New Delhi: The COVID-19 pandemic has turned the world upside down, causing a paradigm shift in the lifestyle of people. Take the instance of health insurance, prior to COVID, most people depended on their employer-sponsored health insurance coverage or invested in a basic plan to save taxes.


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However, with the onslaught of COVID-19 and the consequent loss of employment, salary cuts, financial uncertainties, the mindset has completely changed.


Post COVID, there has been a surge in demand for comprehensive family health insurance plans. The narrative has changed from buying any policy to buying the best policy.


In times when the average cost of private hospitalization has reached Rs 31,845 (Source: Union ministry of statistics and programme implementation) for a single day, and illnesses are on the rise, a health insurance policy has become an indispensable part of an individual’s portfolio.


Health is wealth and to nurture it, a health insurance policy is needed which allows you to opt for quality healthcare facilities. Moreover, when we talk about health insurance plans, a family floater plan should be the ideal choice.


Family health insurance plans are family-centric plans. They cover all your family members under one policy. If any member falls ill and needs medical assistance, the family floater policy pays for the hospitalization costs.


Looking for reasons to invest in a family floater policy? Here are 5 aspects to ponder on -


1. You can cover your entire family under the same plan such as you, your spouse, dependent children as well as your dependent parents. Some plans even allow coverage for extended relations too like parents-in-law, grandparents, uncles, aunts, nephews, siblings, nieces, etc. In fact, new members can be added and deleted very easily.


2. It is usually cheaper compared to buying an independent plan for each member of the family.


3. It is a lesser hassle as you do not need to worry about multiple renewal dates, service issues, etc.


4. The premium that you pay makes you eligible for a deduction under Section 80D. The deduction limit is Rs 25,000 or Rs 50,000 if you are a senior citizen. There is additional coverage for premiums paid towards parents.


5. Under a family floater policy, the entire cover can be shared by all members without restriction.


Should parents be included in your family floater plan?


Although a family floater policy usually allows coverage for your dependent parents, it is better to opt for separate coverage for them. It is because by adding parents, the premium increases since the floater premium is computed using the age of the eldest member. Moreover, there might be coverage restrictions considering your parents’ higher health risk. Also, your parents might make frequent claims on the policy which would take away your no claim bonus.


Would you rather be exposed to the financial uncertainties of illnesses or have the security of a health insurance plan? Think about it!


(Expert comment by Dhirendra Mahyavanshi, Co-Founder & CEO, Turtlemint [an InsurTech Company]).


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