Mediclaim policy - Individual vs. Family
We’ve often heard of the phrase, “Health is Wealth”. This is true now more than ever. Uncertainties are a part of life and we need to be prepared for everything. With the constantly increasing prices of healthcare in our country, the ever rising number of lifestyle related diseases, and hospitalisation expenses, mediclaim insurance is a necessity. It can prevent financial stress at times of medical emergencies.
Buying a health insurance policy will offer you benefits:
- Offers peace of mind as it eliminates out-of-pocket expenses and offers cashless hospitalisation facility
- A cost-effective way of combat increasing healthcare costs.
- Offers individual as well as family floater mediclaim policies
- Income tax benefits help you to save on tax under Section 80D of the Income Tax Act, 1961.
When buying a health insurance plan, you will ideally have to choose between an Individual Health Insurance and a Family Health Insurance.
Individual health insurance offers medical coverage to an individual sum insured basis. It is a type of health insurance plan that needs to be purchased separately for each family member. Family health insurance secures the entire family with unified protection. This includes the spouse, dependent children, and dependent parents.
One should choose any of the two health insurance options depending on his/her need. For instance, if you have little kids, then having a family floater health insurance plan is better as they offer better cover for lower cost than multiple individual plans. But in case any member of your family has a major history of chronic issues, then buying an individual policy for them would be more helpful as the cost of treatment may be very high.
Your insurance premium will be low if you opt for a family floater policy, as both the premium and the total sum insured are shared among the family members.
For instance, if your insurance plan comes with Rs 10 lakh cover, and if a family member gets hospitalised, the entire amount can be used. If the amount is less than that, the remaining amount can be used by other family members during a different medical emergency. Family health insurance is beneficial for couples and nuclear families. While a mediclaim policy for families can be cost-effective and offer more flexibility in an insurance claim, an individual health insurance plan offers more extensive coverage as the whole sum insured is for one person only.
If you’re going to buy a family health plan, then opt for a higher sum insured to make sure that the total sum insured is sufficient for all family members. If you are buying an individual health insurance plan for a member in your family, make sure you opt for relevant add-ons for them.
Once you decide the requirements, do your research online and talk to family and friends about their experience with different brands. You can also check insurers’ reviews online. It is advisable to compare and buy a mediclaim policy for family or for yourself as an individual, based on your requirement.
Links
