Health Insurance Plans for Family

Losing a beloved family member is probably one of the most significant losses you may suffer. And the loss may be even more painful and hard to cope with if you cannot afford the treatment cost. To avoid such a crisis in the family, you must be sufficiently prepared to face medical emergencies by having a health insurance policy.

A health insurance policy can be your saviour in terms of meeting the treatment expenses when the need arises. However, you must be careful about choosing the right health insurance.

Let us look at the health insurance plans that cover your family members.

• Family Floater Health Insurance

A family floater health insurance policy is one of the most popular and widely purchased types of health insurance in India. As the name suggests, it covers all the family members under a single policy. This saves you the hassles of buying different policies for each member.

Also, the premium for family floater health insurance is much cheaper than individual health insurance. It allows you to cover all the family members, including parents, siblings, spouse, and children.

Suppose you want to buy health insurance for your parents or other family members aged more than 60. In that case, it is better to purchase a separate policy for them rather than including them in your family policy. This is because the insurance companies consider the age of all the family members to determine the premium. This means this would increase the overall premium cost.

You can buy a separate policy for the old-aged parents like the senior citizens health insurance.

• Senior Citizen Health Insurance

This type of health insurance is specially designed to cover older adults aged over 60 years. If you want to buy health insurance for your parents or grandparents, senior citizen health insurance could be a good choice.

A senior citizen health insurance policy offers coverage against hospitalisation expenses. Depending on the policy and coverage terms, it may also cover medicine cost, pre and post hospitalisation expenses, domiciliary treatment cost, etc.

However, you must know that insurance companies generally ask senior citizens to undergo a medical check-up before offering the cover. And, since senior citizens are more vulnerable to illness, the premium for such policies is generally higher than other health insurance policies.

• Group health insurance

Group health insurance is specially designed for salaried employees, and the organisations provide it as part of their employee benefits program. As the name suggests, group insurance offers coverage to a group of people part of the same organisation under a single policy. Such insurance policies usually have limited coverage and may not be enough to cover medical expenses.

Also, depending on the policy terms, you may get the coverage to your family members, including parents, spouse, and children. In most cases, the coverage is extended only to spouses.

However, whether the group insurance covers your family or not, you should purchase a separate policy to protect your family’s medical needs. Also, make sure that you choose the correct sum assured so that it is sufficient for you and your family members.