In health insurance, family size is a silent but formidable determinant of financial commitment. The number of individuals within your household can influence the cost of your health insurance coverage. Understanding how family size impacts health insurance expenses is not merely a matter of budgetary concern; it's a crucial insight into tailoring the most effective and cost-efficient protection for your loved ones.

Secure Your Family’s Health

Below are some methods for securing your family's health while keeping family health insurance costs in mind:

Purchase Individual Health Insurance Plans for Each Family Member

These plans have the following features:

1. Medical coverage remains stable and unaffected by other family members' claims.
2. Coverage is tailored to each family member's age, health, and lifestyle.
3. You can provide medical coverage for any family member through individual policies.

However, keep in mind that having a separate health insurance plan for each family member can be expensive, as the premium amount increases with the number of policies you need to purchase.

Opt for a Family Floater Plan

It is a smarter choice for your whole family. Here are the key features of insurance for family:

1. Medical coverage for other family members can be affected during a policy term if one member makes a claim.
2. Family floater plans may not include children above a certain age.
3. The premium is determined by the total number of members covered by the plan.
4. You can add new members to the floater plan at the time of renewal.

Impact of the Family Size on Health Insurance Cost

Family size is one of the major factors affecting family health insurance costs. However, a larger family size doesn't always lead to higher medical expenses. For instance, a family of six might have lower medical costs than a family of two, depending on the health of its members. This implies that a healthy family of six may only need to use their health insurance once a year, whereas a family of two with existing health issues may require multiple insurance claims.

To understand how family health insurance works, consider this example:

Mr. X wants health insurance covering himself, his spouse, and two minor children, with a total coverage of ₹50 lakhs. The premium is determined by Mr. X's age, as the oldest family member, and includes the other three members.

If, during the policy term, Mr. X's wife undergoes gall bladder stone removal, the insurance covers ₹3 lakhs. For the rest of that term, the family can claim up to ₹47 lakhs.

In the same term, if Mr. X needs a cardiac operation costing ₹7 lakhs, the family can claim up to ₹40 lakhs for the rest of that term. This way, the remaining insured amount is available to the whole family on a shared basis.

Including Parents in Family Health Insurance

Some insurers permit parents to be added to a family medical insurance policy until a certain age, typically capping at 60-65 years. This is because parents are more likely to have serious illnesses that could deplete the entire family's insurance coverage. When applying for a policy, check your parents' eligibility with the insurer.

Not having a dedicated health plan for your parents can end up costing you more than just money in the long run.

Keep this information in mind when searching for the best family mediclaim policy. Regardless of your family's size, you can choose an affordable plan that offers comprehensive benefits.