A sound body and mind enable you to perform your best. However, with the rise in illnesses and uncertainties, precaution is better. Medical treatments are getting costlier by the day, leading to a financial burden on families. You prefer spending on other priorities than medical bills. You cannot neglect your family and responsibilities. Covering yourself under the right Health Insurance is a bonus as it keeps you stress-free in an emergency.
Various companies in India are offering plans to suit your requirements. Here is a guide on selecting the apt policy:
Individual Medical Insurance covers only you and, in most cases, your spouse. But a Family Floater Plan provides coverage for six to eight members. Whichever variant you pick, rest assured that a single policy is enough to cover your loved ones.
Every company offering Health Insurance in India has varying features and premiums. The premium depends on age, lifestyle, medical history, and expected coverage. It is easy for young and healthy people to get a reasonable premium for a policy with high coverage. Most Insurance providers are offering plans digitally for convenience.
With Family Floater Plans, companies consider only the age of the senior-most family member while calculating the premium. As a young parent, you can buy a cover for the entire family at an affordable price.
With an Individual Health cover, you can use as much or as little of the sum insured without affecting others’ ability to raise a claim in the future. Since Family Floaters share the sum insured amongst the covered members, you need to count the claims raised yearly for clarity. Typically, Family Floaters allow higher cover than Individual Plans.
But if you have an unwell family member and are likely to claim a significant chunk of your sum insured, an Individual Policy is a smarter option.
Most Online Health Insurance Policies have a maximum age limit of 65 years to 70 years. Hence, it is better to buy them while you are young. Carefully check the terms to ensure you get the right coverage whenever needed.
If you have a history of illnesses in your family, it is better to buy an Individual Policy offering maximum coverage and benefits against the specified conditions. If you undergo treatment or get hospitalised for it, the General Insurance company reimburses you the sum insured.
According to Section 80 D of the Income Tax Act, you get deductions on premiums. Selecting a plan with a higher coverage is better. However, it depends on personal preferences.