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How to Choose the Best Health Insurance that Suits Your Family’s Needs

Buying a health insurance policy is always a good idea as it ensures that you are prepared for any type of financial burden due to health reasons, especially when the cost of healthcare facilities and services is skyrocketing. Unexpected medical expenses can cause stress among family members, thus making the situation worse for the ones suffering from a health condition. Therefore, it is recommended to buy a health insurance policy at the right time, preferably as soon as you start earning.

Health insurance gives you and your family financial liberty, making your life secure from all sorts of financial troubles due to unexpected medical emergencies. When you choose a health insurance plan from an insurer, you and your family are assured of various medical expenses including hospitalisation charges, surgical expenses, daycare expenses and the costs incurred due to a chronic illness, depending on the policy you opt for.

What is a Family Floater Health Insurance Plan?

A family floater health insurance plan covers you and your dependant family members. It acts as an umbrella of coverage and offers many benefits to the policyholders. It secures all the family members whom you want to be insured and the sum assured can be claimed by any member without any complications. A family floater policy is better than an individual health insurance plan. Although it has a higher premium, it can be customised according to your family members needs based on their age and pre-existing conditions. Plus, you can seek relaxation in income tax under a certain section.

Tips to Select Best-suited Health Insurance Plan

Appropriate Policy Coverage – While choosing a health insurance policy coverage, make sure it covers all your medical expenses including pre and post-hospitalisation costs, ambulance charges, cashless treatment, maternity expenditures, critical illness cover, in-patient hospitalisation and such. If you are buying a family floater policy, check if it meets the needs of all the members who are to be insured considering their existing health conditions and hereditary diseases that could be running in your family. Do your research, shortlist the best plans that suit your needs, compare coverage and premiums, and read all the terms and conditions before paying for a policy.

Flexibility to Add New Members – Check if the policy allows you to add new members to the coverage if required. For example, if an insured member passes away or is no more eligible for the existing plan, then a new member can replace him/her. Such flexibility in a policy makes it stress-free for the policyholder and you do not need to pay an unnecessary premium for the absent member.

Affordable Premiums – Mostly, the premiums of family floater health insurance policies are comparatively higher than those of individual health insurance plans. Therefore, buy a plan that has an affordable premium while meeting all your needs. Compare coverage and premiums of different plans before selecting one.

Look for the Waiting Period – Certain health insurance policies have a waiting period clause for specified diseases such as ENT disorders, osteoporosis, hernia, tumour etc. Usually, these diseases have a waiting period of two to three years. The waiting period varies from one policy plan to another. For example, the waiting period for maternity benefits ranges from nine months to 36 months. Also, there is a definite waiting period for your pre-existing diseases. So, it is advantageous to check the waiting period clause before buying the plan and opting for the one with the least waiting period.

 Plan Having Lifetime Renewability- Choosing a plan with lifetime renewability makes your work easier rather than a plan which has a limited period of renewability. It is one of the essential factors to be kept in mind while purchasing a plan. Though it is advisable to buy an insurance policy as soon as you start earning but generally, we require the gains of a health insurance policy in the later ages of our life more than early ages. For instance, if you have bought a family plan and it allows renewability only till the age of 45, then once you cross this number you will need another plan which might cost you more. So, always check and buy a plan that offers lifetime renewability.

Conclusion

These tips will help you in choosing the best health insurance plan for you and your loved ones. If the aim is to cover your family members who may need medical assistance in the future, then it is better to opt for a family floater plan instead of individual plans. It will ensure that you remain stress-free during a health crisis in the family and allow you more time and peace of mind to be with your loved ones when they need you the most.

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Why Critical Illness Cover is a Must-have for Self-employed Individuals

Being self-employed means the freedom to take your own decisions, choosing your working hours, your staff and making the best of rewards and financial gains. Everything is fine unless you face a health emergency due to work-related stress, hereditary problems or the most recent, COVID-19. To avoid getting drained of your savings for treatment costs, cover yourself with critical illness health insurance. If you get diagnosed with some major problems such as cancer or heart attack, valid health insurance will not only cover the costs of your medical treatments but will also get you a lump sum amount to meet your household expenses, in case you are unable to work.

With the rising cases of lifestyle-related diseases and the exorbitant level of hospitalisation costs, a health insurance cover is a must. It is even more important if you are self-employed due to the uncertainties in a business.

Chronic illnesses can happen anytime and if you are self-employed, you will not have an employer to take care of your medical expenses. Also, you cannot rule out the possibility of losses in business and sickness at the same time, which can make it difficult to meet the expenses of running a family and managing medical costs together. However, just getting health insurance is not enough. You must choose the right policy that meets your specific needs for maximum benefit.

Know the importance of choosing the right cover

Insurance companies offer a wide range of policies and it is important to identify and choose the right policy that suits your requirements. For example, personal accident insurance will cover you and your family members in case of accidental death, broken bones, burns or permanent disability due to an accident. However, it will not provide any cover for a critical illness or related medical costs.

