What You Should Know Before Buying Health Insurance Plan for Your Family?

Insurance planning is not easy, especially when it comes to buying a health insurance plan for your family. After all you are putting your most loved ones at stake, hence, you should ensure that the plan you choose is the most suitable one as a single mistake can not only ruin your entire financial planning but also land you in trouble at the time of a medical emergency. Here are some tips for selecting the right medical insurance plan for your family:

HDFC ERGO provides two types of health insurance plans:

  1. Individual Health Policy

This plan is suitable for a single individual. The premium amount of an individual policy is calculated based on the age, medical history, health risks and present health condition of the individual. If you choose an individual health insurance for your family, you have to purchase a separate health insurance for each family member.

  1. Family-Floater Policy

A family-floater plan in health insurance is specially designed to fulfil the health insurance requirements of an entire family. The amount insured can be shared by all family members. The policy is meant for the proposer, spouse, dependent children and dependent parents.

It is no child’s play to buy an insurance plan. Rather, it is an extremely important financial decision. So, how do you make sure that you buy the right plan? Here are two categories of health insurance policies that you can consider to take the right call!

1. For Salaried Employees

If you are a salaried individual, then you may have a health insurance plan as per your employer’s corporate medical insurance policy. While the plan may be covering your entire family, the coverage provided is generally very basic and is not ideal in the long run. The policy lapses as soon as you leave the organisation or if the company changes its policy. Hence, it is recommended that you supplement such plans with your personal family floater plan that offers a customisable coverage to suit the health care needs of your family.

2. For Self-Employed Individuals

If you are self-employed or are an entrepreneur, then it is vital that you have a comprehensive health insurance policy for your entire family. If you have a restricted budget and cannot afford high premiums, you can opt for basic coverage and supplement it with a top up or super top up plan as per your needs.

Regardless of the income you have, buying health insurance for your family is extremely important. It is also important that you compare health insurance plans for your family and use a family health insurance premium calculator before taking a call on the insurance you take. No medical emergency should turn into a financial emergency, hence, buying good health insurance plans like those from HDFC ERGO is recommended. Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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