The Buy Desk
If you are getting married soon or have married just recently, you must consider investing in a health insurance policy that provides maternity benefits. Although you are not legally bound to port your health insurance post-marriage, it will assist you in getting coverage for your and your growing family’s future requirements.
Why Married Couples Should Have Health Insurance?
No one knows when they have to deal with unexpected medical emergencies. To successfully meet those emergencies without breaking the bank, health insurance comes to the rescue. The main reason couples need to have a health insurance plan after marriage is to effortlessly cover the cost of medical expenses. It will help you prevent catastrophic financial costs.
Which Health Insurance Policy Should Married Couple Buy?
Nowadays, multiple health insurance plans are available in the market with excellent maternity coverage. If you are already covered under any corporate health insurance policy, you can consider buying a personal health insurance cover of at least 10 lakh sum insured. Let’s discuss some of the best ways to buy a health insurance plan after marriage–
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Family floater scheme
You may go for a family floater plan that consists of a simple documentation process. Buy a family floater plan or include your wife if you have already purchased it. As per this scheme, your wife will be included under the coverage of your family-floater insurance plan. The inclusion can be done immediately after marriage or upon your policy renewal.
Based on your health insurance providing company, this may overrule the previous coverage under pre-determined T&Cs (terms and conditions). If you have an individual plan and your wife financially relies on you then you must include her in your plan. You will get tax deductions on your paid premiums.
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Continue or port the plan
If your wife is financially independent and has her own health insurance policy, she can either port the plan to another individual policy with her new married name or continue with the existing plan by changing the maiden name via endorsement.
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Options for wives for their husbands
If you have been covered under a health insurance policy before marriage, change that plan to a family floater plan with your spouse included in the policy coverage. However, if your partner already has a separate individual plan, continue with your existing plan with a changed name.
If you have purchased a family floater plan for your parents before marriage, add your husband in the plan after marriage excluding your parents. Another option is to purchase another family floater plan with you and your husband in the coverage while continuing the existing one. Just be sure that you inform both insurance providers so that a proportionate claim would be paid by both providers during a claim.
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Options for a married couple
If any of the partners was not covered under any insurance cover, buy a new individual health insurance cover irrespective of if there is an already family-floater scheme post marriage. You may get two separate individual insurance plans for both of you.
If the wife is financially dependent on her husband, the husband can be the proposer in both individual plans, and vice-versa. Other than this, the wife can be a proposer in her policy and the husband in his policy in case they both are financially reliant. Note that this may increase the payable premium and the amount to be invested in the plan. Alongside two separate individual plans, married couples can consider buying a family floater plan with coverage of both of them in a single plan. The husband or a wife could be the proposer given that the proposer is financially independent.
Whether or not you and your partner need health insurance is completely your personal decision. Make this decision based on your financial condition and other essential parameters. However, it is recommended to compare multiple policies before buying a specific one. Go through the inclusions and exclusions and associated terms and conditions before purchasing a policy.
