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Indeed, the festival season of this year is exceptionally precious for everyone as people are expecting to celebrate the joyful time after a break of one catastrophic year and the significance of family has been, once again, underlined with the pandemic in place as many of us have lost family members and now want to celebrate the auspicious time with other family members without any compromise.

India being a family dominated country holds a significant value for the family and its members. This is the time when the family members, whether living separately or even together, find out time from hectic schedules, reunite to bond over the happy times, and exchange gifts to demonstrate the care and love for each other.

It is understood that gifts must be something that suffices their needs and helpful in nature that they put in use at the time of need. In that sense, what can be the best gift other than ‘Health Insurance’, and when it is about the family, ‘Family Health Insurance’ schemes happen to be the ideal plan to opt that ensure the safety of the entire family under one health care plan.

Family floater plans

Indeed, having a family floater health insurance plan makes a huge sense as these plans deliver multiple benefits like affordable premium, hassle-free process for everyone and additional benefits on consolidated packages. However, there are still a few crucial factors that one should determine before making a purchase of the family health insurance plan as there can be some hidden clauses that can sometimes backfire depending upon the case to case.

The sum insured for the family floater plan should be a bit more or at least equivalent to the income of the policyholder who is making the purchase. This idea behind this thumb rule is that the sum insured amount must be sufficient to manage the treatment for each member of the family especially during Covid-19 i.e. highly contagious. Simultaneously, the medical inflation and growing age of each family member year on year have to be kept in mind to have a comprehensive family floater plan.

In a family floater plan, a person can include a partner, kids, and parents under one health insurance policy. But one should calculate before including parents under a family health insurance plan. Since the age difference between parents and other family members is much wider and the family health insurance premium is designed on the basis of the age of the eldest member of the policy. And it is obvious that they have some existing medical conditions thus it can make the family floater plan quite expensive for others as well. Also, if they have any serious ongoing condition which incurs regular hospitalization and other medical facilities then it can consume the entire sum insured amount. In this scenario, it is better to go for a senior health insurance plan for parents.

Benefits

The additional benefits of the health insurance plan begin from the subsequent year of renewal. Therefore, always look for a plan that gives the lifetime renewal as the premium may become cheaper from the second year of the policy in case of no claim.

Also, most of the policies do not provide renewal option for people above the age of 65. Hence, if the eldest member of your policy is about to touch 65, then you must consider buying a new plan instead of renewing the existing one.

Crucial factor

Another crucial factor to determine is the coverage of disease in the health insurance plan as it should go well with your medical history. One must check with the health insurance company about the treatments of various diseases and their waiting period so that the purpose of the medical insurance is achieved for the policyholder and family members. Supposedly, if the family has a history of any critical disease then an additional rider for the coverage of critical disease can be clubbed for the benefit of the family.

While the preferences and choices may vary from family to family, but the intention remains constant- ‘Complete Protection of the Family’. So, save your family and their happiness.

Happy Festive Season 2021!!