Important Changes to Make in Your Health Insurance Policy after Marriage
Marriage comes with many new things, from a change in your perception towards life, your responsibilities also increase especially your financial responsibilities. Even though managing your finances well and start investing at an early age as soon as you start earning is always recommended, but post marring investing your money becomes essential. With investment in various portfolios like mutual fund and SIP, it is also suggested to start investing in a health insurance plan. If you already have a Mediclaim policy or if you are going to purchase one, then you must consider the following changes in it after your marriage:
Key Changes to Make in a Health Insurance Plan Post Marriage:
- Understanding Your Healthcare Needs: There are chances that you have taken a health insurance plan when you were very young, and the sufficient healthcare requirements then are now not enough. Even the requirements of a couple are different than the requirements of a single person from his/her health insurance plan. There are many factors that you should consider to understand your healthcare needs post marriage. These factors can be the health state of the couple and their age at the time of their marriage. A general health check-up of spouse and self is a smart move to get to know the health status of both after your marriage. In addition to this, lifestyle change is another factor that changes significantly after marriage. You can purchase a health insurance plan that suits your lifestyle post marriage.
- Upgrading from An Individual Health Insurance Plan to Family Health Cover: Getting married means starting your own family and this is the reason you should upgrade your health insurance plan to family health insurance cover. In a family health insurance plan or family floater cover, you can add your spouse as well as your other family members. You can include your parents who can be senior citizens in one such plan. The best thing about a family health insurance cover is, that all the included family members can extend their health insurance coverage through a single premium. You do not have to pay different premiums for different members of your family included in this cover. In addition to this, a family health insurance plan provides tax benefits as well. You get the tax benefits under section 80D of the Income Tax Act.
- Get Maternity Cover As Soon As Possible: Generally, the waiting period in health insurance with maternity cover is 0 to 4 years. You are eligible to get the benefits of your maternity cover only after completing this waiting period. This can be a point of anxiety for married people. This is the reason it is suggested to opt for maternity cover as early as possible after your marriage.
- Select the Right Health Insurance Provider: With an upgrade in your health insurance plan to suit your needs, you can as well change your insurance provider if its plans or healthcare services are not suitable. There are many options available in the insurance market and all you need to do is good research. Search for an insurance provider that offers you more benefits with good insurance coverage that can meet your after-marriage requirements.
- Compare Various Insurers Online: A health insurance plan is not about only one aspect instead there are many aspects that you should consider before finalizing a policy. So, comparing different plans online based on their coverage, waiting period, and benefits offered can give you the best result. You can as well consult an expert in the insurance industry or go through an expert guide wherein different health insurance plans are compared and ranked according to different requirements. This all for sure can help you to make the most suitable decision.
- Opt for An Add-On Cover, If Required: Add-on covers or riders increase or improve the coverage of your health insurance policy. You can search for a suitable add-on provided by your health insurance provider that will be beneficial for married people and top-up your existing policy. Some of the highly recommended add-ons for married people are – personal accident cover, critical illness cover, top-up covers for improving the base cover above the current Mediclaim policy.
Wrapping It Up!
When you get married, it becomes your responsibility to safeguard your spouse in all senses and one such way is opting for a family health insurance policy. It is suggested to opt for a Mediclaim policy that has the flexibility to change according to different phases of your life and marriage is one such important phase. Marriage comes with many responsibilities and managing your finances is one of the crucial aspects of it. If you are getting married soon or recently got married then this guide will help you to incorporate important changes in your health insurance policy after marriage.
Written By: PolicyBazaar - Updated: 29 October 2020