Health Insurance For Families With Parent In-Laws

In our rich Indian culture, elders have always been given a special place. Children care for their needs like food, shelter, clothing, and most importantly their health. Considering this, one of the best ways to ensure their physical well being is buying health insurance. Thus, it is helpful to look for a plan that includes not only the parents but parents-in-law as well. This is possible with ACKO Personal Health Policies where you can insure up to 10 family members including self, spouse, children, parents, and parent-in-law.

Indian families benefit from holistic health plans that financially protect insured members. As children grow, they are vulnerable to infections and injuries needing medical care. Elders combat fragility from advanced age and existing complications. Hence, tailored coverage aids young and old alike. Additionally, you can also avail tax savings up to Rs 50,000 under Section 80D based on chosen coverage. 

For families with parents-in-law, the Family Floater Health Insurance plan is often the most suitable option. This plan allows you to cover your entire family under a single policy, including your spouse, children, and dependent parents or parents-in-law. The primary advantages of a family floater plan are:

A premium plan with extra benefits:

Balances protection affordably via:

A smart cover booster:

ACKO health plans provide many unique features that make the insurance experience seamless for customers. With a vast network of over 14,300 hospitals across India, policyholders can access cashless treatment without any hassle. Unlike most other insurers that require paperwork and lengthy claims processing, ACKO offers instant cashless settlement without any documents. In addition, ACKO has much wider coverage, giving flexibility to choose from many quality healthcare facilities.

Here are some tips to select your ideal sum insured under health insurance for parent-in-law.

Focusing on the long-term care requirements of all family members holistically helps decide on an optimum sum insured addressing present and future healthcare inflation-adjusted outlay for the multi-generation household. This offers comprehensive financial safety for medical needs.

The cost of your ideal sum insured will depend on several factors, such as the age of the family members, their health conditions, and the specific health insurance plan you choose. Let's consider the example of a family of six members, including ageing parents, parents-in-law, self, spouse, and two children.

For this family, a family floater plan with a sum insured of Rs. 25 lakhs from a reputable insurer may cost around Rs. 30,000 to Rs. 40,000 annually. However, the premium will depend on the insurer and the chosen plan.

Cost breakup:

It's important to note that while a higher sum insured may result in a higher premium, it can provide a larger financial cushion in case of unexpected medical emergencies. 

calculate your health insurance needs with health insurance premium calculator.

Investing in a higher coverage plan can be a strategic decision for long-term health and financial well-being for the following reasons:

Here are the factors to consider when buying health insurance.

A thorough evaluation of the above criteria facilitates choosing a suitable and comprehensive health insurance suitable for one's unique needs.

Let's define each and discuss their advantages, particularly in the context of network hospitals and family budgets.

What are Network Hospitals in Health Insurance?

Network hospitals are healthcare providers that have a tie-up with the insurance company. These hospitals offer cashless treatment to policyholders, which means the insurer directly settles the bill with the hospital. The list of network hospitals is provided by the insurer and can be accessed on their website or through the policy documents.

Following are the advantages of availing cashless claims.

While reimbursement claims offer the flexibility of seeking treatment at any hospital, cashless claims are generally more convenient and financially suitable for families. They provide immediate financial relief and ensure that medical attention is not delayed due to the lack of funds.

ACKO, being a digital-first insurance company, offers several advantages that make raising claims easier and more convenient for policyholders. Here's how ACKO's approach benefits customers:

ACKO's mobile app serves as a one-stop solution for all insurance needs. Through the app, policyholders can:

In addition to the ease of raising claims, ACKO's digital-first approach also results in cost savings for customers. By operating primarily online, ACKO has lower operational costs compared to traditional insurance companies. These savings are passed on to policyholders in the form of more affordable premiums. As a result, customers can enjoy comprehensive health insurance coverage at competitive prices.

Rising healthcare costs make health insurance crucial for Indian families to remain financially prepared. Comprehensive policies with adequate sum insured provide much-needed support in case of medical emergencies or hospitalisation needs of elderly members.

Family floater plans that allow coverage for spouses, children, and parents in one policy offer optimal value. Prudent households can protect savings despite inflation by leveraging such inclusive covers backed by reliable support like ACKO’s cashless claim servicing. 

Disclaimer: The plans, services, features, processes, and other details mentioned on this page are subject to availability and changes. Please check the applicable policy wordings before making any insurance-related decisions. Feel free to reach out to us at [email protected] for any queries.