Even a few years ago, health insurance plans for family or self were not considered important by many. However, with the global pandemic that took a heavy toll, people have started taking insurance plans and health schemes seriously. As much as hygiene plays a great part in our lives, so do insurance health plans. Uncertainty regarding the health of people has led them to take great care of one’s families in their absence. Thus, any health insurance plans for family or self have become increasingly popular.
In that regard, a few common questions can crop up in one’s mind: which medical insurance policy should one opt for? What are the criteria that the plan should fulfil? What are the factors to be considered before getting medical insurance? Which one has better claims or benefits? However, among all these queries, one of the pertaining questions remains to be: whether health insurance plans for family suffice for your parents, or individual health schemes like senior citizen plans will serve them well?
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These insurance plans are usually cost-effective and can help people with challenging financial situations take better care of themselves and their families. For example, a person buys a premium of 4 lakh for his family. He spends 2 lakh on a surgery he underwent, reimbursed by the insurance. If in the same year, his mother requires surgery that would cost 3 lakh, the extra 1 lakh more than his family health plan scheme will have to be paid by the individual without getting any reimbursement.
Advantages of family health insurance plans:
- Affordable: Purchasing health plans are no longer a choice but a necessity. Getting one health insurance that covers the entire family means paying less premium and ensuring the safety of the entire family. This makes family health insurance plans inexpensive.
- Hassle-free: Every policy has its schedule that needs to be followed. Remembering to pay the premium once a month for some, while yearly for others can be stressful. Under family health plans, payments are easier and stress-free.
- Addition of new members: If the family has just had a baby, a new member addition can be made to the existing family plan instead of buying a plan for the little one. Family plans also allow the addition of in-laws, making them more dynamic and diverse.
- Additional covers: Maternal covers and other additional family discounts can be availed under family health schemes, depending on the age of the members.
Individual health covers
As the name suggests, these kinds of medical insurance plans are dedicated to a particular member under the name of whom the health insurance exists. It takes care of the medical expenses of that individual itself. If there are 5 members in a family for instance, and each has separate insurance under their name, the premium has to be paid separately for each of these health insurances.
Although the premium to be paid will be high, each individual will receive their premium. The total premium received by the family will be much higher than family health insurance.
Which one is better for your parents?
Elderly people are likely to fall sick often. As opposed to the younger generation, older people might need to visit doctors and hospitals more frequently with each passing year. They tend to develop more and more ailments because of the growing years. This is why individual health covers will be ideal for your parents.
There may be multiple premiums for you to be paid, but the premium amount will be much more. This will help with covering hospital bills or if any surgeries are to be done for parents. Individual health plans will make sure that you do not have to pay any extra money. The higher the premium, the more chances that all will be covered by health insurance. Moreover, adding elderly members to existing family health plans is often charged more by the insurers. This will unnecessarily shoot up the premium rate. Instead, getting individual health plans may be a wise option so that you do not end up paying more premiums.