Health insurance is a vital part of an individual’s financial portfolio. One should opt for the right plan to avoid financial losses due to medical and health emergencies. Several medical insurance plans are available in India, and each benefits a member in different ways.
For instance, a bachelor can get individual insurance plans, whereas a person about to start a family should consider a greater coverage limit and opt for a family insurance plan.
In this regard, married individuals must make a few changes in their health insurance policies for maximum coverage benefits. The following section explains those points in detail.
Important changes to implement in your health insurance policy after marriage
A married person must consider covering the financial losses incurred during his own or spouse’s health emergencies. In order to do so, they need to implement the following changes in a health insurance policy:
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1. Analyse the type of cover
A policyholder must check their existing policy, whether it is an individual or a group health insurance plan. An individual plan provides limited coverage, whereas a group or employer’s health insurance covers an employee’s family members as well. Based on the coverage limit, one can make changes to an existing plan, including a spouse, child, etc.
2. Check the health requirements
Individuals purchasing a health insurance plan before marriage should revise their plans later on, as the existing policy might not provide comprehensive coverage after major lifestyle changes. Thus, one should analyse the current health condition and increase or decrease coverage accordingly.
3. Maternity cover
Married couples who are planning to start a family should get maternity health insurance at the earliest. A maternity add-on cover provides coverage against pregnancy-related expenses. It generally comes with a waiting period and becomes active once this period is over. So, any claims made during this period will be rejected by the insurance company.
4. Family health insurance
After getting married, individuals can include their spouse and immediate relatives under a family health insurance plan. This insurance plan provides coverage benefits to every family member at a single premium. Under this policy, the premium amount is shared among the family members, which means policyholders do not need to purchase separate plans for their family members. Additionally, this insurance type offers tax benefits under Section 80D of the Income Tax Act.
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5. Choose the right insurer
Beneficiaries can change their existing insurance provider of a health plan if they are not happy with the current services and covers. Several insurers in India offer well-rounded medical insurance at a lower premium and maximum service benefits. Additionally, some insurers offer online health insurance plans. One can expect a hassle-free application by choosing this purchase mode.
Further, married individuals can opt for more add-on covers for additional protection during emergency hospitalisation due to an ailment.
So, it is crucial to make the aforementioned changes to an existing health insurance plan if a beneficiary undergoes a major lifestyle change like marriage. Also Read – sebi extends timelines due to covid-19, enabling brokers to comply with rules