How to choose a health insurance plan for your family


Most of us envision and work towards a secure future for our family. There are different aspects to ensure the future of our family and health is one of the most important factors. Despite various measures that many of us undertake to ensure a balanced and healthy life, accidents and health emergencies are sometimes unavoidable and it is advisable to be prepared with the right health insurance for such scenarios.

Covid 19 has highlighted the need to be financially prepared for unforeseen circumstances. A suitable health insurance plan allows us to benefit from quality health facilities without having to face a financial crisis.

Although the decision to purchase a health insurance policy is easy to make, it is essential to consider a few factors in order to purchase adequate and comprehensive health insurance. There are some things we all need to keep in mind when deciding to purchase health insurance:

The right policy- There are several variants of health insurance in the market that cater to different age groups, financial status, life stages and propensity for health problems. It is therefore important to conduct thorough research before making a final decision. Find the right information, understand what works best for different family members, and then make the decision. For example, an indemnity plan is the basic health insurance plan that can be combined with certain riders like employee benefit insurance or daily hospital cash, depending on your lifestyle. If necessary, consult the representative of the insurance company or an insurance intermediary such as an agent who can guide you in this exercise.

Family float- This covers your immediate family, including your spouse and children, with one annual payment. Even in the event of multiple hospitalizations during the year, all family members can benefit from the benefits of the contract within the limit of the insured capital. Additionally, under Section 80D of the Income Tax Act, you may claim tax savings of up to 25,000 each year. The main advantage of a family floating health insurance policy is that it provides coverage for all family members with relatively affordable premiums. If a family member becomes ill, the full value of the insurance policy can be used to pay for their care. Family Floater offers multiple benefits in one plan. Using floating health insurance plans for your family can help keep you stress free.

Sum insured and premium – It is important to understand that the amount of premium you pay can impact the medical coverage you receive. Calculating your health insurance premium can help you make an informed decision when selecting the best health insurance plan for your family. Decide on a sum insured accordingly and review it periodically. You can also purchase add-on packages if needed.

Limits and sub-limits – Some plans may have limitations on treatment coverage and an additional sublimit such as capping certain coverages such as sublimits on room rent and AYUSH treatment. Opting for plans that have no or fewer limits and sub-limits is ideal while choosing a plan for your family.

LIST OF NETWORK HOSPITALS – Check the list of hospitals in the network that offer cashless services, it can be a great help in case of emergency treatments when you are not prepared for sudden expenses.

Choose the right health insurance plan to ensure that your finances are least affected during a health emergency and that such situations do not turn into a financial crisis.

Mr. Subramanyam Brahmajosyula, Manager – Reinsurance and Product Development, SBI General Insurance.

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