Your family is your first priority. Their health has always been the biggest concern for you. It is better to opt for their health security by taking an insurance cover for each of them. To make it easier for you, insurance companies offer a Family Health Insurance that is a combined cover for the dependents (family members including you, the spouse and kids).
A family health insurance is similar to an individual health plan in many ways except that it provides the security to the dependents as well. Thus, it is the best insurance cover that you can choose once you marry and have kids. It is also a good choice for those who wish to provide health security to aging parents.
Before opting for a suitable family health cover, you should always try to figure out your requirement through your income, expenses, lifestyle, diseases already existing in the family and the kind of room you would like to avail if any member needs hospitalization.
Following are the benefits of a family health plan you need to consider:
1. Easy to manage:
As mentioned above, a family health plan is a security cover for the dependent family members like spouse, kids and parents. Imagine opting for an individual plan for each family member in an average 6-member family. This will lead you to manage the premium costs and constantly keep an update of the premium dates for each policy. It will also be a daunting task to renew each policy and keep track of its expiry date.
So, in such cases, you can very well opt for a family floater health cover which is a single policy plan covering the entire family. You need to always read and understand the terms and conditions to enable yourself to choose the best plan suited to your requirements.
2. No expiry in case of the death of a family member
A family health insurance does not get affected by the death of one of the family members. This is because the other members are still alive to take its advantages. So, if you are faced with a tragic situation in your family like death, then, you do not need to worry about filing for redeeming the policy which you are bound to do in case of the individual health plan.
3. Addition to the family /Maternity Expenses
Planning for a baby does not require one to think of adding one more insurance cover to the household. The newborn can be easily added to the already existing family health plan. You will only need to provide the birth certificate of the baby to the insurer and complete required formalities so that the particulars can be added to the primary policy.
Some family floater plans also cover maternity as well as the baby’s hospitalization at the time of delivery. Do remember that health cover for a newborn is only available under a family health insurance. You cannot add your child as insured in your individual health plan.
4. Lower Premium Cost
You need to take into account the insured amount every now and then. It may be that the sum may look fine in this day and age, but due to increasing cost of living, the same amount may seem to be quite less say after 10-15 years.
If you try to buy the inflated sum assured in the individual health policy, it may cost you approximately 15-30% more than the family floater plan. Not to mention that you’ll be buying more than one policy, and managing them.
With family floater plan you can provide similar health coverage to all your family members that too at a lower cost.
5. Life-long renewal facility
Many insurers offer a life-long renewal policy health plan. As the name suggests, it means that the policy can be renewed covering your entire life span, as against the 60-65 years, which is the limit in general for the renewal. Although this feature is also available with some individual plans too, a family floater only becomes a superior plan if it has all the five features including life-long renewal facility.
Comparing all these features and more is now possible without calling different insurers or receiving calls from numerous insurance agents, and then manually analyze multiple policy features and premiums. Insurance brokers, like SecureNowallow you to compare, receive quotes and place your proposal from the comfort of your home.
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