The size of your family doesn’t depict the amount that you invest in doctors and prescriptions. A family of six can spend less than a married couple because of chronic conditions. But when it is the matter of health insurance plan, the number of people in your family brings a change in the amount you pay for health insurance plans. Here you will know-how.
Premiums and people on your plan
When you add your spouse or child to the plan, your monthly premium increases. That’s because you have to pay the premium for each person for covering them in the plan. When you have three children whose age is 21, you have to pay only for the three oldest children in your family.
Individual versus family plans
Individual plan means when you buy health insurance online for just one person. Whereas the family plan covers two or more members. Your payment of premiums totally depends on whether you have an individual or family plan. So, know the difference and then buy a policy perfect for you.
Generally, the deductible and out-of-pocket maximum for a family plan is double of an individual plan. So, if the deductible amount of a plan is Rs. 2,000 for a family, it would be Rs. 1,000 for an individual. If the out-of-pocket maximum is Rs. 6,000 for an individual then Rs 12,000 will be for family, no matter what’s your family size.
Now as you know family size affects the health insurance premium, you might be clear with all your thoughts and ready to buy a health insurance policy. Here are some points that you should consider while buying a plan.
It’s essential that you look for the policy benefits and limitations. Check out certain things like ambulance charges, pre and post-hospitalization cover, maternity benefits, critical illness cover, hospital cash, cashless treatment, in patient-hospitalization and so on.
Number of Family Members Covered in Policy
There are some health insurance plans that gives coverage to you, your spouse and children only. If you want the coverage to be extended for your big family then look for family floater plans. You can check online also.
Room Rent Limit
Whether you get a semi-private room, shared room or private hospital room, it based on what type of plan you choose. It’s always beneficial to go for a higher rent limit as it will help you not to spend from your own pocket.
The co-payment clause depicts the percent of the amount you have to pay from your pocket. The remaining amount of hospital expenses will be given by the health insurance company.
As you can see what all are the measures you should consider while buying insurance and how the size of your family affects the premium. Your thoughts might be cleared, now you can buy family health insurance as per your needs and requirements. Additionally, you can also add new family members anytime at a nominal premium.