Good health is the real wealth, and protecting your family is a duty no one should ignore. Middle-income families can secure everyone, from kids to older people parents, by getting a family health plan that covers all members under one policy. However, did you know that you can adjust this family health insurance to fit what your family needs?
Healthcare expenses keep growing so tweaking your plan can save money while still giving the right amount of coverage. This blog looks into how you can customise family health plans and make smart choices along the way.
Why Customising Family Health Insurance Is Important
Each family has its own unique situation. Some might have older parents dealing with ongoing health issues. Others may have little kids who need regular trips to the doctor. A basic family health insurance plan won’t always meet all your requirements. Adjusting your plan helps you:
- Include or exclude options based on your family’s health situation.
- Keep premiums in check by avoiding costs for extras you don’t need.
- Add extra protection for things like maternity, serious illnesses, or daily hospital cash.
Ways to Tailor Your Family Health Insurance
Here’s how you can customise your family health insurance plan:
1. Flexible Sum Insured
You can pick the total coverage amount that works best for your family’s needs. A bigger family might need a higher insured sum, while a smaller, nuclear family might go for something more moderate.
2. Maternity and Newborn Benefits
To grow your family, adding maternity coverage can help manage delivery and post-birth care expenses. Some policies also include benefits for newborns right from birth.
3. Critical Illness Option
Serious illnesses like cancer, heart issues, or kidney problems bring heavy medical bills. Adding a critical illness rider to your family insurance gives a lump sum payout when diagnosed. This helps keep your finances steady during difficult times.
4. Room Rent and Hospitalisation Choices
You can choose between basic room rent coverage and more premium room types thanks to customisation. You can also include coverage for daycare treatments, which is useful since many procedures no longer require staying in the hospital for long.
5. Personal Accident Cover
Accidents can occur at any time and might affect the breadwinner of the family. Adding personal accident coverage ensures financial help in cases of disability or accidental death securing the family’s finances.
6. No-Claim Bonus (NCB) Choices
Insurers often let you increase your insured amount using a no-claim bonus. This means your coverage grows every year without a claim, giving you added protection without extra expenses.
7. Top-Up Plans
Top-up plans let you expand your coverage limit without spending too much on premiums. They offer a budget-friendly way to add extra protection.
Tips to Pick the Best Custom Options
Here’s how to pick the best custom options:
- Think About Family Needs: Check health history, daily habits, and possible risks.
- Compare Different Plans: Explore various family plans before making a choice.
- Plan for the Future: Keep future things like maternity or older parents in mind.
- Balance Costs and Benefits: Do not overload your plan with extras you may not use.
Conclusion
Picking a family health policy goes beyond just purchasing coverage. It is about tailoring protection to match how your family’s needs change over time. Whether it includes maternity care or coverage for serious illnesses, there are plenty of choices. Making a smart decision can ensure both financial security and peace of mind.
Insurers such as Chola MS General Insurance offer flexible and customisable family health insurance plans tailored to meet the needs of middle-income families. These plans provide broad coverage and optional add-ons to protect your family’s health while staying within your budget.
FAQs
You can add riders when you renew the policy. Adding them in the middle of the policy term is not allowed.
No. Most plans do not include it. It is often available as an extra benefit, but you need to wait for around 2 to 4 years to use it.
Young families with fewer health concerns might find a family floater more suitable. For older members with greater medical demands, individual policies could be the better choice.