There are several well being insurance coverage plans and optional covers readily available in the market place that are created to target various categories of the population along with various kinds of coverages for hospitalization costs and important illness.
Priya Deshmukh Gilbile, COO, ManipalCigna Health Insurance, says, “Ideally, one should opt for health insurance plans that are highly customizable and provide extensive coverage options, apart from providing for hospitalization expenses arising out of lifestyle diseases and/or critical illnesses.”
Experts say one need to opt for plans that safe not just the present well being desires but also the ones they are probably to need at various stages of their life.
Separate person policy or a family floater strategy for your parents?
For a parent above the age of 50 or 55 years of age, most get confused among a separate person policy and an all round family floater strategy. Experts say, firstly, a extensive well being insurance coverage strategy is a must-have today.
Subramanyam Brahmajosyula, Head – Product Development, SBI General Insurance says, “Floater plans are recommended covering all the family members including parents since premiums for such plans are more cost-effective compared to individual plans. Moreover, medical insurance coverage becomes more difficult to obtain as you cross 50 years of age.”
Having mentioned that, one could also select among a multi-person (which provides person cover for all the insured beneath a single policy) or family floater policies, as an alternative of various person policies, based upon the want, healthcare history and quantity of members in the family.
Deshmukh, ManipalCigna Health Insurance says, “In case someone needs to capitalize on all the advantages of individual policies and yet prefers to get rid of the challenges, one should consider buying a multi-individual policy instead of multiple individual policies. The multi-individual policies offer coverages on an individual basis as in line with individual policies but under one single policy. Hence, making the policy administration much simpler, yet offers a comprehensive individual cover for each of the family members.”
Further, given that all the family members are covered beneath one single multi-person policy, these policies provide discounts based on the quantity of members covered. For instance, the ManipalCigna ProHealth Insurance Plan provides a premium discount as higher as upto 25 per cent for covering 2 and more family members, which is one of the highest discounts in the sector.
Deshmukh, ManipalCigna Health Insurance adds, “Because Indians today suffer from various lifestyle-related health conditions such as hypertension, diabetes, and cardiovascular diseases owing to poor management of lifestyle regime, not to mention the current pandemic situation, which is creating a huge dent in savings, as there is a possibility of entire family getting affected – It’s imperative to take these factors into consideration when deciding a right amount of sum insured and type of policy.”
In the case of floater cover, authorities say one need to make sure that sum insured is at least Rs 1 crore and above to access high-quality healthcare in India or abroad and cater to the challenges of just about every rising healthcare inflation.