Getting health insurance coverage is the most important decision you can make for your family. A family health insurance plan covers your family’s near future and current health expenses. By purchasing this policy, you ensure that your family’s and your interests are protected in the case of a medical emergency. Family health insurance plans cover all your family members' healthcare needs in a single policy, thus protecting against hefty hospital bills.
How Much Health Insurance Should You Buy for Your Family?
The amount of health insurance coverage you should buy for your family will depend on various aspects such as the number of members in your family, your income and spending, and your family’s healthcare needs. If there is a medical history of some kind of illness in your family, it is important to get covered for these health conditions. This may help you in getting a higher sum insured. You should keep in mind your family member’s age when planning to buy a health insurance plan for your family. If you have young members in your family, the chances of illness are less, so, you can opt for a medical care plan with low coverage. However, if your family comprises elders, you may need higher coverage. You can evaluate your past medical expenses to know how much health insurance you should buy for your family.
Is 3 Lakh Health Insurance Enough for Your Family?
With a ₹ 3 lakh health insurance plan you get coverage on an indemnity basis. If the policyholder files a claim for medical expenses or hospitalization, it will provide them coverage for some part of the medical expenses. Under this plan, the maximum amount that the insurer will cover will be ₹ 3 lakhs, which is your sum insured. The policyholder will have to pay a premium for the coverage provided by the insurance company.
Health insurance of ₹3 lakhs is apt for families with young individuals or those who fall in a low-income level. This plan can also be the right choice for those who are on the lookout for basic plus top-up plans. This type of health insurance policy is available both on a family floater and individual basis.
Conclusion
A 3 lakh health insurance is a budget-friendly plan offering access to timely medical care and comprehensive health coverage during an emergency. Under this policy, the insurance company will cover hospitalisation expenses and up to ₹ 3 lakhs of other covered medical expenses in exchange for a premium that you have to pay. Before opting for 3 lakh health insurance for your family, you should keep in mind your age, income level, health condition, and the type of hospital you choose for your treatment.
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