How To Choose A Health Insurance Plan For Your Family

Why Choose a Health Insurance Plan

The reason lies in the fact of the increasing prevalence of health issues and the cost of treatment. In addition to diseases, there is a chance of injuries from accidents or another medical issue. If you are afflicted by an illness and incur financial loss, the cost is significant, particularly since it is not a matter of postponing or neglecting.

Here is an estimate of the cost structure for medical emergencies in any city that is a Tier 1 one in India:

Per day hospital stay cost in a government hospital INR 4,452

Per day hospital stay cost in a private hospital INR 31,845

Intensive care unit stay in a private hospital INR 30,000

Open heart surgery in a private hospital INR 2.8 lakh

Hospitalization for a disease such as cancer INR 93,305/day

Medical expenses do create a financial strain. They can affect the financial goals of the person. It is due to the fact that medical inflation is increasing and treatments are becoming more costly. It is commonly said to be around 15% annually.

To pay for these costs to cover these expenses, a health insurance plan is essential. Health insurance plans pay for hospitalization-related medical expenses. They also offer you the needed financial support in case of an emergency. They also help ensure your savings.

Health Insurance Plans For Your Family

Health emergencies can affect anyone in your family. Therefore, you should have an insurance policy that includes all members of your family in the event that anyone becomes unwell, the policy will come to your financial assistance.

There is a variety that offers health insurance available in India with various benefits. But, when you purchase an insurance policy for your family members, you should select it with the utmost caution. You must consider a number of aspects prior to deciding on the plan. This will make sure that the plan is complete and provides adequate protection for your family.

If you require assistance in selecting the best medical insurance policy for your household, below is a step-by-step guide to assist you in the same.

The health insurance policies are sold as family health insurance policies that are floaters. The plans cover several family members on the same policy. The coverage is available for family members –

YourselfYour spouse

Dependent children

Dependent parents

Furthermore, there are plans that extend coverage to parents-in-law as well as siblings and other relatives. Therefore, if you’re seeking coverage for all your family members then you should consider family floating health insurance plans.

Also Read:- Term Insurance vs. Life Insurance: What’s the Best Choice for You?

How To Choose A Health Insurance Plan For Your Family?

Here’s a definitive guide to choosing the best health insurance plan for your family

Step 1: Choose The Right Policy

Health insurance plans are available in a variety of variants, and each variation provides a particular type of insurance. Therefore, the next step is to determine the best policy for you and your family.

Here are the most commonly-available health insurance plans that are widely available

Individual health plans

Health Insurance Plans that cover only one person in the same amount of insurance. It will be an indemnity insurance policy in which the claim is only paid for the cost paid for hospitalization.

Tips: If you’re seeking an option for yourself just or just only one member of your family, you may select this type of plan.

Family floating plans

The Health Insurance Plans cover all the members of the family in a single amount insured. Family floater plans offer umbrella coverage that allows everyone can be covered up to the full amount of the covered.

Tips: A tip for families: Family Floater Plans generally cost less than choosing to purchase individual members from the same family. This is particularly applicable to families with young children.

Senior citizen plans

Health Insurance Plans that cover those aged 60 and over. Because this plan is specifically tailored to seniors generally, it provides the necessary benefits older people require such as OPD or outpatient department (OPD) coverage and pre-existing illness coverage, and more.

Tips: This plan could be used by your parents.

Plans for specific diseases

Health insurance plans are designed to protect against specific diseases and their complications such as heart diseases, dengue, and Covid-specific illnesses.

A tip: This plan is designed to meet the needs of any particular risk and is typically less costly. It can therefore be used together with the indemnity insurance policy.