Planning Health Insurance For Newly Married Couples

Introduction

Getting married and starting your life journey with your spouse is exciting. However, it involves significant changes. You will now have an added responsibility of your partner, parents and in-laws, and kids if you are planning for them soon. 

According to the Consumer Sentiment Index (CSI) survey, about 44% of Indian families reported increasing medical expenses for medical tests, vitamins, and healthy food.^[1] So, to avoid unpredictable dents in your financial journey, this is the time to expand your insurance coverage. 

This article highlights the nuances of family floater health insurance plans for newly formed family’s security.

Health Insurance Planning Based On Different Scenarios

As a bachelor, you might have managed with basic health coverage to meet your own needs so far. But now, as a married individual, it is time to consider the health needs of your spouse and your expanding family differently.

Generally, there are 4 scenarios for married couples to plan their health insurance: 

1. Both you and your spouse have corporate health insurance –
   1. Evaluate if the existing cover is enough for both of you. 
   2. If not, you should get personal health plans to create sufficient coverage for you and your spouse. You can also go ahead with family floater plans.
   3. Even if it is sufficient, you should at least have a super top-up and basic comprehensive plan for you and your spouse for sustainable protection independent of your employment status. 
   4. Think likewise for your parents and in-laws also.
      
2. You have corporate health insurance, but your spouse doesn’t – 
   1. Include your spouse in your corporate plan (if the employer allows).
   2. If not feasible, you can consider buying individual health insurance for your spouse. 
   3. Consider a family floater plan for both of you to add extra cushion for your health.
   4. Think likewise for your parents and in-laws too.
      
3. At least one of you has individual health insurance – 
   1. You can evaluate the single-family floater plan for both partners. 
   2. This will provide a single umbrella cover and a lower premium than the two individual plans.
   3. Adjust the cover amount to meet broader coverage for any medical emergency.
      
4. Both of you don’t have any health insurance – 
   1. You should get a health insurance plan at the earliest
   2. Evaluate family floater health insurance plans that may be more suitable for both of you as you can get covered under a single policy with a shared sum insured. 
   3. Think likewise for your parents and in-laws also.

How to determine if you need a Family Floater Plan as a Married Couple?

A family floater health insurance plan is generally more cost-effective than buying separate health insurance for you and your spouse. If your family is growing with little ones on the way, adding them to the existing family plan is much simpler. 

When determining the plan, consider factors such as:

• Your Health Status and Needs: 
  • Evaluate pre-existing conditions, age, health risks, budget, and occupation before choosing coverage options. 
  • If one or both of you travel frequently to international destinations, explore international coverage add-ons.
    
• Location of Your Stay: 
  • Due to the difference in treatment costs, your insurance sum will be higher if you live in an urban area than if you live in a rural area. 
  • If you stay in remote areas, plans with road ambulance and broader network hospitals will be helpful.
    
• Future planning:
  • If you are planning for kids anytime soon, do consider maternity cover.
  • Some plans offer maternity benefits without any added premium, while others are designed to meet maternity needs.
    
• Waiting periods: 
  • This is crucial when you include your spouse or in-laws with pre-existing conditions or any specific illnesses as per the policy.
  • Understand the waiting period for specific diseases covered by the insurance policy.
  • If a pre-existing disease or special case of any individual has a huge impact on the premium, consider a separate plan for that individual.
    
• A few standard features to look for:
  • Zero co-payment
  • Room rent limits
  • Health checkup and wellness plan
  • Flexibility to add more members or customise benefits later
  • AYUSH cover
  • Cumulative bonus and restoration benefits

Individual health insurance suits you best if at least one of you has specialised healthcare needs.  Like Individual plans, the premiums paid for family floater plans are also allowed for tax deductions under Section 80D of the Income Tax Act. You can claim deductions of  ₹25,000 for family floater plans and an additional ₹5,000 for preventive health checkups for your family.^[2]

Note: If you include your aged parents under the same family plan, you can claim deductions of an additional ₹50,000.^[2]

Key Takeaways

Embrace the peace of mind with family floater plans for your new family. Even though everyone has to share the sum assured, the chances of your spouse and kids getting sick simultaneously and struggling with insurance claims are slim. Some insurance providers offer reinstatement benefits to increase the sum assured if you have exhausted it before the policy term. So explore your options thoroughly on platforms such as PhonePe and make the right choice for you and your growing family!