Securing the future of their children is a top priority for every parent. Parents constantly strive to fulfill all their desires and protect them from any unfortunate incidents and circumstances. Besides taking care of their daily necessities, securing their future is also vital.
Parents are extremely vigilant about everything concerning the health of their children. They are aware of their nutrition, exercise and more. Despite all precautions, the possibilities of health emergencies cannot be overlooked. It is better to be well prepared for such unforeseen circumstances. To ensure that financial stress is the least of your worries in such circumstances, it is crucial to opt for health coverage for your children. A cost-effective way to provide health coverage for your children is to purchase comprehensive family health insurance.
You can secure your child’s future with a floating family health plan and prevent a health emergency from turning into a financial crisis.
The right time to buy a family floating plan
In a family floating plan, the premium and face amount are determined by the age of the oldest insured family member. Therefore, if you are a young couple in your 20s or 30s with a child, now would be the best time to opt for a floating family plan. The premium for a young family is significantly lower for a higher level of cover. If a new family member arrives, you can increase the coverage amount and even add family members to the float.
A floating policy can cover up to two adults and three children. Children up to the age of 18-25 may be covered by a family floating plan, depending on the insurer and plan provisions.
Advantages of a family float
By making one annual payment, you can provide comprehensive coverage for your entire family, including your husband and children. 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 can claim tax savings of up to Rs 25,000 every year.
flexible nature
Multiple benefits with one plan
A floating family health insurance plan can help you and your family get the health coverage you need. In a multi-risk plan, in addition to the basic medical expenses incurred during hospitalization, medical transport allowances, pre-hospitalization and post-hospitalization costs are covered.
Coverage for multiple members
Below are some tips you can consider when selecting a family floating plan:
Choose the appropriate insured amount
To help you deal with any medical emergency, always choose a plan that offers optimal health coverage and sum insured according to your needs. Medical inflation drives up health care costs, so you’ll need adequate sums of insurance to keep pace with rising costs. Make sure you choose the optimal combination of benefits and insured capital that also respects your budget so that you do not have to dip into your savings in the event of an emergency and preserve them for the future of your children.
Choose the right type of coverage
If you have a large family, a floating plan that covers everyone is recommended to avoid separate insurance for each family member. Compared to individual policies, the premium is also lower.
Calculate the premium
It is important to understand that the amount of premium you would be willing to pay could impact the medical coverage you receive. Deciding on your budget in advance can help you make an informed decision when selecting the best health insurance plan for your family.
Check exclusions
Conditions that are not covered by health insurance are called exclusions. It’s a good idea to review all of your policy’s exclusions before you even make a purchase decision. Therefore, you should choose a plan that offers comprehensive coverage with few exclusions.
Check age criteria
Age plays a crucial role while opting for health insurance. It is better to invest in a suitable health insurance plan at a relatively young age so that the cost of the health insurance premium remains low. Thus, it is highly recommended to make a timely investment for a child’s health insurance.
The author, Subramanyam Bhrahmajosyula, is Head of Reinsurance and Product Development at SBI General Insurance. Opinions expressed are personal
(Edited by : Anshul)
First post: STI
