How Much Health Insurance Do You Need To Cover Your Family?

With the rising number of diseases and inflated healthcare costs, a family health insurance plan emerges as a major financial support. It allows you and your family to access high-quality healthcare services without facing any financial crunch.

But what is the right amount of insurance coverage that a family should get? Read along to know.

What is Family Health Insurance?

Family health insurance is a policy that provides coverage for the medical expenses of all the family members under the same plan. The sum insured by the plan is shared among all the family members covered under the plan.

How Much Family Health Insurance Coverage is Good?

The health insurance coverage requirements for a family vary based on multiple factors such as number of members, their age and health condition, income of the policyholder and many others.

As a general rule of thumb, the amount of your family insurance should be 50% of your annual income.

For example, if you earn ₹30 lakhs in a year, then having a coverage of ₹15 lakhs would be sufficient. Moreover, the baseline is that you must have at least insurance of ₹5 lakh to cover healthcare costs in such a rising inflation.

It is suggested that you make the final decision after considering your family’s healthcare needs and other important factors. Remember, every family has different medical concerns and, thus, requires a customised plan with necessary coverage accordingly.

Factors to Consider Before Choosing Your Family Health Insurance Cover

Medical History

If you or anyone in your family has a history of any disease, such as diabetes or hypertension, you must be careful while choosing family insurance coverage. In case of particular health risks, go for the health insurance plans for the family that provide coverage for it.

Age

While choosing family health insurance coverage, it is important to check the age of individuals covered under it. This is crucial because the coverage requirements are different for different age groups. For example: senior citizens have higher coverage requirements as compared to youngsters due to their deteriorating medical condition.

Sum-Insured Amount

The best mediclaim policy for a family is the one that offers an adequate sum-insured amount to cover the costly medical bills. When selecting sum insured, make sure to consider your income, budget and medical costs in your area.

Premium Price

The amount of the family insurance premium price should be within your budget range. It is not a good idea to choose a high premium that might bring additional financial burden. Thus, make your calculations and buy the right insurance as per your budget.

Summing It Up

Family is the greatest asset for any person and safeguarding their wellbeing is the primary goal. With rising health issues all around the world, having the best mediclaim policy for family is a necessity for every individual.

Choosing the right health insurance plan requires some calculations and research into the best plans available. With that in mind, make sure to buy insurance for your family as early as possible to ensure their good health anf well-being.