Best Health Insurance Plan for Family.

There is an old proverb: Health is wealth, which is very well said. If you don’t have good health, all the pleasures of life are useless for you. As we all know, these days, there are so many health hazards. So, it is very essential to take proper care of you and your family’s health. But, with the rising price of everything, health care has also become very expensive, which seems sometimes unaffordable. To cope with this situation, health insurance plans play a very important role. There are many health insurance plans in the market. It is up to you which plan you opt to fulfil your requirements.

Health Insurance Plans.

The term “health insurance” is very common which means providing financial assistance in the time of health problems. Health insurance is purchased to meet medical expenses through a variety of plans, such as individual, family, and disease-specific plans. It brings a sense of security to people who purchase these plans. Basically, health insurance provides financial security against medical costs associated with sickness or injuries.
Different health insurance options fulfil specific requirements.

Need of a health insurance plan.

Today’s life is full of uncertainties, specially in health issues and it is extremely difficult to easily manage health-related costs. But with the help of right health insurance plan, you can get some relief and security about your family’s health. Due to different types of high pollution and demands of contemporary living, there are many health dangers you face. The illnesses range from lifestyle disorders and eating disorders to pollution-related conditions like asthma which can result in costly medical bills.
Apart from physical illnesses, the mental health issues are also increasing due to today’s competitive world which emphasises the importance of purchasing a sufficient health insurance plan for your family.

In India, the medical inflation has increased significantly. The expenses for medications, medical tests, hospitalisation, and surgical procedures are continuously increasing. Paying the affordable basic health insurance premium is more logical than paying the expensive health bills. So, it is essential to have health insurance coverage for your family to protect your financial stability in case of a medical crisis.

Benefits of a health insurance plan for family

It is important to know the benefits of investing in health insurance, then only you can understand the value of health insurance plans. Below are a few of the convincing benefits of health insurance:

• Ensures the safety of your loved ones: The health insurance plan offers protection for medical emergencies and keeps you ready for critical situations. Medical emergencies can happen unexpectedly. So, everyone should have a back-end support for it, as it is a guarantee of high-quality care for you and your family.
• Ensures the safety of your savings: A health insurance plan offers protection from increasing medical expenses. If you don’t have health insurance, you will have to use your savings for medical expenses. Purchasing a health insurance plan at a young age protects your savings and assists you in maintaining your financial savings.
• Gives a feeling of mental peace: Health insurance not only saves your money but also offers satisfaction and mental peace. Having the correct health insurance policy ensures both you and your family’s current as well as future wellness of health.
• Helps in dealing with increasing medical expenses: The expenses for treatment are increasing each and every day. High inflation rates and expensive advanced treatment methods are partially the causes of increasing medical expenses. It can be difficult to manage the expenses of treatment with your savings. Health insurance helps you avoid serious financial crises.
• Gives income tax relief: Health insurance not only gives you financial help during a medical emergency but also offers considerable income tax benefits.

Types of health insurance plans

There are many types of plans available in the market. But you should opt according to your own requirements:

