Health insurance

Health Insurance Plan For Your Family

Health Insurance Plans For Your Family

Medical emergencies might strike any member of your family. As such, you need a health insurance plan which covers all your family members so that if anyone falls ill, the policy comes to your financial rescue. 

There are various types of health insurance plans in India with a variety of benefits attached to it. However, while buying a health insurance plan for your family, it should be chosen with utmost care. You need to consider various aspects before finalising the plan. This would ensure that the policy is comprehensive and it provides adequate coverage to your family. 

How To Choose A Health Insurance Plan For Your Family?

Here is a definite guide for choosing the right health plan for your family –

Step 1: Choose The Right Policy

Health insurance plans come in different variants and each variant provides a specific type of coverage. So, the next step would be to zero in on the right policy for your family. 

Here are the commonly available health plans –

  • Critical illness plans
    Health insurance plans that cover specific critical illnesses and pay the sum insured in lump sum if the insured suffers from any covered illness like heart attack, stroke, cancer, etc. These plans are usually fixed benefit plans, i.e. if you are diagnosed with any critical illness, the entire amount would be payable irrespective of the amount spent on treatment.
    Tip: This plan can be taken along with an indemnity health insurance plan for enhanced coverage.
  • Top-up and super top-up plans
    There are supplemental health plans which come with a deductible limit. Claims exceeding the deductible limit are paid by these plans.
    Tip: Opting for a top up or a super top-up health insurance plan is the cheapest way to enhance your already existing health insurance coverage.

How do Top Up Health Plans work?

Let’s understand how top-up and super top-up plans work –

Sum insured of a top-up planINR 10 lakh
Deductible under the planINR 5 lakh
1st claimINR 4 lakh
Will the top-up plan pay the claim?No, since the claim is below the deductible limit
2nd claimINR 7 lakh
Will the top-up plan pay the claim?Yes, since the claim exceeds the deductible.A claim of INR 2 lakh (which is in excess of the deductible) would be paid

What To Do When You Have A Group Health Cover?

If you are an employee at a reputed organisation, chances are that you are covered under your employer’s group health insurance policy. Such coverage can also extend to your family members. If you and your family are already covered under a group health plan, does it mean you don’t need an independent policy?

No it doesn’t.

Even when you have group health insurance coverage, buying an independent health plan for the family is a must. Why? Here are some reasons –

  • For adequate sum insured
    The group cover would have limited sum insured and cannot be enhanced at your wish. For this you need an individual health plan.
    You can also opt for a super top up plan over your group coverage.
  • For having a plan with relevant coverage benefits
    Group plans offer standard coverage benefits. If you need a comprehensive and inclusive scope of cover, an independent plan is needed.
  • For lifelong coverage
    Group plans allow coverage only till you are the member of the group. Once you retire, you would lose the coverage which becomes all the more important in older ages.
    On the other hand, individual plans have lifelong renewability options.

Reviewing Your Health Insurance Coverage

Just buying the best health insurance plan for your family is not enough. You should review your coverage every year to ensure that the plan is relevant to your needs. For example, if you get married or have a child, you have a new member who should be added to the coverage. Add the member either during the policy tenure or on renewal. 

Similarly, if you want to opt for riders or increase the sum insured with changing needs, do so at the time of renewing your policy.

Regular review of your coverage would ensure that your coverage stays relevant at all stages of your life. Moreover, health insurance plans allow lifelong coverage. So, renew your policy within the due date, without fail, to enjoy uninterrupted coverage against medical emergencies.

A health insurance plan is non-negotiable. When you need to buy the same for family, be careful of choosing the right plan. Consider the afore-mentioned points and compare different plans to find the best and then buy accordingly. 

Also, since health insurance plans can be ported, i.e. changed to any insurance company at any renewal, you need not wait for your perfect match. You can always change later. But remember the most important thing is to buy it now, without a delay.

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