Affordable Family Health Insurance Options

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Health insurance policies have become a lot more useful these days. In the present time, we have become more vulnerable to a wide range of health issues. Diabetes, high blood pressure, dengue, kidney stones, and other such health issues have turned out to be common nowadays. There is no doubt that the expenses related to medical and healthcare services can be huge. Getting hospitalized even for a day or two can force you to shell out thousands of bucks from your wallet. For a middle-class family, these unnecessary and unexpected expenses can make a big dent in their budget. This is why having a health insurance policy is so important nowadays.

Moreover, health insurance policies have become much more affordable in today’s market. All you have to do is compare the options choose the best one among them. The affordable policies can also provide you with a sufficient amount of coverage. Some of the options you can go for are:

Hospitalization plans: This kind of policy is designed only to cover your hospitalization bills. You can choose a sum assured as per your requirements. If the policyholder is still in his 20s or 30s, it is better to opt for a low amount. This way, the policyholder will not have to pay a higher premium. In this regard, the best option is to go for the family health plan. In this kind of package, the entire family of the policyholder is covered. Every individual in the family will get the advantage of this policy.

Of course, the total sum assured will be higher in this case. But, rather than buying separate policies for every individual in your family, going for a family health plan would make more sense. It will help you save some good amount of money. Most of the health insurance companies offer an attractive discount on family health plans.

Family floater policy: This is just an advanced version of the family health plan. In this case, if required, the entire sum insured amount can also be used by any one member of the family. Let us provide you with an example; suppose Mr X purchased a family floater policy of 4 lacs to cover his entire family, which comprises of four members. In this case, each member of his family is covered by a sum assured of 1 lac. But, in case one of the family members has to be medically treated, and the treatment cost is 3 lacs, the policy will still cover the cost. So, this kind of health insurance policy does prove to be more affordable than the standalone ones.

Unit Linked Health Plans: The introduction of ULIP concept has proved to be a major advantage for the middle-class section. This kind of health insurance policy provides you with many benefits. In short, they serve two main purposes. Apart from covering your health expenses, they also work as an investment. The premium you pay in this kind of policy is also used for investing in the market. Once the policy gets matured, you end up making some good amount of savings. For this reason, ULPP and ULIP are getting so popular in the present market.

Besides them, there are many other options available. For example, critical illness health policy is one such option you can go for. But, the premium related to this kind of policy is usually high. After all, a critical illness health insurance policy is designed for covering major health issues. The medical expenses in cases like kidney transplant, heart surgery, and coma are usually very high. Hence, you should buy a crucial illness plan only if you or your family member is over 40 years old.

How to save more on your health insurance policies?

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Gone are the days when the brokers working in the insurance companies were the main source of information for the customers. In today’s times, you can easily obtain information on any policy. When you buy a policy online, you do end up finding cheaper and more affordable health insurance policies. Since the middlemen do not exist in this case, therefore the insurance companies are able to pass on the benefit to the customers. This is why buying health insurance plans from the online platform is cheaper.

Before you buy a health insurance policy online, you must compare at least half a dozen options. When you compare them, there are certain aspects that matter more. Premium, NCB (no claim bonus), and sum insured are the three important aspects that must be compared. It is better to choose a policy that offers higher NCB. This way, at the time of renewing your health plan, you will be able to save more. So, check out the options available and then go for the best one.  

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