Health insurance plan after marriage: Many things change after marriage, and financial decision-making is one of them. If you have invested in insurance and other financial assets, you might want to add your spouse as the beneficiary in the investment papers. Of all the investments, health insurance plays a key role because it covers the sudden medical expenses of those covered in the policy.
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Fortunately, adding your spouse to health insurance is a hassle-free process. It can be done online or offline by contacting the insurance agent or direct insurance company. If you’re about to get married a few months down the calendar or are planning to get married, you should know what changes you’ll have to make in your health insurance post-marriage. You can use the following information as a checklist and do the needful.
- Add Your Spouse to the Policy
One of the most obvious things you wouldn’t want to do post-marriage is adding your spouse to your health insurance. Doing so will ensure your spouse’s medical expenses are met in case of emergencies. You will require documents like identity proof, marriage certificate, age proof, etc. while adding your spouse to your current health insurance plan. Health Insurance plan after marriage
So ensure you’re ready with the relevant documents before proceeding with the process. The changes might not be instant, and you will have to wait till the policy renewal term for the change to come into effect. The premium can also be changed to cover the spouse’s medical needs.
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- Reevaluate Your Current Coverage Needs
Not everyone has the same medical requirements, so evaluating every member’s medical needs becomes essential before deciding the sum insured for any health insurance policy. It is also needed to assess whether you would need any add-on to upgrade your health insurance coverage.
So before adding your spouse to the policy, talk to them regarding their medical condition and requirement, and adjust the insurance coverage accordingly. Once you’re clear with the current requirements, making changes to the health insurance becomes easier.
- Get a Family Health Insurance Plan after Marriage
If you’ve been relying on individual health insurance plans till now, it is time to switch to a family floater plan. The best part of switching to family floater plans is that you can include your dependent parents in the policy, not just the spouse.
Having a family health insurance plan makes it easier to manage the medical coverage requirements of all members under a single policy. And the premium is also comparatively lower than what you would have paid for individual health insurance plans for each member. So start looking for the right insurer and health insurance plan before making the next big move.
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- Invest in Maternity Coverage
While you may not need maternity coverage immediately after marriage, it is best to get it added to the policy early on. It is because all insurance companies follow a certain waiting period before which the policyholder cannot avail of the maternity coverage benefits. The waiting period can be anywhere between twelve months to 48 months. It varies from one insurer to another, so you will have to check individually before making any decision.
A maternity health insurance will cover all the maternity-related expenses and help you fight the rising medical costs throughout the country. Since there is a considerable waiting period for maternity coverage, couples should invest in it early in their marriage phase. It will help them later when they decide to start a family of their own.
- Decide if You Want to Proceed with the Current Insurer
The best time to assess whether you want to proceed with your current insurer is right after marriage. Since you will have to change the beneficiaries in your policy, you can also decide if you want to port to a better insurance company.
You can evaluate the past communications with the insurer, the premium charged, coverage offered, and other relevant factors in determining whether the present insurer is ideal for the long term or not. If you choose to continue, add your spouse to the policy. Moreover, follow the required steps to port your insurance to a better insurer and add your spouse.
- Consider Adding More Add-on Covers
Sometimes, the standard coverage offered by insurance companies can be insufficient to fulfil peoples’ medical needs. It is where add-ons come into the picture. Not all insurers in India offer the same add-ons, so you have to check the available options and then pick the relevant ones.
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Maternity cover is one of the various add-ons offered by insurance companies. Other add-ons can be critical illness cover, top-up plan, personal accident cover, super top-up cover, and more. Since the premium will increase with every add-on, ensure you only purchase the add-ons you require. You can consult your spouse before picking any add-ons for your health insurance.
Make Changes to Your Health Insurance Plans for Best Returns
Your life situations don’t remain the same for long. The same is the case for your current health needs. You have to alter your health insurance coverage from time to time so your current health requirements are fulfilled. One of the many such situations that require making changes to your health insurance plan is getting married.
Once you get married, your existing responsibilities increase, and so do the healthcare requirements. So make sure you add your spouse to the existing health insurance plan and make the other changes discussed above to get maximum returns.
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Hope this helps!
