Is Family Health Insurance Worth It? A Breakdown of Benefits & Considerations

Is Family Health Insurance Worth It? A Breakdown of Benefits & Considerations

Published on

A family has a combined annual income of 12 Lakhs. One of the family members has gone through surgery, which cost Rs 3 Lakhs, and the prolonged medical bills and procedures cost another Rs 5 Lakhs. This hefty number is compounding for people without any medical insurance. Knowing that one is financially secure during an emergency is what helps you navigate through the uncertainties of life. It is advised to start planning for the right policy before you plan your family. It also means that you have to consider various factors, including affordability, waiting period, and history of illness. Let us understand why investing in family health insurance is worth it.

What is Family Health Insurance?

Generally talking about a kind of health insurance policy, family health insurance is such a policy under which health coverage is provided for all family members under a single plan. It usually includes medical expenses related to hospitalization, surgery, and, in some cases, preventive care. By choosing a family plan and, including health insurance for parents, policyholders can ensure financial protection in case of emergencies while also benefiting from affordable and comprehensive coverage.

Explore Family Health Insurance plans to find one that fits your family’s needs.

Why Should You Consider Family Health Insurance?

Here are the key benefits of opting for family health insurance:

1. Cost-Effective Coverage

A family floater plan is often more economical than individual policies for each member. Premiums are based on the eldest family member's age, thus providing enormous savings.

2. Wide-Ranging Benefits

Costs of Hospitalisation : This will cover hospital stays and hospitalisation procedures for the individual insured under the policy.

Day Care Procedures: Covers advanced medical procedures that require an overnight stay.

Cashless claims: Many insurers provide cashless facilities at network hospitals.

3. Parental Health Insurance Cover

An important aspect of including coverage for parents in a family health insurance plan is that their medical needs are also taken care of. Such needs have become more valuable with the rising cost of medical care and growing age. For instance, many plans are only meant for health insurance for parents, thus having benefits customised just for these cases.

Statistics Highlighting the Importance of Family Health Insurance

●     Underinsurance Woes: An IRDAI survey reveals that nearly 30% of Indian families lack adequate health coverage.

●     Financial Strain: Without insurance, a single hospitalisation can deplete a family’s savings, with the average cost of hospitalisation in private hospitals exceeding ₹4,000 per day.

Key Considerations Before Buying Family Health Insurance

Here are certain key parameters for appraisal to make health insurance family-specific and comprehensive yet economical.

1. Coverage and Benefits

The policy must adequately cover essential aspects, including maternity benefits, treatment of critical illnesses, and OPD expenses.

2. Premiums

It is important to compare premiums and select the plan that has the ideal balance between price and benefits.

3. Network of Hospitals

Always make sure that the insurer has tie-up arrangements with hospitals you would deem reputable in your area.

4. Waiting Period

One has to understand the waiting periods for particular types of treatment or pre-existing diseases.

5. Add-On Options

Research the available add-ons, such as personal accident cover or critical illness riders to further strengthen your protection bundles.

Comparison: Individual vs Family Health Insurance Plans

Conclusion

Investment in a health policy for families would be surely a no-brainer in terms of its financial as well as emotional benefits. In a nutshell, this will save a lot of money in the future from the rising costs of becoming healthier in this age. It will also greatly add to the calming assurance that your loved ones will be taken care of. Determine your family's needs to buy the cheapest required coverage.

Take the first step today by exploring family health insurance plans. Prioritise health and financial stability to secure a better future for your family.

Disclaimer: This content is part of a marketing initiative. No TNIE Group journalists were involved in the creation of this content.

X
The New Indian Express
www.newindianexpress.com