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How to Protect Your Family's Assets with Health Insurance?

TeamAckoNov 8, 2024

A healthy lifestyle and financial security are the greatest achievements for your family. However, managing expenses during medical emergencies can be difficult as the financial burden multiplies in such situations. That is when family health insurance comes to your rescue.

With pre-hospitalisation, post-hospitalisation and daycare coverage, you can protect your family’s members with a family health insurance policy. In this blog, we will cover the family health insurance benefits that will help you protect your family’s assets.

How to Protect Your Family's Assets with Health Insurance

Contents

How Can Family Health Insurance Protect Your Family’s Assets?
Why Do You Need a Family Health Insurance Plan?
How to Choose the Best Family Health Insurance Plan?
Wrapping up!
Frequently Asked Questions (FAQs)

How Can Family Health Insurance Protect Your Family’s Assets?

As medical emergencies can arise anytime, opting for family health insurance will enable you to manage the medical expenses of your entire family in case of a financial crunch. If you have purchased health insurance for your family, you do not have to liquidate or sell off your assets to pay the medical expenses.

It safeguards your family’s assets so that you do not have a financial crunch. Hence, by paying a premium regularly, you can secure your family’s well-being.

Why Do You Need a Family Health Insurance Plan?

The best family health insurance plans enable you to cover all your family members under one plan. It is one of the most popular types of insurance due to its benefits. Here are a few reasons why you need a family health insurance plan:

Protect Your Savings

Medical emergencies can be stressful, as the high expenses will impact your finances. A family health insurance plan will cover your medical expenses without affecting your savings.

In addition, insurers like ACKO offer cashless treatment, where you need not worry about reimbursements after payment. It also provides tax benefits on the premiums paid, protecting your savings.

Fight Lifestyle Diseases

In today’s age, lifestyle diseases are increasing, and illnesses such as respiratory problems, diabetes, heart disease, and obesity are becoming common among the younger generation. These diseases arise due to high-risk lifestyles, unhealthy habits, pollution, stress and more.

While you follow preventive measures to help fight these diseases, you must buy a family health insurance policy. It will enable you to examine these illnesses at an early stage through medical examinations so that you can manage medical expenses efficiently.

Deal with Medical Inflation

As medical technology improves, the treatment cost also increases. It is crucial to understand that medical expenses are not limited to hospitals but also include factors such as doctor visits, diagnosis tests, ambulance charges, medicines and more. These expenses are continuously increasing and can put a financial strain on you.

Hence, you must buy health insurance for your family as it is relatively affordable and allows you to pay premiums at regular intervals. Choosing the group mediclaim policy for the family will enable you to bear the medical inflation without any worry.

Safeguard Your Family

One key family health insurance benefit is that it secures your entire family under one plan. You can include yourself, your spouse, dependent children, dependent parents and dependent parents-in-law under one policy.

However, when choosing the best family health insurance plan, you must consider your ageing parents, as the elder members’ age plays a significant role in determining the premium amount. You must also consider choosing a plan that offers comprehensive coverage for all your family’s health requirements.

Add New Members with Ease

Opting for a family health insurance policy will allow you to add new family members to the plan seamlessly. To add a new member to the policy, you must request the insurer to add them.

Adding a new member will increase the premium amount of the plan. However, the premium will be more affordable than individual health insurance plans for each member.

How to Choose the Best Family Health Insurance Plan?

Choosing the best family healthcare insurance plans can be daunting. However, you can follow these simple tips to choose the best insurance plans for your family:

1. Understand Your Requirements

It is crucial to understand your health insurance requirements before selecting the policy. In addition, it will help in determining the sum insured for your family. Here are key things you must consider while determining the sum insured:

Number of Family Members: The higher the number of members covered in the policy, the higher the sum insured you will require.
Age and Health of Members: Having older members covered in the family health insurance policy will require a higher sum insured.
Budget: You must choose a sum insured that aligns with your financial budget, referring to the premiums you can afford to pay.
Medical Costs: The costs of medical treatments in your area also affect the sum insured by the family health insurance policy.

2. Seek Various Options

When you search for the best family health insurance plans online, you will find various options available. However, you must choose an insurer with great health insurance offerings and a plan suitable to your requirements. Here are a few things you can consider to find the right insurer:

Research: Research different insurance companies and their plans to compare their coverage and premium amounts.
Quotes: Once you have shortlisted your choices, you must get quotes of family health insurance prices from the shortlisted insurers. It will help analyse the affordable policy according to your requirements.
Terms and Conditions: Before finalising a policy, you must read its terms and conditions to understand the policy details.
Clear Doubts: If you have any doubts or questions regarding the plan, you must reach out to the insurance company to clear them.

3. Make an Informed Decision

After comparing the various options available, you must choose a family health insurance policy according to your requirements, like premium, coverage and services. However, you must keep the following points in mind while making the decision:

Coverage: Ensure that the plan covers medical expenses according to your requirements.
Services: Consider the services of insurance companies, like doctor consultations, ambulance services, etc.
Premium: You must compare the premiums of different plans to choose the right one according to your requirements.

Wrapping up!

The biggest asset for you is your family, and you must safeguard it for a lifetime. You can protect them by purchasing a family health insurance plan. The family health insurance benefits help you and your family in case of medical emergencies without financially burdening you.

If you want to avail health insurance for your family, you can explore the family health insurance plan of ACKO, as it offers pre-hospitalisation, post-hospitalisation expenses and more.

Frequently Asked Questions (FAQs)

Here are answers to some commonly asked questions about family health insurance benefits.

What is covered in a family health insurance plan?

The family health insurance policy of ACKO covers the following:

Pre-hospitalisation charges
Post-hospitalisation charges
Daycare treatment
Ambulance charges
Annual health check-up
AYUSH treatments
Consultations for a second opinion

What are the things to consider before buying a family health insurance plan?

Before buying a family health insurance plan, you must keep the following pointers in mind:

Sum insured
Premium amount
Hospital network
Pre and post-hospitalisation coverages
Daycare coverage
Claim settlement
Exclusion list

Is a family health insurance plan a better alternative than an individual health policy?

Yes, family health insurance is a better alternative than an individual health policy, as it covers your entire family in one policy. In addition, the premium is more affordable than buying different plans for each family member.

How can I add new members to the existing family health insurance policy?

To add new members to your existing family health insurance policy, you must contact the insurer and request them to add a new member. The insurer will add the member to the policy, and you will have to pay an extra premium for the addition of a new member.

What are the eligibility criteria to purchase a family health insurance policy?

The following are the eligibility criteria for buying a family health insurance policy:

The age of the person buying the family medi claim policy must be 18 to 65 years.
The lifestyle of each member is to be considered.
Past medical history and current medical conditions need to be taken into consideration to determine eligibility.

Is there a waiting period for a family health insurance policy?

There is usually a waiting period of 30 days and 1-2 years for specific diseases.

Can I avail cashless treatment facility under a family health insurance policy?

Yes, you can avail cashless treatment facility under a family health insurance policy. For instance, ACKO offers cashless hospitalisation in more than 14,300 hospitals all over India.