A health insurance plan has become a part and parcel of every individual’s financial portfolio. The coverage it provides against medical contingencies takes off a major financial burden from their shoulders. Since the plan is important, it is always advised to cover the entire family under a health insurance plan. Thankfully, insurance companies offer family floater health insurance plans. These plans provide coverage for husband, wife, dependent children and dependent parents.
While a family floater health insurance plan extends coverage to the entire family, there are challenges which you might face when buying the plan. Do you know what these challenges are? Let’s find out:
• Not knowing the optimal amount of coverage
It is always advised to buy a policy with an optimal Sum Insured which would be sufficient in meeting your medical expenses. If you skimp on the coverage amount, you might have to bear the brunt of additional expenses from your own pockets. When you buy a family health insurance plan, there is a greater need to ensure a decent Sum Insured level to cover all members optimally. Knowing this decent level of coverage is a challenge.
Facing the challenge – to understand your coverage requirements, you can take the help of an online broker. The broker has the technical know-how and would help you in finding out the optimal amount of coverage. Coverfox is an online broker which lets you ascertain the required coverage based on your lifestyle and size of the family covered.
• Confusion in choosing the correct coverage features
Other than an optimal Sum Insured, you should also choose all the essential coverage features in your family health insurance plan. The basic coverage features of all health plans are similar. It is the additional inbuilt features, which gives an edge to the plan and make it comprehensive. Choosing these features present a challenge if you are not aware of the optional or inbuilt features available in various plans. For instance, various plans allow restoration of Sum Insured in case it is used up while some plans provide coverage internationally as well. You would have to understand the requirements of your family to choose the plan with the best coverage features which might be a challenge.
Facing the challenge – understand your family’s requirements before you seek to buy a health plan. Then you should seek out the available plans and their respective coverage features. Match these features with your family’s requirements and then buy a plan. You can find the available plans on Coverfox, compare their features, match them to your suitability and then buy the plan easily.
Premium affordability vis-à-vis the coverage features
A constant struggle when buying a family health insurance plan is matching the premium to your affordability. In order to make premiums affordable, you might tend to skimp on the coverage features and the coverage amount. On the other hand, to ensure a decent coverage for your family members you might feel a pocket pinch in paying the premiums. The challenge is achieving a perfect balance between optimal coverage and affordable premiums.
Facing the challenge – compare different plans on their coverage features and premiums. When you compare you can find plans which have a comprehensive scope of coverage at affordable premiums.
• Whether to cover parents in the same plan or not
Since some family floater plans allow dependent parents to be covered, you might be tempted to cover your senior citizen parents in the plan as well. But is it wise? The premium of your family health insurance plan would depend on the age of the eldest member. If you cover your parents, your premiums might be high. Moreover, there would be a waiting period in your plan, which might not be feasible for covering your parents. So, you might be confused when making a decision whether to involve your parents in the cover or not.
Facing the challenge – ideally, your parents should have a separate health insurance plan for themselves. Buy a plan covering your wife and kids and another for your parents separately.
Have you faced any of these challenges in buying a family health insurance plan? If you have you now know how to face these challenges. So, the next time you buy a plan, know the solution to your challenges and buy the best health plan for your family.