Many people want to buy health insurance plans to protect them and their families against unforeseen health emergencies. However, being ignorant about the insurance sector and the complications of buying insurance, make them stay away from procuring insurance plans.
Let us discuss some basic things in this post to make you comfortable about buying the best health plan for your family and how much health coverage you should have to keep each member of your family protected.
But before that, let’s understand why we need health insurance or why they are so important.
The gaining momentum that the health insurance sector has received over the years is due to some prominent factors. Some of them are:
You never know when a medical emergency might befall you or any member of your family. Thus, covering each member of your family under a health plan is important.
Do you know that the size of your family influences your insurance premium that you pay? Yes, when it comes to health insurance, the number of people added in a plan determine the premium that is levied on you.
Hence, as you add your spouse or your children to your health plan, the premium you pay increases. The reason is that the insurer charges you for each person who is covered under your plan.
There are several insurers in India offering numerous health insurance plans for families. Each of the plans are attached with several benefits and features. However, while picking a plan for your family it is important to tread with caution and choose the most apt policy to cover all members of your family. Here, you need to consider different important aspects like buying an all-inclusive comprehensive plan, having adequate coverage and add-ons and so on.
Most health plans are available in the form of family floater plans covering several members within a single policy, such as;
Some insurers also offer extended coverage to include parents of spouses, siblings, etc. So, it entirely depends on your need and who all you want to include under your policy.
Now, let us understand how to decide on how much health insurance should be taken for your family.
Here are few tips to remember while picking the best plan for your family:
When it comes to deciding on the right coverage that one must look at while buying insurance for a family, a number of factors are taken into consideration. This includes things like the number of people insured under the policy, your preferred hospital, the age and health of members covered under the policy, your budget and so on.
Though there is no specific sum assured that we can say is ideal, your health plan is likely to minimum 50% of your annual income. Also, your health insurance should cover the cost of main critical diseases in your choice of hospital. Hence, a minimum of INR 5 lakh to INR 10 lakh is what you need as sum assured for your family floater insurance plan.
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