Marriage is directly associated with change. Once married, a lot of things change within and around a person. Perception changes, responsibilities change, life changes. And as managing finances is also a component of life, marriage also has an impact on it.
Health insurance/medical insurance is a crucial aspect of one’s financial portfolio. Just as a lot of weightage is given to mutual funds, shares, fixed deposits, etc. one should also make an effort to buy the right medical insurance plan to avoid financial losses in case of health-related issues.
Read ahead to understand the kind of changes that can happen with respect to medical insurance after you are married.
#1 Type of cover
First and foremost, you have to look at your current health insurance coverage. Do you have an individual health policy or are you solely relying on your employer’s group insurance policy? Once you have an idea about what you have, you can decide whether to increase or decrease the coverage. While doing so, it is better to perform the same exercise for your spouse as well and then buy the plan or plans.
#2 Analyzing health requirements
Some people get married at an early age and some marry late. Chances are, your current health insurance plan might have been purchased when your health was in a different shape. The same cover can’t possibly cover you comprehensively if you have undergone lifestyle changes in the recent past. Getting married is a significant lifestyle change and it is the right time to analyze your health condition and subsequently purchase suitable health insurance over.
#3 Family health insurance
You have the option of starting your own family health insurance plan after marriage. You can include your spouse and immediate relatives in it. If senior citizens in your family do not have a dedicated health insurance policy, you can include them in the family health insurance plan.
Health insurance plans for family extend coverage to the members (included in the policy) at a single premium. This means, you just have to pay a single amount to cover all members. Health insurance plans for family are beneficial from an operational standpoint wherein you don’t have to buy/renew policies individually for the family members. An additional benefit with this type of policy is that it offers tax benefit as per the conditions mentioned in Section 80D of the Income Tax Act.
#4 Maternity cover
It is advisable for married couples to take a maternity health insurance cover at the earliest, as such health insurance plans often come with a waiting period. The waiting period can range between 0 to 4 years, as per the insurance company’s policy. You must note that the cover only becomes active once the waiting period has been completed. If you raise a claim during the waiting period, the insurance company will not settle the claim.
#5 Right health insurer
It is not necessary to continue with your current health insurer if you are not satisfied with the cover, service, etc. There are several new-age insurers that offer health insurance policies at a low price without reducing the coverage. Some even have better service-related features. Compare and find the right health insurer.
One can speak to friends and relatives to narrow down on a few insurers and health plans. Nowadays a lot of information is available on the internet. You can educate yourself about benefits and features of a policy simply by reading about them on the insurance company’s website. However, if you feel that there is something that you do not understand, it is suggested to get in touch with the insurance company via call or email and get your doubts cleared. One should make an informed choice with regards to health insurance.
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