurance plans.
Instead of taking individual health insurances it is wiser to opt for family floater health insurance plans as any member who falls sick can claim medical expenses from the same plan. As a result, it is much more cost effective. Suppose you have a family floater plan for Rs 10 lakhs, then any member who falls sick can utilise the entire claim amount if he needs it or it can be split among two or more members if required. A family floater health insurance plan has an edge over others because it is more flexible than an individual health insurance plan. You can add new members easily in a family floater plan.
If you find that the family health insurance premium is going up by including your parents in family floater plans then you can always opt for separate plans for them. The premium of family floater is often decided by the age of the senior most member of the family, the higher the age, the higher the premium you have to pay. In case you take a separate floater plan for your parents you can claim tax benefits under section 80D for paying premiums of your dependent parents under this policy.
Health insurance plans for your family should also include a critical illness plan as it protects you from massive draining of your finances by giving a lump some payout if any family member falls critically ill all of a sudden. If the family health plan covers OPD, then there’s nothing like it because you may not always need major procedures or surgeries but incur expenses for small ailments.
Choosing the right health insurance plan for your family and getting the right amount of cover is very important. You have to consider the number of members in your family and medical inflation which is at 15 per cent currently, before you decide on the insured sum. This means expenses of medical procedures undertaken, room rent, laboratory tests, consultation fees of doctors and other disease and accident costs are going to become more expensive in the coming days.
Take adequate cover for your family so that your financial goals are not affected if one or more members of your family fall ill.