How to ensure the health of your child with a good insurance plan?
Securing the future of their children is a top priority for every parent. Parents are constantly striving to satisfy all their desires and protect them from any untoward incident and circumstance. In addition to taking care of their daily needs, securing their future is also vital.
Parents are extremely vigilant about everything related to the health of their children. They pay attention to their diet, 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. In order for financial stress to be the least of your worries in such circumstances, it is crucial that you opt for health coverage for your children. A cost effective way to provide health coverage for your children is to purchase a Floating Family Comprehensive Health Insurance plan.
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 floating family plan, the premium and the insured amount are determined by the age of the oldest member of the insured family. Therefore, if you are a young couple in your twenties or thirties with a child, now would be the best time to go for a family floating plan. The premium for a young family is significantly lower for a higher level of coverage. If a new family member arrives, you can increase the amount of coverage 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 to 25 may be covered by a floating family plan, depending on the insurer and the plan provisions.
Benefits of a family float
By paying just one annual payment, you can provide comprehensive coverage for your entire family, including your husband and children. Even if there are several hospitalizations during the year, all members of the family can benefit from the benefits of the contract up to the sum insured. In addition, under section 80D of the Income Tax Act, you can claim tax savings of up to Rs 25,000 each year.
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 comprehensive plan, in addition to basic medical costs incurred during hospitalization, medical transport allowances, pre-hospitalization and post-hospitalization costs are covered.
Below are some tips you can take into account when selecting a family floating plan:
Choose the right amount of insurance
To help you deal with any medical emergency, always choose a plan that offers optimal health coverage and a sum insured according to your needs. Medical inflation drives up healthcare costs, so you’ll need enough insurance to keep up with the rising costs. Make sure you choose the optimal combination of benefits and face amount that also fits your budget so that you don’t have to dip into your savings in an emergency and keep them for your children’s future.
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 have an impact on 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.
Conditions that are not covered by health insurance are called exclusions. It’s a good idea to review all of the exclusions in your policy before you even make a purchase decision. Therefore, you should choose a plan that offers full coverage with few exclusions.
Check the age criteria
Age plays a crucial role while opting for health insurance. It is better to invest in a health insurance plan suitable for 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 responsible for reinsurance and product development at SBI General Insurance. Opinions expressed are personal
(Edited by : Anshul)
First publication: STI