A regular health policy will cover you and your family members by taking care of the hospitalisation expenses. There is a wide range of covers with a high premium amount. But the sum insured is not very high and may not offer enough protection against critical illnesses in the long run. Health insurance generally includes:

Hospital costs due to an accident or medical condition

Pre and post hospitalisation costs

Domiciliary treatments

Daycare procedures

You may add a rider to your standard health plan but it would expire along with the policy. Besides, a personal accident cover and regular health cover may be short-term policies with a duration of one or two years.

While choosing a critical illness health insurance cover, you should take note of the following:

The range of the cover: The policy has to suit your budget and provide you with the required coverage at the same time. You can compare the prices of different plans available with the popular insurers before selecting one.

Diseases covered: Always check the number of diseases covered under the plan. Usually, you will find around 20 types of critical illnesses covered under a single policy.

Sum insured: A critical illness requires a substantial amount of money for treatment. You also need to calculate your household expenses if you are not able to work due to health-related problems. Before finalising the sum assured, consider all these aspects carefully.

Type of policy: There are two types of critical insurance policies—a standalone policy or one that you can buy as a rider with any other policy. A standalone critical insurance plan is usually more flexible and offers a wider coverage compared to a rider.

Age of the insured: The premium for critical illness policies increases with age as older people have a higher risk of developing chronic diseases. It is better to get a policy in your twenties when the premium amount is lower and the coverage period is longer as compared to a policy bought at an older age.

Term of the policy: Critical insurance policies are generally long-term policies, so check about the number of years for which the policy would be valid.

Claim terms: Most insurers allow only one claim during the policy duration.

Features of a critical illness policy

A critical illness policy has a high sum insured as several expenses are taken into consideration for the treatment of chronic disease. The features include:

Low premium: For online purchase, you may have to pay a lower premium. Also, if you buy it early in life the premium amount will be lower. Overall, insurance is a cost-effective option.

Lump-sum payment: The lump-sum amount that you receive can take care of your treatment costs, household expenses, travelling, accommodation etc. You just have to provide proof of your illness to receive the entire amount.

Coverage for a wide range of diseases

Besides coverage for permanent disability, the insurance covers:

Cancer, stroke, heart attack

Coma, deafness, kidney failure

Loss of limbs and speech

Paralysis, Parkinson’s disease

Severe burns, aortic surgery

Heart valve replacement

Coronary artery bypass surgery

Major organ transplants 

Conclusion

Being self-employed makes it more important to get yourself covered under a critical illness policy. Before getting a policy, you must go through the options available with different insurers regarding the range of diseases covered and decide on a suitable amount of sum insured. It is better if you get the coverage at an early age as you can benefit when diagnosed with a chronic disease later in life. So, keep these things in mind and get a good critical illness policy to secure yourself and your family.

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Individual Health Insurance Plans Online in India

Checkout the affordable individual health insurance plans online with their benefits and premium details. Individual health insurance plans will help you take care of your every individual medical and hospitalization expense. Protect yourself with customizable individual health insurance plans.

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CritiCare – Critical Illness Insurance Policy

Critical illness insurance cover takes care of your financial burdens in the event of a serious ailment. The cover provides you a lumpsum amount which can be used to cover expenses for your diagnosis, doctor visits, medical expenses, and hospitalization as well

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Best Family Health Insurance Plans

Family health insurance plans provide coverage for the entire family within the scope of a single health plan. Family Health Insurance has many benefits like Larger coverage, Affordable premiums, Maternity coverage, Flexible plans, Tax benefits etc. Compare different plans and choose the best for you.

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Best Senior Citizen Individual Health Insurance Plans in India

Buy Senior Citizen Individual Health Insurance Policy that provides medical expenses incurred during pre and post hospitalization. Senior Citizen Individual Health Insurance includes hospitalization, patient care, annual health check-up, etc.

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ReAssure Family Health Insurance Plan

Buy ReAssure Family Health Insurance Plan to Cover your family. You can buy this policy online or over the telephone. Buy the reassure family health insurance plan to protect your family.

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Saral Suraksha Bima Plan – Secure Your Family

Secure your family with the Saral Suraksha Bima Plan with the cover up to ₹ 1 Crore in case of accidental death or serious injury caused by an accident. This benefit can also help you out in cases of permanent disability caused due to an accident.

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Senior Citizen Family Health Insurance Plan

Health Insurance is very important for senior citizens. They are the ones who are most at risk of diseases, illnesses, medical emergencies, etc. Good health insurance safeguards them from the financial implications of any such event

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Buy Corona Kavach Policy to Protect Yourself

Buy Corona Kavach Health Insurance Policy online for COVID-19 to safeguard your family members from hospitalization expenses arising due to Coronavirus. Get cover of corona treatment expenses & handle medical expenses with ease.

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Best Health and Medical Insurance in plans

Health insurance plans & medical insurance offer financial coverage with cashless treatment at a large network of hospitals. Click here to buy the best health insurance policy for you and your family.

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Health Insurance is among the most trusted health insurance companies in India which offer different types of health & medical insurance to families, individuals. Visit for more information.