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Tuesday, October 20, 2020

6 things to keep in mind before buying a family health insurance policy

The COVID-19 led lockdown and the subsequent self-isolation, and social distancing has certainly taught us one thing – the importance to take care of our health in difficult times. The critical times we live in has made it imperative to realise and acknowledge the importance of our own health as well as that of our loved ones by having an all-inclusive health insurance policy.

But the immediate question that comes to your mind when you think of a health insurance policy is whether you should opt for individual policy or a policy for the whole family?

Let’s have a look at the important factors that will help you in deciding what the best protection for yourself and your family is. You must keep in mind the following 6 points before buying a family health insurance policy.

1. What should be your choice? Individual policy or a floater policy?

Our generation lives amidst disruptive lifestyle changes, medical inflation, and chronic diseases. And without a suitable health insurance policy, it could be intimidating if you or your family members fall sick. If you don’t have a proper health insurance policy, it could be even more daunting. If you are single, you could opt for individual policy. But if you have a family or are planning a family soon, with elderly parents dependent on you, it is advisable that you have a comprehensive family floater policy.

2. What makes a floater plan lucrative?

If you want to insure your entire family in a single policy umbrella, family floater is your best bet. While the policy includes all members of your family in a single policy umbrella, it is easier to manage too. Family floater plans are collective policy plans and more cost effective than an individual cover. It becomes an efficient option when you want to include your parents as compared to individual senior citizen’s health plans. Family floater plans are also best suited to those who have just got married and are planning to start a family. From the host of insurance policies available in the market, an insurance plan that distinctively stands out is the Max Bupa’ ReAssure – Family Health Insurance Plan. It will come in as a one-stop solution for your entire family’s health insurance needs. It is ideal for a family of 6 members. The policy cover starts from Rs 3 lakh and goes up to Rs 1 crore while the premium starts as low as Rs 9,111 per year for an individual plan.

3. Choose your insurance companies wisely

When it comes to choosing a preferred health insurance plan, it is also important that you choose the insurer wisely. Features like hospitalisation, inclusion of illnesses and critical illness play a major role. Hence, you must make sure that the company you are choosing is offering you the desired services. The insurance market is flooded with companies promising you big, however, it only boils down to the final test –whether or not these companies keep their word or stands by your side when you actually need them. Max Bupa’ ReAssure has all the features that you could be looking for. It gives you Full Covid-19 Cover. It also includes modern treatments, thus giving coverage for surgeries like oral chemotherapy, deep-brain stimulation etc. The plan also includes Alternative treatment, enabling you access to coverage for even Ayurvedic, Unani, Siddha and Homeopathic treatments.

4. Claim settlement, pre and post hospitalisation benefits

Before opting for a policy, you must be aware of some nitty-gritties around it. Major aspects like claim settlement period, day care facilities, pre and post hospitalisation benefits are crucial determinants of having your insurance. Although a medical check-up is usually not needed for renewal of policies, it may be necessary when you sign up for a new health insurance policy. This not only ensures a speedy and efficient support, but also helps in faster settlement of claims. Max Bupa’s ReAssure plan lets you avail health check-up for all insured members starting from Day 1. Customers can get assured renewal of the policy for life with no extra loadings based on their claim history. All Day-Care Treatments are covered that include a host of ENT, radiotherapy, dialysis and other listed procedures. The policy will cover pre and post hospitalisation expenses as well for all admissible hospitalisation claims.

5. Tax Implications or Tax Benefits

Last but not the least is the Tax Benefit that you can claim during filing of your Income Tax Return. You can saves taxes on the premium paid under section 80D of the income tax act. However, this is also true that tax benefits are just one of the many perks which come with buying insurance. Although it is true that premium paid for health insurance can be claimed for deduction under section 80D of the Income Tax Act, you must not buy a policy just keeping the tax benefits in mind.

6. Salaried or self-employed individuals

Both salaried and self-employed individuals must keep in mind an important point. If you are a salaried individual, it is obvious that you might have covered yourself and your family members under a corporate plan. However, a family floater plan over and above your corporate plan becomes extremely important if your corporate plan doesn’t offer a cover to your parents, or even when you are out of job or switching jobs. It is this time gap where your corporate insurance does not cover you or your family. For self-employed individuals, a family floater plan is one that will keep your entire family covered. A health emergency is something that always comes unannounced.

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