CHANGES YOU NEED TO MAKE TO YOUR INSURANCE PLANS AFTER MARRIAGE

Marriage is a vital part of any person as there are several changes in a person's life. There is a severe change in the perception of life. Especially, your financial responsibilities will increase and we recommend managing your finances from the early days of your professional life.

 

Investing from the starting period of your earning age will provide you with better protection. However, post-marriage investment is also recommended to secure the future of your spouse and yours' future.

 

You can easily invest in mutual funds or several other insurance plans. You can also prefer choosing health insurance plans. If you have an existing Mediclaim policy or want to buy a new one, here are the best suggestions from policy experts for choosing the most effective health insurance plans for family.

 

What is a health insurance policy?

 

Health insurance plans for family are considered as a tool to manage finance in managing health-related expenses. Health insurance covers medical expenses, including accidents, illness, diseases, and other major health problems. In India, you can choose basic coverage health policies and above basic coverage health policies.

 

Significance of health insurance policy

 

Choosing a health insurance policy is essential if you want to enjoy the best quality healthcare facilities. Also, the rising healthcare costs emphasise choosing an effective health insurance plan. Here are the most significant benefits of getting a health insurance policy after marriage.

 

Saves you from the rising costs in the medical sector: Medical inflation in India has always been a cause of concern. The PwC's Health Research Institute (HRI) report states that in 2022 there will be an approximate 6.5% increase in medical costs over the previous year. Therefore, choosing health insurance plans for familyis necessary to cope with the inflation in medical treatments. The health insurance policies provide special features like zero deductions on your Mediclaim.

 

Enjoy better facilities: There will be no need to compromise on the quality of medical services if you have health insurance. The patient can enjoy better medical facilities, and the timely treatment also boosts the chances for faster patient recovery. The health insurance policies provide pre-and post-hospitalization coverage; therefore, better medical facilities will pave the way for better service.

 

Why Changing health insurance after marriage is necessary

 

• Choose the cover types

The most important change you can opt for in your current health insurance plans for family is going through your existing policy coverage. In case you have health insurance, consider if you have an individual health insurance policy or employers' group insurance policy. If you get proper knowledge about the type of cover, Then, you can increase or decrease the current policy coverage. Consider the same for your spouse before buying a new policy to protect your family.

 

• Look for family health insurance

One of the best policies after marriage that you can consider is family health insurance. If the senior citizens in your home don't have health insurance, you can include them in the plan for better coverage.

 

Health insurance plans for families will lower stress as you can enjoy tax benefits according to Section 80D of the Income Tax Act. Also, the single premium will extend coverage to all living members in your family. There will also be no need for multiple payments, buying, or renewing insurance plans for different members as the single premium will be sufficient.

 

• Consider your health requirements

You should also consider the insurance plan and understand the health requirements you want to get from your health insurance. If you have an existing health insurance policy, consider changing the covers to enjoy a better health facility.

 

The same cover if your existing policy might not be enough as you have undergone lifestyle changes in the recent past. Marriage also leads to significant changes in lifestyle, and you should now analyse your health condition and choose the most suitable health insurance.

 

• Maternity cover

Maternity health insurance will also be ideal for married couples. The health cover consists of a waiting period that ranges between 0 to 4 years according to the policy of the health insurance company. However, the cover will become active only after the completion of the active period, and no claim will be valid during the waiting period.

 

• Find the best health insurance company

You should always prefer the best health insurance company after comparing the premiums and coverage that the policies offer. You can cancel your current health insurance plans for family if you are unsatisfied with its coverage. Consider the new-age insurers to get more insurance coverage at lower prices.

 

Conclusion

 

Marriage is an important decision to change your life and will initiate your responsibilities. Therefore, the ideal move to choose the best insurance plan or changing insurance after marriage for your family will secure your life and protect you from huge expenses.

FAQs

Q1. Is it mandatory to combine my existing health insurance after marriage?

Ans: If you want to port your existing health policy after marriage, you have to make certain changes to our existing policy to port to a new one.

Q2. How can I add my wife to my Mediclaim policy?

Ans: Adding spouse to health insurance after marriage in the existing Mediclaim is easy as there is no specific rule for it. You have to submit the KYC documents, including identity proof, age proof, marriage certificate, and photographs, including your spouse, to your existing Mediclaim.

Q3. How can I change my name on my health insurance policy after marriage?

Ans: You must visit your nearest health insurance company branch to change your name carrying the necessary documents with you. The documents include the request letter, identity proof, age proof, marriage certificate, and photographs.