Comprehensive Health Insurance Plan – Why Do You Need One?

Comprehensive Health Insurance Plan Why Do You Need One

Health insurance plans designed for families are known as “family health insurance plans”. Under a single policy, these plans cover immediate family members, including spouses, children, parents, and grandparents. With a health insurance plan, you can add legally wedded spouses, parents, dependent children, and parents-in-law on the basis of a floater sum insured in addition to yourself.

In simpler terms, family floater policies allow you to claim the total sum insured amount in case of an emergency, but this may reduce the coverage benefits for other family members. One of the key benefits of the family floater insurance plan is that it also covers COVID-19 treatment. This means you may now benefit from long-term coverage under a new or existing medical coverage plan if you or your family test positive for COVID-19.

Features of Health Insurance Plans

Health insurance plans are thoughtfully curated to suit every family’s needs. Here are some features of the policy:

  • Cashless Hospitalization:

Cashless hospitalization is available for all members under family plans, providing a hassle-free, organized solution and excellent liquidity.

  • Maternity Cover:

Expecting mothers can benefit from maternity riders included in family plans, while fertility treatments can also be covered under the policy. Moreover, the policy covers various expenses such as delivery, c-sections, and termination.

  • Accident Cover:

A family health insurance plan includes coverage for accidents and also provides a waiver of premiums in the event of a permanent disability.

  • Critical Illness Coverage:

If you are diagnosed with a critical ailment, you will receive a pay-out upon the initial diagnosis of any listed medical conditions. It is not necessary to submit hospital bills to receive this pay-out.

  • Tax Benefits:

From the moment you begin paying premiums on your life insurance policy, you can receive tax benefits. Taking advantage of this benefit can potentially save you up to Rs. 1,50,000.

  • Life Cover:

Ensure that your loved ones are protected even in your absence by obtaining a sum assured that is at least ten times your annual income.

How to Choose an All-Encompassing Health Insurance Plan

Consider these factors when choosing a Health Protection Plan:

The Right Policy:

The health insurance market offers various options tailored to different age groups, financial situations, life stages, and health conditions. It is crucial to conduct comprehensive research before making a final decision. Gathering accurate information and understanding what suits each family member the best can help make an informed choice.

For instance, an indemnity plan is a fundamental health insurance plan that can be paired with additional riders, such as benefit insurance or hospital daily cash, depending on your lifestyle. If needed, it is advisable to consult with the insurance company representative or an intermediary like an agent who can assist and guide you in this process.

Check for flexibility to add new family members:

When purchasing a family insurance plan, the policy buyer should ensure that there are provisions for adding new family members easily and without complications. Suppose a senior member of the family is no longer eligible for coverage or passes away. In that case, the other family members should be able to continue with the same plan without losing any of its benefits.

Choose the Right Sum Insured:

Investing in a health insurance plan is a long-term commitment that requires careful consideration. When selecting a sum insured, it is crucial to ensure that it is sufficient to meet your current and future needs while accounting for inflation to ensure adequate protection.

While it may seem sensible to opt for a plan with a lower sum insured initially and upgrade later, upgrading is not always straightforward. As one ages and develops medical conditions or lifestyle diseases, upgrading health insurance becomes more difficult. Insurance companies may reject upgrade requests or increase premiums, and additional waiting periods may apply from the year of the upgrade. Instead of facing such difficulties, purchasing adequate health insurance coverage is advisable now.

Concluding Thoughts

Acquiring a health insurance policy can prove to be a challenging task. Therefore, it is recommended to consider the following features and factors of health insurance plan that will aid in selecting the appropriate coverage for your family. Comparing the various insurance plans offered by different health insurance companies is typically beneficial. A health insurance plan not only protects you from medical emergencies but also safeguards the health of your family members.