Health Insurance: Does family size affect your health insurance cover?

With rising medical expenses, health insurance is the need of the hour. Many companies offer insurance schemes to deal with hospitalisation charges and other medical expenses. Though there may be some lingering doubts in a person’s mind that can prevent them from opting for insurance policies. This is especially pertinent for family health insurance, which protects the entire family against unexpected medical expenses under a single plan. One question that often arises is whether the size of the family will affect their health insurance cover. Here’s a short explainer on family health insurance and whether the number of family members impact the plan’s coverage.

Does the size of a family affect health insurance cover?

A family insurance plan takes care of the medical expenses of the entire unit. You can get a family floater plan for coverage of all members in a single insurance. If a family is bigger, it does not necessarily mean that the expenses on health cover will be more. The members may not require hospitalisation during the tenure of the policy, leading to lower expenses. When it comes to premiums, the addition of a new member will definitely lead to higher premiums on the same plan.

The age of the eldest member under the policy is another crucial factor to consider. The chances of suffering from health issues increases with age. So, the premium in a family health insurance plan will be more if the policyholder adds their parents instead of their siblings or kids. 

Family health insurance coverage options

You can add new members to your family floater health plan at the time of renewal. The process will be easier compared to buying new insurance for each member.

If you want to reduce the premiums you want to pay on your health insurance, you can go in for a senior citizen health plan for your parents. This can help in two ways. The parents may benefit from a customised plan for their health issues and age. Apart from that, even if the senior member is hospitalised, you can still claim health cover for the rest of your family as they are in another plan. 

If there is any pre-existing health issue in the family, going in for a higher coverage may be a good idea. While the premiums will be higher, as the age of the family members increase, getting additional coverage would be tougher