From Parents to Children, Find the Best Health Insurance Plans for Family in 2024
Deciding among the types of health insurance plans can be a bit difficult. With medical expenses rising rapidly every year, it is imperative to buy a health plan. In the section below, we'll check out the numerous health policies you can consider when buying one in 2024.
Different Types of Health Insurance Plans
1. Individual Health Insurance
These policies cover just the individual policyholder. So, individual plans could work if you want separate covers for each family member. The premiums are lower than family plans since they cover only one person's hospitalization expenses. However, these policies do not cover your spouse, children, or dependents. If any other family members need to be insured, you must purchase additional individual policies. While economical, individual health plans only cater to the policyholder's hospitalization needs.
2. Family Floater Health Insurance
The most commonly opted family plan lets you cover spouse, kids, and parents under one policy at an overall sum insured. Floater plans are more economical and enable the family to share the total coverage. The entire family shares a total sum insured limit, making this a much more economical option than buying separate individual covers. These health insurance plans for family provide comprehensive coverage for hospitalization expenses incurred by any insured family member while minimizing the premium outgo. This shared coverage approach enables your family to pool resources and get insured under one floater plan.
3. Senior Citizen Health Insurance
Specialist policies for elderly above 60 years provide coverage typically until 80 years or older. Premiums are higher due to age. You can purchase this plan once a regular family floater plan becomes difficult to renew. Senior citizen plans provide continued health coverage typically until 80 years or more, even if you have existing health issues. The premiums are higher compared to regular policies due to the advanced age. For elderly parents who require frequent hospital visits, senior citizen plans ensure you remain adequately covered and don't have to worry about renewals or claim settlements.
4. Critical Illness Insurance
This is a type of insurance that can be helpful during in case you are diagnosed with a critical illness. It lowers stress levels by paying out a lump sum to your insured loved one who is suffering from the disease. So, that payout becomes a financial cushion when you desperately need it. You can use it to cover massive medical bills, pay for home care, manage childcare costs, replace lost income - anything to lessen the financial blow.
5. Hospital Cash Insurance
Hospital cash insurance provides financial assistance by paying a fixed daily cash benefit when you are hospitalized. This coverage is useful for paying many out-of-pocket expenses that regular health insurance doesn't cover - like transport costs of family members, meals at the hospital, attendant charges, and more. This daily allowance takes care of sundry expenses, so you don't have to dip into savings during a medical emergency. Many health insurance companies offer hospital cash as an add-on cover to supplement your existing policy. Having this additional buffer can provide the much-needed financial relief.
6. Policies Covering Pre-existing Diseases
Unlike regular policies, health insurance for parents can cover pre-existing conditions right from the first year. Specially relevant for families having members with health issues. These inclusive plans are extremely useful for families with health problems or chronic ailments requiring regular treatment. By covering their existing illnesses right from the first year (depending upon the terms and conditions of the plan), these policies provide much-needed financial relief and continuity of care for those with pre-existing conditions.
7. Top-up Health Insurance
Provides additional cover once your base policy limit is exhausted. Offers higher coverage at relatively lower premiums.
8. Super Top-up Health Insurance
It is useful to get higher coverage for major illnesses at affordable premiums. Once expenses exceed the threshold, the super top-up covers additional expenses incurred.
9. Group Health Insurance
Covers offered by employers for employees and their families under one corporate policy. Serves as extra coverage if your policy has low sum insured.
10. Government Health Schemes
Schemes like PM Jan Arogya Yojana provide basic hospitalization coverage at low premiums for economically weaker sections based on eligibility.
Look at your family's medical history, age profile, lifestyle diseases, etc., to arrive at an optimal sum insured. For better financial protection, go for higher covers of 10-15 lakhs or more.
Key Benefits of Buying Family Health Insurance from ACKO
ACKO scores high when it comes to family health policies. Here are some stand-out features:
- Comprehensive covers for family at reasonable premiums
- Super top-up plans to enhance existing health insurance
- 13,400+ networked hospitals for cashless hospitalization
- Fast claim processing and document submission via the app
- Claim amount credited to your account quickly
- Life-long renewals
- Tax savings of up to ₹75,000 under Section 80D
The Bottom Line
Taking adequate family health coverage from reliable insurers like ACKO ensures you have financial backup and peace of mind. Do your research and buy the policy that best secures your family's future.
