Before you start planning for your children’s education, your world travel and your parent’s post-retirement dreams, you need to invest in a family medical insurance plan. Getting medical insurance is a basic, yet crucial step you must take in ensuring the well-being of your loved ones.
Insurance for parents
Aging is inevitable and so are the host of illnesses that come with it like cardiovascular diseases, dementia, diabetes, and arthritis. Your parents may soon be susceptible to such conditions making health insurance a must for them. Getting a family medical insurance plan with an adequate sum insured will help protect your parents with access to quality healthcare, and will protect you financially.
Insurance for children
Children often look up to their parents as superheroes who will always protect them against all odds. While we know you’d do everything to protect your child and ensure that they live a healthy, happy and wholesome life, illnesses have a way of springing up.
Getting the best family health insurance plan in India will provide you the financial impetus to leave no stone unturned in the medical treatment of your little ones.
Rise in medical costs
Our country’s per capita public expenditure on health has increased from Rs.621 in 2009-10 to Rs.1,112 in 2015-16, according to the National Health Profile data. This cost is only increasing and a simple bypass surgery costs over Rs. 3,00,000 alone.
Buying a family medical insurance is a prudent decision that will prevent your savings from being wiped away in an instant.
Below-par government facilities
While it’s the government’s responsibility to provide good quality, affordable health care, that’s far from the current reality. Considering India spends just 1.02 percent of GDP on health, government medical facilities are less-than-ideal.
When you or your loved one falls ill, you want the best medical assistance, qualified doctors and quality hospital infrastructure. The best family health insurance plans in India will help you get accessible and affordable health care, so you don’t have to compromise on an essential component of life.
High incidence of diseases
The incidence of diseases is rising rapidly. In 2017, the number of people reported with diabetes in India was 72 million and this number is expected to almost double to 134 million by 2025. Between 1990 and 2016, the death rate due to cardiovascular diseases in India increased by approximately 34%.
With such devastatingly growing rates of diseases, securing you and your family with medical insurance is the need of the hour.
Family medical insurance plan vs individual insurance plan
One of the biggest advantages of opting for a family medical insurance plan over several individual medical insurance plans is that the entire sum insured can be utilized by any one or all members. There is no restriction on who uses the claim amount, as long as they are covered under the plan. This works out well because the probability of all family members falling ill at the same time is low.
Wanting to safeguard your family’s health is a natural concern and considering the rising medical costs and high incidence of diseases, getting a family medical insurance is a top priority.
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