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November 27, 2021

Health insurance is critical, especially after a global virus which brought the world to a standstill. The importance of having a health insurance coverage cannot be emphasized. Any minor medical treatment in 2021 can not only mean deep expenses, but also can result in a debt trap. Since health is something that you do not wish to compromise upon, so why hold back when selecting a health insurance cover.

To ensure the safety of your entire family, a family floater health insurance comes handy. Here, a common sum assured is shared among all the beneficiaries and thus you need not worry about availing multiple insurance covers for each member. However, as age increases, the health needs of different family members change. This is when reassessing your coverage is required. Revised insurance coverage helps to update your family floater policy as well as stay prepared for future medical treatments.

Do you need to update family floater health insurance periodically?

  • With soaring medical inflation, healthcare has become highly expensive. A single case of hospitalisation can burn a hole in your wallet. Moreover, a policy with smaller sum assured can easily get exhausted for a minor medical procedure thereby leaving no coverage for future treatments.
  • Upgrading your health insurance policy can often be a lengthy process, not in terms of documentation, but for the research that is required. With myriad insurance plans available in the market, it becomes difficult pick one. Hence comparing them thoroughly is essential.
  • The estimated cost of treatment in the future needs to be assessed only after which the sum assured must be selected. Thus, you need to keep revaluating whether your health insurance policy covers for the same or not. The existing cost of medical treatment will help you decide if the coverage is adequate or not. If not, it is best to upgrade your insurance coverage.

So, for being ready to tackle unexpected medical exigencies, it is best to keep updating your family health cover periodically.

What are the benefits of health insurance that an upgrade offers?

Here are some benefits of health insurance that you can avail by updating your health insurance cover:

  1. Higher sum assured

With increasing cost of treatment, a revision in your sum assured helps you stay abreast with the expected medical cost. Such higher coverage helps provide a comprehensive treatment without having to worry about financial stress.

  1. Modification of beneficiaries

If your family is celebrating the arrival of a baby, updating your health insurance policy can help to add insurance coverage for the newborn too. Generally, family health insurance policies offer coverage as early as 90 days thereby ensuring protection for your newborn right from the start. * Standard T&C Apply

  1. Adjusting the deductible component

Health insurance plans have a deductible clause wherein a specified amount of claim needs to be borne by the policyholder. Since it is an out-of-pocket expense, it directly impacts the premium. So higher the deductible, lower is the premium and vice versa. You can adjust such deductible component based on your present finances. * Standard T&C Apply

With these different benefits, make sure your family health insurance coverage is always updated and look for any updated requirements in coverage. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

Garth Gregory

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