Get Your Spouse the Best Gift: Why Medical Health Policy is Important?
We all love to shower our significant other with gifts, sometimes on special occasions and sometimes just because. But have you ever considered buying your spouse a medical health policy? Although it sounds odd at first – a health policy as a present. But if you really think about it, it is indeed one of the best gifts a person can get their loved one.
With everything that’s going on in the world right now, including the COVID-19 pandemic, along with skyrocketing health care expenses, increase in lifestyle illnesses, decrease in life expectancy, and plenty other uncertainties – the importance of investing in a medical health policy only gets clearer. All this is reason enough to get your spouse a suitable health plan to secure their future. So, here is everything you need to know about it.
Table of Contents
Which Health Plan Should You Choose for Your Spouse?
Choosing a health plan for your partner can get tricky, and you might end up making the wrong decision without the right information. So, let’s understand how to select a medical health policy for your wife or husband:
Are Family-Floater Plans the Best Possible Choice?
The easiest way to get your spouse a medical health policy is by incorporating them into your existing plan – which automatically converts your individual policy to a family floater plan. Family floater policies extend to one’s spouse and, in most cases, future children too, with a single premium amount. However, you might have to increase the sum insured as per your partner’s requirements.
In case you do not already have an individual plan, you can directly opt for family floater policies that cover your immediate family, including spouses.
The Second-Best Option: Individual Plans
If you feel that a family floater plan doesn’t offer sufficient coverage or doesn’t specifically cater to your partner’s needs – an individual medical health policy is the next best option. Such plans cover a single policyholder and can be customized as per your husband/wife’s requirements with ease.
However, keep in mind that individual policies are expensive compared to family floater plans, so it is essential to keep the premium costs and affordability in mind.
Group Health Plans
While both family floater and individual health policies make a great gift for your spouse, they may not be affordable or feasible for everyone, leaving one last recourse – group health plans. A group medical health policy is generally offered by employers and covers the medical costs borne by their employees.
But with group plans comes flexibility as most companies & organizations provide employees with the option of adding their wife or husband or medical health to their policy. Nevertheless, it is best to check with your insurance provider or organization first and understand all terms & conditions clearly.
Features to Evaluate Before Purchasing a Health Policy for Your Spouse
No matter which medical health policy you choose for your partner, here are some important features one must consider:
- Waiting period
- Cover for pre-existing diseases (if any)
- Maternity benefits
- Your spouse’s medical history
- Tax returns
- Age criteria
- Limits & sub-limits
- Add-on benefits
Find the Best Plan for Your Spouse
A detailed study published by the Reserve Bank of India showed that India’s household debt to GDP ratio had been steadily increasing since FY 2018-19. It went from 35.4% in quarter one of FY 2020-21 to 37.1% in quarter two of FY 2020-21. Even though these figures are already worrying, the country’s household debt to GDP ratio is expected to rise even more by the end of FY 2022 – owing to the constant increase in India’s healthcare costs.
One way to protect yourself from exhausting your savings and drowning in household debt is by buying a medical health policy for you and your loved ones. There are loads of great insurance providers like Care Health Insurance that can give you all the guidance you need. So, start your research today and find the best plan for your spouse.
