Pune


AAROGYA CARE
July 16th, 2021
3 mins read

Why is It Important to Choose the Right Health Insurance Plans for a Family?

Choosing family floater health insurance plans for a family is beneficial

A Mediclaim policy for a family only covers hospitalization expenses

Plan your investment well ahead of time by using a premium calculator

Health insurance plans for a family can come to your aid during unprecedented times when a loved one’s health requires diagnoses and treatment. A health policy provides the necessary coverage when there is an unexpected medical expense owing to accidents, illness, or injury.

You can opt for monthly or annual premiums for a specific tenure once you decide on the plan you want. Any medical expenses included in its coverage during the tenure will be borne by the insurance provider up to the sum assured. Other benefits offered by health insurance plans include coverage for hospitalization expenses, surgery procedures, and pre-and post-hospital expenses.

There are different types of health insurance plans in the market for you to choose from as per your requirements. When thinking of health insurance plans for a family, you can consider either family floater health insurance or an individual insurance policy.

How to choose the right health insurance plan for a family_Bajaj Finserv health

In a family floater health insurance plan, you pay a single premium and cover all your family members under the same plan. For example, if you choose a family floater insurance plan with a sum assured of Rs.10 lakh, this amount can be availed by any family members included in the plan when needed. On the other hand, if you avail of an individual health policy, each family member gets an individual sum assured. This entails paying separate premiums for all members.

Floater family health insurance plans are tailor-made to suit the customized requirements of your family. These budget-friendly plans can help you meet medical expenses without causing financial strain. Here’s more on how you can make the most of such plans. [1,2]

Additional read: Why You Need Health Insurance?

Why Choose a Family Floater Plan

You can compare a family floater plan to an umbrella as it provides complete coverage for all the members included in it. These plans are designed in a way that they suit the requirements of the family as a whole. In such cases, the sum assured is shared amongst all the members.

A family floater plan is a cost-effective option in comparison to individual health policies. Consider this example: Say A gets individual health plans for himself and his wife with a sum assured of Rs.2 lakh each and two more for his daughter and son at Rs.1 lakh each. Consider that the daughter requires surgery whose cost crosses Rs.1 lakh and A uses Rs.1 lakh out of his own policy for his needs. However, his wife and son make no claims. In this case, A would need to pay for his daughter out of pocket. In this way, a family floater plan can offer greater value as it can be used by any family member who requires coverage.

When you choose a family floater plan, your burden of keeping track of or maintaining different policies is also reduced. While most plans include coverage for a couple and their children, there are also plans available to cover siblings, parents, and parents-in-law. However, keep in mind that the maximum limit of members in such plans is set at 6 by most providers.

Another advantage of availing of a family floater plan is to cover the expenses of both critical and minor illnesses and protect your savings while enjoying tax benefits. In addition, it can help you address lifestyle diseases as it covers you all the way from diagnostical expenses to treatment-related costs. However, this depends on the type of plan you choose.

How to Decide On the Right Family Floater Plan

To enjoy uninterrupted medical coverage, there are certain important factors you should consider. Age is one of the most crucial considerations while choosing the right plan. In the case of children, these plans usually cover kids until the age of 20-25 years. Beyond this, children are automatically excluded from coverage. Apart from this, the premiums are based on the age of the oldest member covered in the plan. Such plans also put a cap on the age of the oldest member, usually at 65. So, it is better to invest in a plan during your early years or consider a different one as a senior citizen.

Another important factor to think about is the sum assured. Since the amount is shared amongst families, choosing a higher sum is better. However, this also affects premiums, so give a thought to affordability as well. Apart from that, factors like policy exclusions, waiting period for pre-existing diseases, network hospitals, availability of top-ups and super top-ups, discounts offered such as no-claim bonus and coverage tenure also need to be thought of.

Buying the right health insurance plan for a family_bajaj finserv health

How to Calculate Premiums When Availing Of Family Health Insurance Plans

You can plan your premiums well ahead of time by using a health insurance premium calculator available online on the provider’s website. It is a hassle-free process and allows you to calculate the amount within minutes. All you need to do is click on the required fields and fill in basic details to see the cost of a suitable plan.

Family Floater Health Insurance Premiums_Bajaj Finserv Health

How Is a Mediclaim Policy for a Family Different From Health Insurance?

You can also choose a family floater mediclaim policy for your needs, but its coverage is limited in comparison to health insurance. However, its premiums are even more pocket-friendly. This type of plan covers your hospitalization expenses along with surgery for accidents and certain pre-decided diseases.

While health insurance offers pre-and post-hospitalization coverage in addition to other benefits like ambulance charges, mediclaim can be availed only if you get hospitalized. This is the major difference between the two as you need to be admitted to avail of the benefits of this plan. A mediclaim policy is restricted and less flexible too as it doesn’t allow you to increase the coverage amount or opt for an add-on based on your requirements. In this sense, health insurance is more comprehensive.

Now that you know of the various health insurance plans for a family, you can choose one with confidence. Check out the Aarogya Care plans on Bajaj Finserv Health to get access to a wide range of cost-effective options. For instance, when you avail a sum assured of Rs.10 lakh, you get access to benefits such as free doctor consultations, cashless claims and a claims ratio that exceeds competitors. Take a proactive approach towards your family’s health by availing a holistic package today.

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