Budgeting for family health insurance: Finding affordable coverage

Investing in family health insurance is a wise choice if you want coverage against emergency medical and hospitalisation expenses for yourself and your family members under a single plan. While this policy type offers great value for its price, many look at it as an avoidable expenditure. But, one shouldn’t make compromises for the safety and well-being of their loved ones as life can be unpredictable. In this article, we will discuss how you can find family health insurance with proper coverage in a budget-friendly price tag.

Factors affecting premiums for family health insurance plans:

Before going into further explanation, it is important to understand the factors that mainly affect the overall premium of family health insurance policies. Here are some general factors that influence the premium of mediclaim in India:

1. Family size: The size of a family has a great impact on the premium of the policy. Every time a new member is added to the family health insurance plan, the cost of the policy goes up.

2. Age of eldest member: Another main factor that is considered when deciding family health insurance premiums is the age of the eldest member to be covered under the policy.

3. Choice of cover: In addition, the choice of sum insured and riders (if any) you pick directly influences the price of the health insurance plans for the family.

4. Geographical location: If the applicant’s family resides in an accident-prone or polluted area, the premium charged for family health insurance is usually high due to the increased risk.

Tips to find affordable health insurance coverage for your family

Now that you understand what affects the family health insurance premiums, here’s how you can find a suitable policy with adequate coverage in a budget:

Carefully assess your family’s health care needs:

One of the first things you must do before purchasing family health insurance is take sufficient time to assess your family’s medical history and joint health care needs. Consider going for a sum insured that would cover your health care needs, helping you avoid overspending. Also, for instance, if it makes more sense to purchase separate medical insurance for parents, you can do so after the assessment.

Pick riders carefully:

While riders can offer great benefits for an added cost, it is best to only pick the options that you truly need. Otherwise, it can cause your policy premium to skyrocket. A few examples of good riders to pick include critical illness insurance riders, personal accident insurance riders, etc. Note that personal accident insurance can be purchased as a standalone plan, while some health insurance providers offer it as an add-on or rider.

Evaluate your budget:

It is recommended to evaluate your budget prior to buying family health insurance. This way, you can adjust your expenditures in other sectors to set a static value aside, which you can use to invest in proper family health insurance.

Compare online:

Online comparison of different family health insurance plans and insurers is a great way to find good coverage in an affordable range. It is recommended to look for a plan that offers a decent value for the money spent.

Conclusion:

In conclusion, buying family health insurance is a great move, and with the right steps, you can find ideal coverage for a reasonable cost. If you are in the market for health care plans for your family, consider buying family health insurance from Zurich Kotak General Insurance.