What Amount Of Health Insurance Is Adequate That Can Cover All The Members Of The Family

What Amount Of Health Insurance Is Adequate That Can Cover All The Members Of The Family
6 min read

Having health insurance is a crucial way to safeguard yourself and your family financially from unforeseen medical bills. Due to the sharp rise in healthcare expenses in India, both individuals and families must have health insurance. Acquiring a family health insurance plan with sufficient coverage is one of the finest methods to protect your family's health.

An Indian family's health insurance premium varies according to age, health, and coverage benefits, among other variables. Knowing how much a family of four will pay for health insurance will help you decide how much coverage to get, especially since nuclear families are becoming more common. Since insurance can be a tricky subject, there can be a lot of confusion in various aspects of individual and family health insurance. To be more clear on health insurance plans for family, let us first understand what it is.

What is Family Health Insurance?

A family health insurance plan, or family floater policy, provides coverage for every member of the home under a single policy. It includes the policyholder, his or her spouse, parents, and children. You can even include your parents-in-law or your spouse's dependents in your family floater plan. Financial protection against hospital stays, diseases, and accidents is provided by family health insurance. It guarantees that family members have access to high-quality medical care without having to worry about treatment costs.

How Much Does It Cost?

In India, the price of health insurance for a family of four varies due to certain factors such as age, the number of family members, their health status, and the benefits of the plan. Health insurance plans for families with an annual coverage limit of ₹ 10 lakh typically have a premium between ₹15,000 and ₹25,000. The age of the policyholder and the number of family members covered by the policy, however, determine how much the premium for a family health insurance plan will cost. Compare several medical insurance plans offered by different insurance companies if you're looking to purchase health insurance for a family of four or any other size. Select the medical insurance plans that provide the most extensive coverage at the lowest cost.

As an illustration,

Assume that the cost of an individual health coverage is ₹10 lakh and the premium for a family health policy is ₹20,000. Consequently, you would be required to pay a total of ₹40,000 in premiums if you purchase individual health insurance for four family members. However, health insurance plans for a family cost ₹20,000 and offer the same coverage on a floater basis.

Moreover, those with pre-existing medical illnesses pay a higher cost for family health insurance coverage. Keep in mind that the premium for family health insurance increases with the amount covered while evaluating medical coverage for a family of four. Additionally, the prices for plans with greater coverage benefits—like coverage for pregnancy and critical illnesses—are higher.

Right Health Insurance Amount For Senior Citizens

Parents and elderly people are especially susceptible to illnesses and diseases. They are the most in need of health insurance since they are more likely to become ill or need to stay in the hospital. A minor surgical treatment can easily set you back up to ₹1 lakh, but bypass surgery, given the current rate of medical inflation, can easily cost more than ₹2 lakh in a reputable facility.

Therefore, parents and elderly need a health policy with a large maximum benefit amount. To guarantee sufficient coverage, you can choose senior citizen health insurance or health insurance for parents with a considerable sum insured.

Choosing the Correct Health Insurance Coverage Amount- Things to Keep in Mind

When determining the appropriate level of health insurance coverage, bear the following points in mind:

Age of the Insured

The age of the policyholder should be taken into account. The older the policyholder is the larger the sum insured amount should be. This is crucial because, as you age, the likelihood of getting sick rises.

Medical History

Before deciding on a policy's coverage quantity, one should review one's medical history. Pre-existing medical conditions may need a person to file claims frequently. Thus, if you have a medical history, you should choose a bigger coverage amount.

Type of Hospital

When determining the policy coverage level, keep in mind the kind of hospital you intend to receive treatment from. You will pay more for treatment in a reputable private hospital than at a public hospital. Therefore, individuals who prefer reputable private hospitals should select a bigger sum insured.

Ability to Afford

When determining the appropriate level of coverage, it's important to consider both your income and your capacity to pay for a health insurance plan. A reduced sum insured is your only option if your income is restricted and you are unable to pay high premiums.

Supplementary Plan

When purchasing medical insurance, you may choose to purchase a smaller sum insured if you already have a supplementary health policy, such as a group health insurance policy. This is because you do not need to get a second policy with a large coverage level. After all, your employer already provides medical coverage.

Wrapping Up

Health insurance plans for families offer extensive coverage features that shield your budget from unforeseen costs related to medical emergencies. But before you make your final choice, don't forget to compare several family health insurance policies. Choose a plan that fits your family's needs, has the most comprehensive coverage, and has an affordable price.

To accommodate varying family sizes and healthcare requirements, Niva Bupa provides both individual and group coverage under family health and floater plans. Preventive health exams, maternity coverage, and access to a wide network of hospitals and healthcare specialists are among the extra benefits that come with our plans. 

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Aakash 0
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