Ensuring the well-being of the family should be a top priority. However, unexpected medical expenses can be financially draining. Thus, having a reliable health insurance policy has become a necessity. When buying a health insurance policy, it is crucial to consider some factors before deciding. A few primary factors are:
• Age
• Current health
• Medical history
• Financial strength
Some of the best health insurance plans for a family available in India are:
1. Family Floater Health Insurance
2. Individual Health Insurance
3. Senior Citizen Health Insurance
4. Maternity Health Insurance
5. Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana (PM-JAY)
In this article, however, we will focus on the top two health insurance plans, i.e. family floater policy and individual health plans.
Floater Family Health Insurance: A Safety Net for All
Don't you think there should be a family health insurance to cover all your members under one plan? There's where a family floater policy steps in. This policy will have one sum insured, which will be shared with your family. All the family members can claim under this insurance policy. Consider that a family has four members and a floater family health insurance policy with a sum insured of ₹5,00,000. Then, all the members of this family are insured for up to ₹5,00,000 for medical expenses in a year. Sounds like a steal deal, doesn't it?
However, if one of the members of this family makes a claim, some part of the insurance sum is used up. Only the unused sum will be available to the rest of the members to claim within the same year. For instance, if one member claims ₹3,00,000, the other three would only have ₹2,00,000 left to be claimed for that year. Notably, the premium depends on the eldest member of your family.
Pros
1. All the members will be covered under one health insurance. It is convenient and easy to manage.
2. You only have to pay one single premium.
3. Each member of your family will have access to the total sum of the policy.
4. Almost all family floater plans allow you to add immediate family members, which include you, your partners, and your children. Some plans may even allow you to add your parents, in-laws, and siblings.
Cons
1. Once a family member claims the policy, the sum is used up. The next family member wanting to claim will only get the remaining amount.
2. If any one of the members makes a claim, a no-claim bonus will be lost.
3. The older family members are more likely to use a chunk of the insurance money, which might leave the younger members with low coverage.
Your Health, Your Way: Individual Health Insurance
There are instances when you don't want your whole family to be covered under one insurance but just you. In this scenario, what should be your ideal choice? Definitely, an individual health policy that meets the specific healthcare needs of one person. These policies offer many benefits, including hospitalisation coverage, doctor consultations, diagnostic tests and prescription medications. The coverage is not shared with other family members. Hence, the policyholder can use the entire insurance sum for their medical expenses. The premium will depend on the age of your family member insured.
Pros
1. You will have complete control of your health insurance.
2. It is more suitable for the older members of the family who are at a greater health risk.
3. You can make multiple claims yearly until your sum is used completely.
4. You will receive a no-claim bonus if you do not make any claims in a year.
5. Lifelong renewals are also available if you renew the policy yearly.
Cons
1. If you buy individual insurance for each member, the total premium cost will be high.
2. As the premium increases, your chances to avail of an optimal sum are lower.
3. Managing halth insurance for each family member becomes tedious.
So, which one to go for?
Choosing the best health insurance for your family between a Family Floater Plan and an Individual Policy depends on your needs and circumstances. You can consult a financial advisor or expert before deciding.
Consider Family health insurance is not just a policy but a strong pillar to rely on during unforeseen medical emergencies, offering peace of mind and financial stability. It’s a proactive step towards your family's healthier and happier future.
If you wish to create a health insurance plan for your family, Generali Central has you covered with D. I. Y. Health. It will be tailor-made to your specific needs. Not only physical but mental health is also important when it comes to your family. With Generali Central’s Health Absolute, you can get a physical and mental health policy for your family. You can enjoy exclusive benefits with Generali Central Health Elite if you are a premium member.