• Individual Health Insurance Plan: As the name suggests, this health insurance plan is meant for one person. The sum assured is specially for the specific person. All types of medical expenses are included in it. You can purchase as many policies as you want for your different family members. One health insurance plan covers one person.
• Elderly Health Insurance: This plan is good for elderly people of 60 and above. This type of health plan is made with the specific medical requirements of senior citizens. These plans include extra coverage like medication, hospitalisation, and even certain mental health benefits. Due to higher chances of health problems in elderly individuals, these policies may necessitate a comprehensive medical examination beforehand.
• Top-up health insurance: This plan offers the option to raise your coverage limit as required for more flexibility. Choosing to renew is a more convenient option compared to buying a new policy. It guarantees adequate financial security for large medical bills and provides a cost-efficient way to improve insurance coverage without raising premiums by much.
• Health insurance plans for specific illnesses: This health insurance plan has been made for specific diseases, especially during the COVID-19 pandemic. These plans cater to individuals’ specific healthcare needs and offer financial support for treatments and other expenses related to specific illnesses.
• Critical Illness Insurance Plan: This plan covers serious medical conditions such as heart attack, stroke, or cancer. There is a growing number of lifestyle-related diseases. Dealing with long-term health problems like cancer, stroke, kidney failure, and cardiac diseases can be very expensive. You have the option to buy them as an addition to your existing health insurance. These policies provide one-time payment after the detection of a serious and life-threatening illness. Hospitalisation is not necessary to claim with this insurance policy.
• Hospital Daily Cash Plan: Under this plan, a cash benefit is provided in case of hospitalisation for a patient which can vary when the individual is admitted to the hospital. The coverage amount chosen at the time of insurance can range from Rs. 500 to Rs. 10,000. Additional features are also included, such as parental lodging and a health advisor.
• Insurance for personal accidents: The rise in road accident incidents has led to the introduction of specific health insurance plans in India to safeguard the people. Owner-drivers can purchase this plan to safeguard themselves from disability or death resulting from an accident. Therefore, it is advisable to obtain a personal accident insurance policy. This policy offers a one-time amount of money to the victim or their family as assistance.
• Mediclaim Health Insurance: Sickness and injuries can occur unexpectedly. The expenses of hospitalisation are very high. So, it is advisable to purchase a Mediclaim policy. The Mediclaim Policy guarantees reimbursement for your hospitalisation cost, surgery costs, doctor’s fees, nursing charges, oxygen, and anaesthesia.
• Unit-Linked Insurance Plan: This plan also serves both the purpose of insurance and investments. When you pay the premium, a portion of premium goes for insurance of your health, while the remaining amount is used for investment in stocks market. ULIPs help you to safeguard your health and simultaneously accumulate your funds for  future.
• Maternity Insurance Plans: This plan is for would-be mothers. The plan is specifically designed for women’s health needs. These plans offer benefits for prenatal and postnatal costs, as well as delivery and ambulance charges.
• Health insurance for a group of people: Group health insurance plans can be bought by a group manager for a large group of people. These plans are relatively cheap, but they usually offer protection only for minor health concerns.
• Family Floater Health Insurance Plan: This health insurance plan provides assurance, financial stability, and a guarantee of protection for your family in times of medical emergencies. These plans cover the entire family and are known as the Family Floater Health Insurance Plan. This plan  has a wider range. It covers the health insurance for the whole family. It includes all the family members including you and your partner, children and parents. In Family Floater Health Insurance Plan, all family members are covered by using a single policy. These plans are cheaper than individual plans because the total coverage is divided among participants. Suppose you buy a Family Floater Health Insurance Plan for yourself and your partner with a coverage of Rs. 8 lakhs. During one policy year, you are limited to making claims of Rs. 8 lakhs. Your partner may file claims amounting to Rs. 6 lakhs, while you could file claims of Rs. 2 lakhs, or the other way around. Usually, family floater policies are suitable for small nuclear families.

Best insurance plan

You can select any of the health insurance plans according to your requirements. All the above-mentioned health insurance plans fulfil different types of health benefits. It all depends upon you and your requirements which health insurance plan best suits you. But if you want to purchase a plan for your whole family and there is no serious health issue with any of your family members, then in that case, the Family Floater Health Insurance Plan is the best option for your family.

The Family Floater Health Insurance Plan provides health insurance coverage to all members of your family under one policy. In this type of family plan, a fixed amount of insurance coverage is divided among the family members. The majority of family health insurance plans provide cashless hospitalisation, maternity benefits, preventive health check-ups, ambulance coverage, daycare treatments, and pre- and post-hospitalisation benefits.

Bottom Line

Choosing the correct health insurance plan is an important financial and health care option. A family health insurance plan is very useful, as having the correct insurance plan can ensure financial security intact. By making the correct choice of insurance plan, you can protect your family’s health and keep your finances under control.

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