Married? Here are 7 changes to consider in your Health Insurance Plan
Published on Sept 15, 2020. EST READ TIME: 5 MIN
There is a saying that marriage halves our griefs, doubles our joys, and quadruples our expenses. Well, when it comes to expenses, these also include medical bills. So, if you are planning to exchange vows and enter marital bliss, you should think about making some changes to your health insurance policy. Marriage will add to your family size, which will grow further if you plan to have a baby soon. Considering these changes, you might want to go for a health insurance policy for family , increase your sum assured, or might even want to port to a different insurer. Let us discuss the major changes you need to consider in your health insurance plan post-marriage to save yourself from financial losses in case of medical emergencies.
Here are 7 major changes that should be made in your health insurance plan after marriage:
Change in Insurance Plan: Pre-marriage insurance plans are usually individual plans, covering a single policyholder (apart from parental coverage if required). Post-marriage, health insurance plans usually culminate into a family health insurance plan or family floater plan where it extends to your spouse and in future, children as well.
Change in Insurance Cover Type: If you have an individual health policy for yourself, it will cover only your treatments and health requirements. But after marriage, if you want to include your family members, the new insurance plan has to be changed so that all members of the family are covered. The family health insurance plan will cover your spouse as well as your children or parents if required.
Change in Annual Premiums: The premium between an individual health plan and a family insurance plan is quite different. Your post-marriage, family health plan is bound to have a higher annual premium than your pre-marriage individual health plan, thanks to the change in age and lifestyle that comes along with a married status.
Additions to Health Plan: Marriage brings in a lot of physical and psychological changes. Chances are that your health, as the time passes, will be different from what it was when you were single. Post marriage, you need to analyse your health requirements, your genetics and lifestyle to customise your existing health plan and make it more feasible for yourself. You can talk to a health insurance provider and personalise your policy as needed.
Maternity Cover: Many couples are advised to include maternity cover in their existing health plans if they are planning on raising a family in the future. This is a major change that many individuals planning on marriage need to incorporate in their health plans. The waiting period for maternity cover usually ranges from 0 to 4 years and if you raise a claim during the waiting period, it will not be settled.
Upgrade Your Health Plan: Your current insurance provider may be a great option for a single plan and can also accommodate your spouse now. However, for this, you have to upgrade your existing plan for more coverage and to include more members. You can talk to your insurance provider to include add-ons and new clauses to help create a health plan that is more customized for you and your partner.
You Might Change Your Health Insurance Provider: Not all health insurance providers have the same policy or coverage. Post marriage, you might consider extra benefits, which your current provider might not have a scope for. As a result, you might end up changing your current insurance provider to accommodate the change. Before getting health insurance policyonline , you need to do research that will help you get a more feasible plan for you and your partner.
Marriage is a big step and it is important to ensure that you plan and prepare for a future together and this includes getting a robust health insurance policy for family. With so many plans, features and options available, it is advised that you do thorough research before zeroing in the right family health insurance plan.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.