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It brings us joy to see our loved ones in good health. However, because of hectic lives, improper routines, pollution, accidents, and the pandemic, a constant worry about the well-being of your family keeps hovering over you. That is why health insurance plans for families are a top priority. But when buying a health plan, you may have different questions, especially if you have a bigger family. Read on to understand how the size of a family can affect the cost of insurance.
To begin, let us quickly understand how family health insurance works. A health plan, or medical insurance for a family, is a comprehensive plan that provides financial security if any of the family members requires medical assistance that necessitates hospitalisation.
In an individual plan, you opt for a separate sum insured for every family member. In the case of a family floater plan, every member of your immediate family is covered under a single plan. The premium that you pay for a family floater plan is also lower compared to individual health plans.
Suppose you bought a family floater plan with a maximum sum insured of INR 10,00,000. Now imagine your wife needs hospitalisation so that the plan will cover the expenses. There are, however, two scenarios,
1. Your wife’s medical expenses cost half of the sum insured. The rest of the amount can be used for other family members.
2. Your wife’s medical expenses cost the entire INR 10 lakhs. Here, no other family member will be covered in that year, and in need of medical help and hospitalisation, you’ll bear the expenses from your pocket.
If you have a large family, it doesn’t always mean you will have higher medical expenses. Suppose there are four members in your family floater plan and none of them requires hospitalisation during the year. The medical expenses will be lower for them compared to couples who require medical assistance twice a year.
However, if there were more members on the plan, the premium amount would be higher. As per the policy’s terms, your spouse, siblings, children, and parents are likely to be included in the plan. Depending on the insurance provider, a customised plan is offered for couples, couples with one child, couples with two children, and so forth. If you want to add further members to your family floater plan, you will have to pay extra premium money.
Additionally, the age of the policy’s eldest member is a crucial factor in determining the premium amount. This is because the likelihood of acquiring health problems arises with age. That is why the additional premium paid by you for your 10-year-old child is less than the amount you pay for your 33-year-old wife or for your 59-year-old father. Also, if you have a pre-existing medical history in your family, it is a good idea to opt for a higher coverage despite a higher premium because the chances of getting additional coverage would reduce with an increase in age.
Pro Tip: If you have senior citizens as well as children in the same family, it makes sense to opt for separate health insurance plans for the senior citizen for multiple reasons other than the premium consideration.
1. Since the senior members of a family are more likely to fall ill and get hospitalised, you would not lose your no-claim bonus for the rest of the family.
2. The requirements would vary, and senior members would need more customised plans, whereas the younger members would have a completely different health insurance requirement.
The more medical facilities are expanding and improving, the more the price of medicare is increasing enormously. To protect your loved ones and keep them healthy, you must buy a family floater plan to eliminate your financial worries in case of a medical emergency.
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