Families with more than 3 or 4 members also often consider buying health insurance covers costing a high sum assured of say Rs 50 lakh to Rs 1 crore. This is to ensure that the health plan provides coverage to all family members adequately to meet high medical expenses across a spectrum of health conditions, illnesses, and emergencies. Typically, these plans function like group health insurance policies offered by companies with the difference that with some of them, the entire coverage can be utilised by a single family member if needed.
When considering whether you should buy a health insurance policy for your family with a sum assured value of Rs 50 Lakh and above or not, it is essential to consider several pertinent factors. Let us take a look at them one by one.
Factors to Ascertain for a Family Health Cover of Rs 50 Lakh and Above
- Medical history of family members
The suitability of a family group health insurance plan’s sum assured value is directly related to the extent of coverage claims all the family members may need in total. You should rationally make an estimate of the total claim possibilities by ascertaining the medical history of the family members concerned. It gives a fair idea regarding the possible claims that may be made under the policy and the cost of treatments thereto.
- Ages of all family members
Usually, the health risks that family members carry are directly proportional to their ages, with members in their advanced ages requiring higher coverage and vice versa. The suitability of a family health insurance plan sum assured up to Rs 50 Lakh or more can thus be assessed based on the ages of the family members concerned. It is ideal to seek high coverage if senior citizens are included in the family as their health risk affinity is high, and increases the chances of incurring high medical expenses to avail the best treatments possible.
- Pre-existing medical conditions of members
It is also crucial to consider the pre-existing medical conditions of family members, if any when choosing a family floater plan with a sum assured of Rs 50 Lakh or above. Members carrying pre-existing medical conditions have an affinity for developing such conditions in the future too, leading to insurance claims. As such, it should also give an idea regarding the possible costs of treating such ailments if they recur, and help decide on the sum insured appropriately. It also helps determine if the coverage is available for such conditions under the policy or not and contributes to better financial planning.
- Types of coverage benefits provided
When choosing a family insurance plan with a sum assured as high as Rs 50 Lakh, it is only reasonable to look for a policy that provides comprehensive coverage benefits. Apart from the cost of treatment, they should also include expenses like pre and post-medical costs, emergency ambulance hiring, cash overheads during treatment, maternity care, etc. The presence of cashless claims and a wide network of hospitals along with essential add-ons only makes them useful.
- Premium cost affordability
Not to mention, it is only pertinent to check the affordability of premiums associated with such a high sum assured when selecting a family group health insurance coverage.
Once you have considered all these applicable terms, it can be convenient to decide if the health coverage with a sum assured of Rs 50 lakh or more is worth it or not. Often, these coverage options reflect benefits at par with group health insurance plans and can be compared accordingly to ascertain the benefits available thereto. When comparing a family health insurance plan for its merits, you should also take care to assess the terms of service and claim history of its insurance provider to make an informed purchase decision. Accordingly, you can proceed to purchase a suitable health cover for your family having the most affordable premium along with a wide reach of coverages.
