What is the Average Cost of Health Insurance for a Family of 4?
- Author :
- TATA AIG Team
- Published on :
Concerning the increasing cost of healthcare services in the country, health insurance has become an indispensable part of financial planning and management for families. It allows you to deal with medical expenses arising from unexpected healthcare treatment and hospitalisation of any member of your family in a stress-free way.
It means, when you have the right medical insurance plan, you do n’o have to make last-minute fund arrangements during a medical emergency.
If you are purchasing a health insurance plan for your family of 4 and wondering about the medical insurance premium rates you will need to pay, we have got you covered in this blog.
We will walk you through the average health insurance cost for families in India alongside discussing some important benefits to consider when buying health insurance.
Importance of Health Insurance Policy for Family
Medical emergencies can strike anyone at any time, regardless of their age or fitness level. Even the healthiest or youngest person may have to deal with unexpected health issues, which can incur a hefty financial burden.
This is where a reliable health insurance plan comes into the picture. You can either purchase individual health insurance or invest in a good family insurance plan.
A suitable family insurance plan from providers like Tata AIG not only covers the individual health requirements of the policyholder but also takes care of each of their family members.
Following are some of the other notable benefits of having family health insurance:
Financial Security: The sky-touching healthcare and medical treatment costs in India are not unknown to anyone.
A health insurance policy provides you with the necessary financial support to pay for medical bills and treatment in case of unforeseen emergency. In short, it helps you optimise your savings and prevents you from getting into debt.
Broad Coverage: Another benefit of having a family insurance plan is that it comes with comprehensive coverage that not only includes hospitalisation but also covers pre and post-hospitalisation treatment, critical illness coverage, maternity care, outpatient care, and more.
Most importantly, it encourages every member of your family to prioritise their health without worrying about the financial situation.
High-quality Health Care: Top health insurance providers have tie-ups with advanced healthcare facilities. By purchasing health insurance, you become eligible to get high-quality medical treatment at such facilities under expert supervision.
Cashless Treatment: No need to pay your medical expenses out of your pocket. You can get your treatment at the network facilities empanelled by the insurance provider in a cashless manner. Your provider will settle your bill directly with the hospital without needing your interference.
Affordable Premiums: Finally, the medical insurance monthly premium cost for family insurance plans is a bit more affordable as compared to individual health insurance. This is because many insurance providers offer attractive discounts when you purchase family floater plans.
What is the Medical Insurance Cost for a Family of 4?
Coming to the most important question: how much do family insurance plans cost? Here is the answer:
average health insurance cost for a family for an insurance coverage of ₹10 lakh per year can range from ₹10,000 to ₹35,000 depending upon various factors such as number of family members, type of coverage, age of insured, and so on.
Moreover, the cost of health insurance also depends on your insurance provider. So, the best way to find the average cost of medical insurance for a family is to use a health insurance premium calculator provided by your insurance company.
It will give you a fair idea of the premiums you will need to pay for health insurance for a family of 4 in India.
Family insurance plans are critical to safeguard every member of your family against any unprecedented medical situation. Not only do they offer the required financial assistance, but they also make high-quality medical care accessible to the policyholders.
Apart from these benefits, buying a family insurance plan is a lot more cost-effective than having individual health insurance for every family member.
So, if you have not purchased a suitable health insurance plan yet, contact us!
Should I purchase individual health insurance or family health insurance?
Family health insurance plans are more comprehensive and cost-effective as compared to individual plans for each member of the family.
Moreover, with family health insurance, you do not need to manage multiple insurance policies. Instead, keeping track of a single plan will suffice.
How much sum insured should I opt for a family of four?
The ideal sum insured for a family of four in India ranges from ₹5 to ₹10 lakhs depending on the age and health condition of the insured members as well as your financial situation.
Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.