Being covered under a health insurance plan is a necessity in today’s time. The rising costs of medical care and the endemic lifestyle diseases mean that ailments don’t see age, profession or gender. Health insurance provides you with the financial protection to be able to afford the medical care and treatment needed, amid burgeoning healthcare costs and the skyrocketing medical inflation. Health insurance should also reflect the life stage you are at, the medical history etc.
In fact, family health insurance plans ensure that multiple people of the same family can be covered under one comprehensive plan. But what happens when the family grows? Marriage is an important milestone in anyone's life. It brings in many changes in your life. Your family structure fundamentally changes. You have more responsibility towards your partner and family. Of course, your entire financial portfolio should record and reflect this change. Therefore, your health insurance should also reflect this change. There are several ways in which a health insurance plan can be ported after marriage.
Family floater plan
A family floater is a health insurance plan that extends the umbrella coverage to the entire family rather than just an individual. It is easier to get your immediate family members, spouse or newborn babies added in a floater health plan. Thus, the ideal option will be to go for a family floater health plan, which covers both you and your spouse under one policy. You benefit from higher coverage at lower premium rates. At this point, it is also wise to check for benefits like maternity cover, newborn baby cover, etc. Find a plan that has all the features of the previous plan and more.
Changing details in an individual policy
If you already had an individual health insurance plan before your marriage, then you just need to change your personal details like maiden name, address, signature, etc. The plan will continue as it was with every renewal. In order to change the personal details, you will just need to furnish the marriage certificate with all the change requests. If both you and your partner have an individual plan, this would work. However, if one of you had an individual plan, porting the partner on the plan might be a better idea.
Include partner in the policy
If you want to include your spouse in the policy, it is a great option to increase the cover anytime by paying the pro-rated premium. Or if you want to be included in your partner’s existing policy you can simply be added as their spouse. Whoever of you is the policyholder will initiate the process by submitting necessary documents such as marriage certificate as well as KYC documents including identity proofs, age proofs along with photographs. This change can be made either in the following policy renewal or on the next policy renewal simply by filing an additional form stating the details and submitting it along with the premium that has been pro-rated. Once you both have a family floater plan, it will be easier in the future to add your kids to the plan easily.
As you prepare to start your married life, make sure you are financially secure and protected!
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
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