It’s crucial to take care of your health and provide your family with a insurance, but doing so may be a bit costly. Having health insurance is more important than ever to shield you along with your loved ones from a financial difficulty due to unanticipated medical crises or diseases, especially with the escalating expense of a healthcare in India. Still, not every family can afford to pay for a pricey premium health coverage. Here are 5 affordable health insurance options for families to consider that won’t break the bank.
- Opt for Family Floater Plans
Family floater health insurance plans allow an entire family — parents and their children — to be covered under a single policy. This brings down the overall premium cost significantly compared to taking separate individual plans for each family member. Most general and health insurance providers in India offer cost-effective family floater plans tailored to suit various family setups and budgets. Make sure to check the maximum entry age of family members that can be covered.
- Consider Low Sum Insured Plans
While it’s always better to opt for higher sum insured amounts, low sum insured health plans between Rs. 3-5 lakhs can still offer basic medical coverage without burning a hole in your pocket. The premiums for such low sum insured policies are very reasonable starting from just a few thousand rupees annually. They may not cover all your medical expenses but can help meet most day-to-day medical costs and smaller hospitalization bills.
- Compare Group Insurance Plans
Employers’ group health insurance policies, which cover their workers and their families, are frequently less expensive than individual policies. Because there is a greater pool of people sharing the risk, the premiums are cheaper. If available through your workplace, consider enrolling in the group Mediclaim to save on health insurance costs for your family. Freelancers and self-employed individuals can explore similar group plans offered on e-commerce platforms or professional bodies.
- Opt for Co-Payment Clauses
Some health insurers offer policies with co-payment clauses where you need to pay a certain percentage of the claim amount while the insurer pays the rest. This brings down your premium outgo. For example, a 20% co-pay plan may have a premium that is 20% lower than a comparable zero co-pay plan. Carefully assess the co-payment slabs to find an affordable option as per your budget and risk appetite.
- Consider Top-Up Plans
Top-up health insurance plans complement your existing lower sum insured base plan to offer higher overall coverage. They kick in only after the specified deductible on your base plan is crossed. This makes top-up plans very cost-effective for additional protection beyond the base plan limits without burning a hole in your pocket. Carefully assess your family’s health expenses to determine the right deductible levels for a suitable top-up plan within budget.
Conclusion
With some research and financial planning of family health insurance, it is very possible to find affordable health coverage for your family without compromising on necessary medical protection. Start by assessing your family’s health profile, expected medical expenses, and budget to shortlist suitable low-cost options from reputed insurers. Always thoroughly review the policy terms and conditions before purchasing.