Today, insurance is not just an optional backup plan anymore. It is more like a necessity, due to skyrocketing treatment costs. Moreover, due to a notable spurt in the cases of major illnesses, the chances of requiring an insured about has increased too. More and more people have been looking for the best family health insurance plans due to this reason. There are a variety of insurance plans available for family, such as:
Group health insurance
Family Floater
Critical insurance cover
Many companies provide their employees with insurance cover, where the employees can include their families too. However, this isn’t usually enough to cover all the expenses.
How can one get coverage for his/her family from a group health insurance plan?
In case if you are covered by an insurance plan from your employer, you should usually be able to extend the coverage for your family members too. Most of the leading insurers provide this service in lieu of an added premium. This is a viable option as:
The added premium doesn’t cost too much
It often covers pre-existing ailments too
However, group health insurance does have certain drawbacks too, like:
You and your family would lose the cover in case if you leave or lose the job
If your employer provides one of the cheaper insurance plans, it might not provide enough coverage.
As the insurance would be documented in the name of the company, you wouldn’t have much control over it.
This is why individuals should go for family floater plans and critical illness cover.
What is a family floater plan?
A family floater plan provides health insurance policy for family, covering all the members. This is the most common family insurance policy due to its coverage. Family-floaters plan requires the policyholders to pay a single premium amount. The size of this premium is dependent on the age of the eldest family member.
What is a critical illness cover?
As the name suggests, this type of insurance plan covers the expenses for the critical illnesses. In case of your family is covered by such a plan and one of the family members is diagnosed with a critical illness, the insurer would pay a lumpsum amount of money. Critical illness insurance covers major life-threatening diseases like:
Stroke
Heart diseases
Cancer
End-stage renal disease
Major burns
Kidney failure and more
It is wise to opt for a critical illness plan as these medical conditions are typically very high to treat and a standard health insurance might not be enough.
Which type of insurance would be perfect for you?
It is evident that all these three types of health insurance plans for family have their own advantages and disadvantages. The wisest choice would be to opt for a combination of these plans. You may keep your group health insurance cover as a backup plan as it is cheap and usually comes with various added perks. The coverage of pre-existing conditions is an extra benefit.
Critical illness plans, on the other hand, do not usually cover pre-existing conditions. However, the large insured sum these offer in case of critical illnesses would come handy in times of need. Picking a family-floater plan would provide your family with all-round protection. It would cover most of the ailments and is perfect for families with small kids.
How can you provide your family with the necessary cover at an affordable cost?
Buying multiple insurance plans can be quite expensive. You may explore the various options offered by Vital, as these are relatively affordable and quite pocket friendly. Vital offers several added perks like:
Monthly EMIs for paying premiums
Special offers on medical procedures, tests, consultations, etc.
A wide range of wellness packages
Evidently, you cannot ignore the need for providing your family with adequate insurance cover. It is best to explore all your options and find a set of plans which provides all-round coverage while being affordable.