How To Choose Health Insurance Plans For Family In Tough Times

Posted by amrina alshaikh on July 10th, 2021

The menace of the Coronavirus notwithstanding, we live in touch economic times. As financial uncertainty rises, most people have purchased health insurance plans to cover their families in times of medical emergencies.

Most people have already purchased either the Corona Kavach or Corona Rakshak health insurance plans. These plans pay the hospital expenses of those who require treatment for the Coronavirus. While the Corona Kavach policy includes the entire family, the Corona Rakshak policy is an individual health plan.

But are these enough? The costs of living rise every year, and inflation serves to make health even dearer than it already is. Are you equipped to pay these costs at a moment’s notice? Consider 3 ways to protect your own and your family’s health in tough economic times:

#1 Buy health insurance plans for the family.

The Coronavirus pandemic continues to rage around the country, claiming lives and infecting scores of others. It is highly infectious, and if one family member contracts it, it is likely to infect others in the household as well. This means that multiple treatments and potential hospitalisations are likely. You can buy a Corona Rakshak plan for yourself or individual plans for each family member, or a Corona Kavach policy that covers the entire family’s hospitalisation expenses. However, even without the threat of the virus, lifestyle diseases are on the rise and these result in prolonged and expensive treatments later. You might have aged parents whose recurring and chronic health issues cost a lot of money to treat. In view of all these factors, it is important to buy health insurance plan for the family that offers equal coverage to all members whenever needed. Buying family health floater plans insulates the primary breadwinner against rising medical costs in the country, and ensures that each family member has access to quality healthcare in India.

#2 Enhance policy coverage during renewal.

Healthcare costs in India continue to rise exponentially as each year passes. A single hospital stay can set you back by several thousand or even lakhs of Rupees, depending on the extent of the illness and treatment plans outlined by the doctor. It is practically impossible to pay these costs out of pocket, especially if you are ill prepared to meet a medical emergency. Then there is the looming possibility of multiple family members requiring treatment and hospitalisation at the same time – this can happen if there is an accident involving more than one family member, or if one or two family members contract an infectious illness like COVID, for example. The coverage amount that you chose at the time of policy purchase a few years ago may be totally insufficient to pay rising healthcare costs, especially for multiple family members at the same time. You should take the smart route out and enhance the policy coverage when you renew the health insurance plan this year. Enhanced coverage factors in rising inflation and higher living costs per year. Or choose a plan whose coverage is adjusted for inflation. The thumb rule when buying health insurance plans for the family is to choose a coverage amount that is equal to or higher than 10 times your current annual income.

#3 Buy super top-up health insurance.

When buying a health insurance plan for the family, you should account for high coverage amounts without having to pay premiums that you cannot afford, or which burden your income tremendously. Instead of enhancing coverage to the extent that the associated premium becomes unaffordable, you can consider buying a super top health insurance plan to supplement the coverage on your primary insurance plan. For one thing, the premium on this plan is lower than if you were to buy a new plan or enhance its coverage. For another, it helps out when you exhaust the coverage amount on your primary health plan and must pay continue to pay for hospitalisation and treatment. Once the policy coverage is exhausted, you can use the coverage from the super top-up plan. This helps in continuing treatment without a pause and you don’t need to prioritise one family member’s treatment over another. It is most useful for those who fear multiple hospitalisations in one year.