Why is it important for working couples to have a health insurance policy? What to look while buying a health plan for you and your spouse? Read here to know.
Know next to nothing about health insurance plan for your family? Sadly, the fact is, not many of you know that buying a good health insurance plan for your families would help you safeguard from the financial risks of serious sicknesses. If you and your spouse are employed it is essential to buy a health insurance plan that will help you save a lot of bucks on medical expenses and keep your savings intact. The market is however choked with hundreds of products thereby making you confused which product to opt for! Trust, you will definitely value the peace of mind you get by having a good health insurance plan.
Now that you know medical emergencies can bite you like a mad dog irrelevant of the age, sex and lifestyle you lead, it is important to be prepared for such circumstances. Besides, giving you a financial cover, health insurance policies also gives you an opportunity to save tax under Section 80D of the Income tax act. Which again acts as a savior.
Let’s peep into the important factors that need to be considered to buy a health insurance plan for your family.
Here, we assumed that you’ll are young couple, you being 30 years old and your spouse 28.
- Analyze your requirement
Analyze the needs of you and your spouse. Don’t just get attracted towards a plan with the features of the policy and the low premium that it charges. Every individual would have different health care requirements. Therefore, do the mandatory check considering the health needs of your family.
- Check the benefits of the policy closely
Make sure you check the benefits of the health insurance for your family you oft for. Mostly all plans offer cashless benefit. Cashless facility means you don’t have to spend money from your pocket if you get hospitalized in the network hospitals that the plan offers. You may get benefits like free health checkup, domiciliary treatment etc.
For example, there are certain procedures like cataract, kidney stone removal and appendix removal that may not require 24 hours hospitalization, which thereby are covered under day care procedures. Also, there are certain plans that provide approximately Rs.500- Rs.1500 per day for about 7 days for small expenses. So, check for daily cash allowance facility that will be of help.
- Sum insured should be sufficient
You need to work out the needs of your family’s medical expenses and healthcare needs before buying a health insurance plan. An adequate sum insured will help you safeguard your savings that would remain untouched during medical emergencies.
For example, you opt for a family floater plan for Rs.3 lakh for you and your spouse. However you meet with an accident which leads to hospitalization thereby shooting up a hefty amount of Rs.3.75 lakh. In this case, your savings would be in trouble since the plan that you choose would protect you with the sum insured being only Rs.3 lakh.
Therefore, it is important to choose the sum insured wisely.
- Opt for a policy that helps you save
If you are in pink of your health and do not claim in a year, the insurance company rewards you with a discount called as No claim bonus. This helps you with extra cover in the next year. There are some health insurance plans like Hdfc Ergo health insurance that offers No claim bonus of up to maximum of 50% of sum insured.
For example, you have a health insurance policy with a sum insured of Rs.4 lakh, with a 5% increment. Then, for the 1st claim free year you will be entitled for sum insured of Rs.4.20 lakh which is calculated as Rs.4 lakh + 5% NCB = Rs.4.2 lakh. Which means your sum insured would increase from Rs.4 lakh to Rs.4.2 lakh.
For the 2nd claim free year again you will be entitled for another 5% bonus which will hike your sum insured from Rs.4.2 lakh to Rs.4.41 lakh which is calculated as Rs.4.2 lakh + (5% of Rs.4 lakh= 20,000 ) = Rs.4.4 lakh.
- Identify the must have features
You can’t avoid medical emergencies, however it is better to be prepared always. Certain medical contingencies can be anticipated.
For example, if in case of any major organ transplant and if there is a requirement of an organ donor, hospitalization charges for the organ donor are covered in some plans. However the cost of finding a donor is not covered. Also, check if your plan offers free health check-up.
Certain plans like Religare health insurance policy offers free health check-up yearly.
- Know your share
It is important to know your share of payment in which you pay a certain percentage of a medical service. Co-pay is nothing but your share on the final payable claim amount that you have to bear. Insurer will deduct your share and then settle the claim. It’s better to have a no co-pay plan. Most plans have a copay for older ages. When you are hospitalized, small co-pays can add up. It is not worth, when you go for an expensive treatment and you end up paying a hefty amount as your share. Most of the plans in market are no co-pay if you buy the plan when you are young.
For example, if your health insurance policy has a clause of co-pay at 20% and your total hospitalization expenses have summed up to Rs.2 lakh, you will then have to pay Rs.40,000 as your share which is calculated as Rs.2 lakh* 20% = Rs.40,000 .
- Don’t overlook the premium
The extent of the coverage of a policy is very important than the premium you choose to pay. Why pay a lower premium with an intention to save rather than pay a decent premium and enjoy benefits of a good health insurance for your family.
For example, you may choose a plan with a lower premium at the cost of providing adequate cover. You may then feel the pinch of not opting for a higher premium with better coverage. It is always advisable to go for a plan with higher benefits, even if the premiums are higher as compared to a normal basic plan.
- Compare the quotes
If you want to make the most out of your health insurance plan, it is necessary you compare the quotes with at least 6 to 7 different insurance companies. The research is mandatory for you to choose a plan as per your requirement and ensure yourself that you are in safe hands. Explore the various options before you finally pen down on one!
Getting married is a major phase in one’s life. However living happily married while working hard to maintain a healthy lifestyle is like achieving a milestone. Therefore, make sure you consider all the above mentioned factors to get a perfect health insurance for you and your beloved!