Nowadays, people are facing different health issues that too these issues are bombarding human beings all of a sudden facing them with great financial and emotional stress and strain. However, people these days have become aware of the importance of having a mediclaim policy to protect not only themselves, but also their family members from the financial stress and strain that may be faced in the future in the case of any medical emergencies. Moreover, the medical expenses these days are increasing to a great extent day after day and this has made people to realize the importance of having a mediclaim policy as they are aware of the fact that having such a policy alone can ensure quality health care to themselves and their family members.
What are family floater plans?
In general, mediclaim policies are termed as family floater plans and here are the two different options available for people to purchase under this type of coverage:
• Sole sum assured for the whole family
• Sum assured for each individual member of the family.
Why should an individual buy a family floater policy?
Sole sum assured for the whole family:
This type of coverage will provide protection to the entire family in the event of any medical emergencies. This will relieve the head of the family from the worry of money and all he has to do is to just choose the right hospital for medical treatment.
Sum assured for each individual member of the family:
If the head of the family purchases policy for each member, the important point to remember is that it will be expensive and he will have to pay all the premiums at the same time.
On the other hand, when he opts for the first option, he can enjoy the economical benefit as it requires payment of a single premium only. However, the negative thing about the first type of coverage is that it will come to an end as soon as the eldest member of the family reaches the maximum age allowed under the plan. But, the individual policies can be renewed for lifelong.
Which policy to choose?
There are a number of mediclaim policies in the market and some of the popular options include Star Health Family Optima, Bajaj Allianz Health Guard, Max Bupa Heartbeat and Apollo Easy Health.
How to choose family mediclaim policy?
With so many options available under this category, it becomes important that the right one should be chosen and here are some pointers to consider in this regard:
• The head of the family planning for such a mediclaim coverage should first decide whether he will have to opt for a single sum assured or individual coverage.
• He will have to decide whether maternity benefits are to be included
• He will have to decide whether he can pay premium regularly or only once
• Another decision to be made is whether sub limits on hospital expenses are to be present or not.
Of course, as most of us know, we will have to pay premium and also will have to pay for the purchase of the insurance policy. But, the monetary security that can be enjoyed in the case of any medical emergencies is the greatest benefit associated with Mediclaim policy.