Getting health coverage for you and your family is now more important than ever. Changing times and a more sedentary lifestyle have made health insurance a key need for a growing family.
As healthcare costs continue to rise, getting your health coverage early is key. The financial impact of an unexpected medical cost or accident could result in a family losing all their savings, but if you get medical insurance before this happens, your premiums will be much more manageable and you’ll be covered.
If you’re shopping for a plan, it’s important to consider what you can afford for your family’s finances. You’ll want to get the best plan for your family, while still finding something that won’t be prohibitively expensive. When choosing a health insurance plan, it’s important to consider things like Incurred Claims Ratio, Sum Insured, and pre and post-hospitalization expenses. More expensive plans will offer more comprehensive coverage but will end up costing you more in premiums.
If you’re short on cash but big on need, here are five health insurance plans for family that your money can buy in India:
1. Base Health Insurance Plan
These plans often come in different variants that graduate to higher costs that offer more options and programs. These more affordable plans will usually start around ₹ 13352 /Yr in premiums. Coverage starts from ₹ 4 lakh to ₹ 25 lakh and covers up to 2 children and 2 adults. These plans often offer discounts for enrolling when you’re young and healthy and offer perks like all-day care treatments and health coaches.
2. Plans That Offer Perks, While Still Being Affordable
These plans offer more choices for families and offer variations on different plans to accommodate your growing family and your specific needs. These plans start from ₹ 3 lakh to ₹ 4 lakh and premiums start from ₹ 5085 /Yr. Different plans offer different perks like alternative treatments, no claim bonuses, and pre-and post-hospitalization. Keep in mind that as the coverage goes up, so do the cost.
3. Comprehensive Plans
If you’re looking for a plan that will cover everyone in your family through a variety of life’s phases, then a comprehensive life insurance plan might be for you. The Health Premia plan may offer things like international emergency coverage and up to ₹ 2,00,000/- for maternity benefits. Like other plans, these have different versions with different coverage amounts based on your premiums. Coverage starts from 1 to 2₹ lakh up to ₹ 1 crore with a minimum of 5₹ lakh for a family, considering rising health costs. It gives you OPD consultations, maternity, and newborn coverage, and loyalty bonuses.
4. Top-up Plans
If you need to enhance your existing health coverage, then a top-up plan might be just the thing for you and your family. Coverage starts from ₹ 2 lakh to ₹ 95 lakh and annual premiums start from ₹ 3762 per year with deductible as per needs. Plans like this can offer you discounts for things like pharmacy and diagnostic services, unlimited e-consultations, and up to Rs. 1,500 per hospitalization.
5. Travel Included Plans
If your family plans on traveling and you want to keep them protected then a health insurance plan that has in-built travel coverage is key. This will prevent you from running into any health issues overseas that might not be covered. Beyond health coverage, this can also include coverage for lost baggage or trips unexpectedly canceled.