Celebrate International Family Day wisely with health insurance for the entire family

Posted on: May 18, 2021 | | Written by:

Celebrate International Family Day wisely with health insurance for the entire family

Published on May 14, 2021. EST READ TIME: 4 minutes

In the 1980s, there was a shift in understanding of the role of families played in the developmental process. The United Nations Commission for Social Development began requesting the Secretary-General to raise awareness among key decision makers and the public about the needs and challenges of the family, along with effective ways to meet those needs. Soon after, the General Assembly proclaimed 1989 to be ‘The International Year of the Family’.

It was decided in 1993 that every year on May 15th, International Family Day would be observed. The agenda is to raise awareness about family issues and to understand the social, economic, and demographic processes that affect families.

The 2021 edition of International Family Day will focus on megatrends such as new technologies, urbanisation, migration, and climate change, and their effects on families and family-oriented policies to mitigate their effects.

The Covid-19 pandemic has only strengthened the case for availing a mediclaim policy. Even if we disregard the pandemic, rising lifestyle diseases and critical illnesses have made health insurance policies essential to financial security. The costs of treating medical emergencies can punch a big hole in your finances, since the need for funds is immediate and unavoidable.

Why do you need a health insurance plan?

Medical inflation is on the rise, and treatments are getting more expensive. According to experts, if you stay in any Tier-1 city in India, you may have to shell out anywhere between approximately INR 4400 (government hospital) to approximately INR 32,000 (in private hospital) for per day hospital stay. Similarly, if you need to undergo an open heart surgery, you can be charged anywhere starting from INR 2.8 lakh. To cover such expenses, it is necessary to avail a health insurance policy not only for yourself, but also consider health insurance plans for family.

How to choose a health insurance plan for your family?

Family health insurance policies are available in the form of family floater health insurance policies, which typically covering multiple family members such as yourself, your spouse, dependent children (upto the age of 25), and dependent parents.

There are policies that cover in-laws, siblings, and other extended family members, but they have a higher premium. Here are some of the most commonly available health policies to choose from:

Individual health policy

This health insurance policy covers a single individual against hospitalisation expenses. This is an ideal personal plan for yourself, or a specific family member.

Family floater policy

A single sum insured policy that covers all members of the family. It is generally more affordable than individual health policies for every member; however, if one member is particularly prone to illnesses, the other covered members may lose benefits if the claim has already been exhausted. This is ideal for young families.

Senior citizen policy

Ideal for senior citizens (aged 60 and above), health insurance for senior citizens cover necessary scenarios such as pre-existing diseases, outpatient department treatment, etc.

Critical illness policy

Critical Illness Insurance is ideal for families with a history of critical illnesses, as well as those over the age of 40, since the prevalence of these illness increases with age.

Disease-specific policy

Other diseases that do not fall under the category of critical illnesses are also covered under these plans. It can include heart ailments, Covid-19, dengue, etc. They are generally more affordable and can be used in conjunction with an individual policy.

Top-up policies

Top-up health insurance policies increase your coverage amount for a nominal premium, preventing huge out-of-pocket expenses in case of a medical emergency. This is the most affordable way to boost your health insurance coverage while also covering against medical inflation. Ideal for people in the higher age group.

To summarise, family floater policies are ideal for young families. Senior citizens can avail policies catered specifically for them. Individual health policies, while more expensive, are ideal for children above 25 years of age and for the parents who want to avoid high out-of-pocket expenses later on.

Comprehensive coverage
In your policy, look for comprehensive coverage that includes benefits such as pre- and post-hospitalisation expenses, ambulance costs, day-care procedures, cashless treatment, critical illnesses, maternity costs, etc.
Adequate sum insured
Sum insured is probably the primary selling point of most policies. The higher the sum insured, the higher the benefits, albeit at an increased premium. However, there is also an option of availing top-up policies to increase the sum insured while covering every member of the family at a reasonable cost.
Add-ons
Most health insurers also offer optional riders with their health insurance plans. At an added premium, these provide coverage against case-specific eventualities. Some common riders include personal accident cover, critical illness, OPD cover, maternity cover, and so on. These are generally considered as affordable add-ons to your family health insurance policy.
Hospital network
To truly enjoy the benefits of your policy check the availability of partner hospitals in your area. Opt for an insurer that has tie-ups with hospitals close to your area of residence, as this greatly reduces the time it takes to reach the hospital in case of an emergency and is far more reassuring to know you are close to home.
Exclusions
Be wary of the exclusions in your policy. Pre-existing conditions, and cosmetic procedures, are typically excluded from coverage. Also, certain case-specific scenarios may not be covered. Check the exclusions list of your potential policies to fully understand what is covered and what is not.

Conclusion

This International Family Day, gift your family the safety and security of a family insurance policy, and save on future medical costs. With diseases on the rise and uncertainty on the horizon, health insurance is more important than ever. With technology adoption accelerating across industries, it is now easier than ever to avail a family health insurance policy – with the click of a button. Know that you can change insurers at the time of renewal, which means you can make changes to your policy as you see fit at the time of renewal. But for now, you and your family can rest easy knowing that they have a financial safety net in the event of a medical emergency.

Disclaimer: he above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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