Hey All,
In this post I wanted to express my views around the family health insurance plan. At times I know most of us would ignore the health insurance plan and rely on insurance that is part of our CTC [Cost to the Company] from our employer. I did this mistake myself but was quick enough to rectify the same in 2020 where in I bought family health insurance plan separately. At that time, I bought this plan from HDFC Ergo Optima Restore for Sum Insured for Rs.20 lakhs by paying a premium of Rs.30K+ approximately yearly.
Had I taken this decision of buying the insurance plan much earlier then the premium would have been much lower I guess it would have come down another 5K+ INR. Anyways no regrets here what is done is done and cannot be undone now but what can be done is to educate people and family friends around the world. Whenever I have this discussion around the insurance, I make it a point to talk about family health insurance plan and recommend that in case they are not a separate plan apart from be given by the employer one should start thinking about it and must consider buying one separately. The fact is that we are not going to work always and when let’s say one decides to do something apart from 9to5 job then at that point things would be difficult if there is no insurance plan and then buying one would be far much expensive. Therefore, it becomes imperative to consider family insurance plan at a serious note and having a backup plan outperforms in long run along with the benefit of providing financial security, peace of mind, and protection during unforeseen medical emergencies.
Let us now try to understand another scenario were having insurance plan separately comes to our rescue. As a simple example
A family has:
• Employer insurance cover: ₹5 Lakhs
• Separate family floater plan: ₹20 Lakhs
There is a medical emergency costs that is estimated ₹14 Lakhs:
• Employer policy pays first ₹5 Lakhs
• Personal family policy pays remaining ₹9 Lakhs
So, from our example we can clearly see that the family avoids paying huge expenses from their savings just by having a separate insurance plan. Therefore, creating a strong financial safety net for the entire family over the long term. I guess this should be it for todays post on – “Family Health Insurance Plan - Should we buy a separate plan along with the insurance plan provided by our employer – Let’s Explore.. ” Let me know your views in the comment section below.
Image courtesy:: pro canva license, ChatGpt
Best Regards
Paras
I am in favor of buying a separate health plan along with corporate and I did have one because generally corporate plans offer less limit.
Agreed and I am also in favour of it and hence have been paying premium for many years now. Cheers
If you can afford it I say yes. Stuff like this isn't an option where we live. We have supplemental insurance, but it doesn't cover the same things. It's for specific cases and you can't use it all the time. Lack of insurance and the rising cost of insurance scares the crap out of me.
Correct these expenses are uncontrollable and one needs to be prepared as to how to deal with them ensuring it doesn't become a major burden and hit our savings at the last minute.
Exactly!
Health is the most important part of our life and if we do not take care of our health and do not think about the future, then we are doing a very big mistake. We should all take out health insurance for ourselves. Difficult times can happen to anyone at any time