Importance of investing in Health Insurance for your family
To reduce the monetary risks related to unexpected hospitalization, it is prudent to cover yourself and your family under a comprehensive family health insurance policy. A proper insurance plan would ensure that you can avail quality medical treatment in times of need, without exhausting your savings or weakening your financial stability.
Importance of family health insurance
It is vital that you and your family members are covered under health insurance for long-term well-being. Family health insurance plans provide you with the required coverage as and when anyone in your family comes across a medical emergency.
Medical emergencies can strike anyone at any point in time. With the changing lifestyles of the millennials, increase in stress levels and unhealthy eating habits, a number of people have become more susceptible to various kinds of illnesses, such as obesity, diabetes, heart disease, and hypertension. Other factors contributing to the increase in such health concerns include the rise in pollution in the environment, smoking and lack of exercise.
Moreover, there are always the chances of unfortunate incidents and accidents that can cause harm to one’s health. Taking into account all these concerns, it has become highly important that you insure your parents, children and spouses under a family health insurance plan, as every member of your family requires its coverage as much as you do.
Why do your parents need insurance?
Parents struggle all along to give a good life to their children. It is important that you properly take care of their requirements as they grow old. In most cases, aged individuals are unable to escape severe ailments. To ensure their good health and reduce their financial strains, it is important that you get them covered under a good health insurance policy for your parents.
Why do children need insurance?
Young kids hardly understand the importance of trying to stay healthy. Even as they get a bit older, most children today don’t give enough attention to their health. In fact, they are prone to leading a sedentary lifestyle that can give rise to multiple medical conditions as they grow older. As a parent, the well-being of your kids is your responsibility, and to fulfill it effectively, you must make sure that they are adequately covered by health insurance.
Why does your partner need insurance?
Getting them covered under a proper medical insurance policy shall be a great way to show your care and concern for your better half. After all, your partner in life should also be your partner in good health.
Advantages of family floater policies:
- Easier to manage: They can save you the hassle of maintaining several insurance plans. It can effectively cover your whole family under one plan, and hence you don’t have to remember multiple premium payment dates, renewal dates, and so on.
- More affordable: Buying a comprehensive family floater plan usually is much more cost-effective than getting individual insurance coverage for each family member. Moreover, such plans generally offer a large sum insured at a much lower premium in comparison to the typical individual plans.
- Higher sum insured: The sum insured in a family insurance policy is typically set higher to cover the whole family. Hence, even if two members of your family have to go through major medical treatment at the same time, there will be adequate Sum Insured remaining for the other members.
- Better tax benefits: In India, such plans provide you tax benefits under Section 80D of the Income Tax Act.
- Ideal option for a young family: It would mean comparatively lower premium payable, while being able to enjoy all the benefits and coverage hassle-free.
While you can also opt to buy individual health insurance coverage for every member of your family, choosing a comprehensive family health plan would be a much more affordable and manageable option for you, given the above benefits. A family insurance plan shall essentially enable you to fulfill the collective needs of your family in a highly economical manner.
All insurance companies (for example, Star Health, Apollo Munich (now HDFC Ergo), Max Bupa (now Niva Bupa), ICICI Lombard and many more) in India have a variety of plans to choose from. And
SANA.Insure is wesite through which you can find the perfect health insurance for your family, which effectively meets your coverage requirements. The portal enables you to compare among multiple options and acquire quick and precise information about diverse policies, which are easy to understand and allow you to make prompt, well-informed decisions. Log on to SANA.insure to choose the best plan for you and your family today!
You can get in touch with us over WhatsApp chat on 8278271818 or call us on 1800 202 8118 to connect with a Health Insurance Expert at SANA.Insure.
Wish you a healthy and happy life!
Q : How much should I invest in health insurance?
Ans : The amount you pay towards a lifelong investment such as health insurance would depend upon several factors such as the number of family members to be covered, past medical history, personal and familial health needs, city of residence (healthcare is more expensive in metros), to name a few. The sum insured should account for increasing hospitalization costs without compromising on plan features. It is better to pay a slightly higher premium for wider benefits than to be under insured during a medical emergency.
Q : How much does healthcare cost for a family?
Ans : The cost of healthcare varies across treatments and specific medical concerns. Medical inflation is on a constant rise, and treatments and hospitalization are likely to be more expensive year-on-year. A relatively healthy family may require doctor visits for common concerns sporadically, but one must also be prepared financially for accidents and illnesses that could strike when least expected. A family with one or more unwell members would have to spend more on healthcare, especially in the case of chronic illnesses that need prolonged medical attention.
Q : Is investing in healthcare a good idea?
Ans : Absolutely! Smart investment in healthcare begins with getting the right health insurance plan that covers you adequately and protects you from financial strain, and allows you to avail cashless treatment when you need it the most. Most health insurance companies have a wide list of network hospitals that have good medical facilities catering to majority conditions and procedures. Besides, a comprehensive plan will also take care of pre- and post- hospitalization costs, day-care and OPD procedures and more, thus covering most of your healthcare needs.
Q : How much is health insurance for a family of 4?
Ans : That would depend upon the family demographics, meaning the ages of all the family members, each person’s medical history and present health conditions, the place of residence and the current plus future medical needs. Health insurance is not necessarily a one-size-fits-all product. It can be customized to suit your particular needs by purchasing a base plan and enhancing it with optimal add-on features and / or coupling it with a super top-up plan for a more economical option.