Health Insurance Plans for Family v/s Health Insurance for Senior Citizens

Health Insurance Plans for Family v/s Health Insurance for Senior Citizens
by Priyanka Sharma 06/05/2017

Health insurance is a plan that covers up the medical bill of the insured patient. We live in an age where insurance plans are carefully woven, keeping in mind the capabilities of the ones who need them. With changing trends in urban as well as rural lifestyle, insuring one's health is the wisest move. One wouldn't want to spend that money saved for their childrens’ higher education, on booting the hospital bills incurred after an unfortunate accident.

The Fine Line

Health insurance varies for everyone. Surprisingly, there is a plan ready exactly according to how one needs them. If for instance, a man wants to protect his family, he would opt for the family health insurance plan. Under this plan, a family (with a usual capping of 5) fall under one insurance blanket covering them all. This plan proves to be more economic when compared to individual insurance plans.

But what about when this man wants to insure his parents' health? This is when senior citizen health insurance plans come to the rescue. A senior citizen health insurance is specially tailored for people who are above the age of 60 years. With special care and benefits, companies make sure senior citizens do get the worth of what they paid for.

Is It All Bright?

There are visible benefits of a family health insurance plan. For instance, if Rs 4 lacs is the sum insured by a family and the younger son happens to need hospitalization, the total sum can be utilized for his treatment. This offers a wider umbrella and makes sure every insured sum is made proper use of. Apart from this, there are a few family health insurance plans that include siblings, parents and parents-in-law in their cover. This helps reduce the premium paid every year and ensures the family stays under one tree. One drawback is that there is a maximum age beyond which the policy wouldn't renew in the name of the head of the family. Apart from that, children who grow beyond a certain age have to obtain an individual health cover for them.

It is indeed bright when we talk about senior citizen health insurance plans. There are many privileged benefits offered and their case is given a top priority. Also, there are certain companies that offer a critical illness plan as a booster to the existing senior citizen health insurance plan. On the economic front, this policy also offers handsome tax benefits.

To Sum It Up

1) Family health insurance covers a family, usually the spouse and their children.
2) Each member of the family will benefit of the insured sum.
3) Family health insurance proves to be highly economic.
4) The senior citizen insurance cover protects older members of the family.
5) Only one person enjoy its privileges.
6) The premium to be paid is usually high.

With the pace of our lives increasing so fast, we do require something that protects us from falling, lift us when we fall and nurture us when we need it the most. Health insurance plans certainly do the task single-handedly.