Navigating the insurance landscape is crucial when you grow your family and wish to protect it forever. Everyone in your family, starting from yourself, has varying health needs. Instead of buying separate health insurance for each family member and paying multiple premiums, you can consolidate the benefits, and everyone can get the same protection under a single plan. For isntance, ACKO offers Standard and Platinum Plans that cover up to 10 family members under one plan. You can buy this plan by visiting acko.com. In this blog, we will understand family health insurance and its benefits.
What is Family Health Insurance?
Individual health insurance protects only the insured person. If the policy is under your name and you pay the premium, generally, the policy will cover only the named person.
Family health insurance will also be under your name, and you are the insured person paying the premium. However, you can add dependents to your family to extend their coverage and benefits. You can add your spouse, kids, and parents to your insurance policy. Some insurers also allow you to add siblings and in-laws too. The key benefits of buying a single insurance policy for all members are:
Comprehensive coverage for everyone in the family
All members share the coverage benefits and get them when needed
Lower premium with a single policy compared to multiple policies for everyone in the family
Factors to Consider For Family Health Insurance
The best insurance for your family is the one that fits your family's needs. Some of the factors to consider before choosing a policy are:
Individual healthcare needs - Assess your family's healthcare needs and ensure they are met with a single policy. If someone in your family has unique needs, consider buying a separate policy for them.
Shared sum insured – With family insurance, there will be one sum insured. This is the cumulative amount of medical expenses that your insurer will pay out. It is shared by everyone in the family. If one of your family members is admitted to a hospital for which you have made a claim in a policy year, the other members can only get benefits based on the remaining sum insured. Once you exhaust the sum insured within a year, there will be no insurance coverage for the remaining policy period.
Flexibility to add members – Ensure that your chosen policy allows you to add family members any time you want, even in the middle of a policy year. This way, you can ensure protection for all your loved ones.
Explore additional covers – Ride-on covers for family insurance can increase the premium. However, purchasing necessary add-ons can extend coverage benefits. For example, when you add your parents to your health insurance policy, getting coverage for prescription medication will help you to cover their ongoing medical expenses. Maternity cover for your wife when you plan to add kids to your family will reduce the financial burden of prenatal and postnatal hospital costs.
Understand the waiting period – Every insurance policy has a conditional waiting period that differs with illnesses. Some insurers mandate waiting periods for everyone, while you can also find family health insurance plans with zero waiting periods. Knowing this is crucial, especially when someone in your family has one of the pre-existing diseases (PEDs) outlined by the policy.
Take Away
With single-family health insurance, you can get coverage benefits for everyone in the family. The chances of everyone in the family getting sick and exhausting the entire sum insured within the same year are highly unlikely. Also, the insurer will offer courage for multiple family members if they fall ill at the same time. Innovative plans come with lifetime renewability, allowing you to enjoy the health benefits throughout your life.
Your family deserves the best protection for a secure future. Explore the family health insurance policy from ACKO that ensures medical and financial security for all.
