Why Is It Better to Invest in a Comprehensive Medical Insurance?

Healthcare expenses often knock without a warning. Without a guard, you may get large chunks of your savings drained overnight. It is logical to get a complete health cover for your family, rather than opting for a basic plan. In case someone in your family requires immediate medical attention, a well-picked health insurance plan can immune you against the expensive medical bills.

You might be wondering whether you should buy basic health insurance plans for each of your family members, or go for a comprehensive package. Well, it is recommended to get a comprehensive coverage for your family, as it comes with several additional advantages.

Before exploring the best health and wellness packages, let’s understand what these plans have in store.

Individual/basic Health Insurance Plan

A basic or individual health insurance plan offers its benefits for each individual.

In case of a basic plan, the premium is calculated on the basis of:

The individual’s medical history

Age and present health conditions

The sum insured

In case of an individual plan, if one member of your family claims the benefit, it does not have any impact on the sum of other members. Therefore, if you are not having kids, or happen to be single, this type of plan would work for yourself, as well as your spouse.

However, the premium would be a little higher, as compared to the health insurance plans for family. In case of a comprehensive plan, you can enjoy several other benefits.

Comprehensive/complete Health Insurance Plan

In case of a comprehensive health insurance plan for your family, the same coverage is shared between the family members. This might include your parents, children, spouse and other dependent members of your family. You need to pay a single annual premium. This premium is normally calculated on the basis of the eldest member’s age. All the family members are covered under a single assured sum.

A family floater would be a recommended option, in case you are having small kids and other members without any serious health condition. This indicates that the chances of exhausting the sum would be lower.

However, a comprehensive package would not work for you, if an elderly member of your family has serious health issues like cardiovascular problems. In case of hospitalization, the entire amount would be used up by one member.

Why should you opt for a comprehensive cover for your family?

Established insurers like Vital Insurance have come with affordable comprehensive health insurance packages. With one of these policies, you can get a financial cushion against unplanned medical expenses. Besides, you get to enjoy certain additional benefits in a comprehensive package. These include:

Consultations with experts

Hospital stays and medical tests

Inpatient treatments

Limited physiotherapy, osteopathy and acupuncture cover (available in some policies)

Home nursing

Private ambulance

Oral surgery

However, you need to check out whether your insurer offers all these benefits. Some of the best comprehensive plans also cover preventive checkups and expenses for donating organs. Reputed insurers like Vital have also launched great plans that include certain critical illness treatments too. Most importantly, you can benefit from cashless treatments, ensuring that you would not experience any financial glitch during emergencies.

How to manage your Health Insurance Premiums?

Considering the large amount of money policyholders need to shell out while purchasing their insurances, some leading insurers have come up with EMI facilities. For instance, you may check out the health and wellness offers designed by Vital Insurance. This company has come up with some great comprehensive plans, where you can split up the premiums into small manageable monthly instalments. With 0% down payment, you can get a comprehensive package for your family from Vital Insurance.