Health Insurance Policies for Business Owners

Health Insurance Policies for Business Owners - As a business owner, you tend to take risks. But not all risks are worthy. Similarly, going around without health insurance is a risk, but this risk is not worthy for your health.  Having health insurance is important for everyone, be it a doctor, a teacher, an engineer or even an entrepreneur or businessman like you.

In this article, we’re going to discuss what health insurance is and what plan an entrepreneur should opt for (individual or family floater) as well as a list of popular health insurance plans business owners should buy.

What is Health Insurance?

Health insurance is a type of insurance coverage that covers the medical and surgical expenses of the insured persons. There is a pool of health insurance companies in the market which offer a variety of health insurance plans. One can use these plans to get cashless or reimbursement treatment. Health insurance plans can be purchased on an individual or family floater basis. Let us understand the different purposes of both.

Should business owners buy individual or family floater health insurance plans?

If you don’t already have a relevant health insurance plan for your family, then buying a family floater health insurance plan will work.

For instance, there are four members in your family for whom you wish to buy an insurance cover.

What do you think in this case will be a better option -

• Buying a family floater plan for all with the sum insured let’s say, Rs. 8 Lakh
• Or buying a dedicated plan for each of them for Rs. 2 Lakh each?

There is no one answer to this question. You’ll have to consider a few aspects before jumping onto conclusions.

Both individual and family floater health insurance are indemnity plans. Let us check the different purposes for both further in the article.

How individual health insurance plans work?

Individual health insurance plans have to be purchased in the name of every individual. It can be spouse, parents, children, etc. Which means the premium will be according to every individual’s age and respective sum insured limits. However, you may get discounts on the total premium if you buy individual health insurance plans from InsuranceDekho for more than one member.

So, as a business owner, you would want to opt for a plan with the best benefits. And individual health insurance plans are recommended if one member of the family has a bad health history but others are fit. This way, the individual cover will help in the long run as the sum insured of other members remain intact.

How do family floater health insurance plans work?

Under family floater health insurance plans, you can cover more than one member and pay a single premium for the same. Premiums under these plans are usually calculated on the basis of the eldest member of the family. So, considering the cost factor, business owners with young families are advised to go for family floater health insurance plans.

Note - While choosing between individual health insurance plans and family floater health insurance plans, also consider if you wish to have any special cover like critical illness cover, coverage for a specific disease (like hypertension, etc.), or personal accident cover.

Address these questions before buying health insurance

• What is the budget set for purchasing health insurance?
• Who all are looking forward to getting insured under the health insurance plan? The members may include the business owner, his/her family members, and employees as well.

Note - You can go for a group health insurance plan in case you want to cover employees.

• What benefits do you want under your health insurance plan? See if you actually require them or just wish to have.
• Figure out if your and your family members’ needs vary from that of your employees.
• Decide if you sponsor the policies by yourself or ask the employees to contribute too.

To know more about group health insurance plans, read here.

Popular health insurance plans in 2020 for business owners

Below is a list of health insurance plans which are available on an individual and family floater basis. As a business owner, you can buy any of these policies to secure your family. 

HDFC Ergo Health’s Optima Restore Plan For Business Owner:

• Policy type: Individual and family floater basis
• Sum insured options: Rs. 3, 5, 10, 15, 20, 25, 50 Lakh
• Policy term: 1 or 2 years
• Major benefits: No Claim Bonus, restoration benefit, free health check-up, daycare procedures, etc.

Religare’s Care Health Insurance Plan For Business Owner

• Policy type: Individual and family floater basis
• Sum insured options: Rs. 4 Lakh to Rs. 6 Crore (varies from variant to variant)
• Policy term: 1, 2, or 3 years
• Major benefits: Annual health check-up, organ donor cover, alternative treatment, add-ons to enhance coverage, etc.

Bajaj Allianz Health Guard Policy For Business Owner

• Policy type: Individual and family floater basis
• Sum insured options: Rs. 1.5, 2, 3, 4, 5, 7.5, 10, 15, 20, 25, 30, 35, 40, 45, Rs. 50 Lakh
• Policy term: 1, 2, or 3 years
• Major benefits: Cover for in-patient hospitalisation expenses, organ donor expenses, daycare procedures, convalescence benefit, etc.

Star Comprehensive Health Insurance For Business Owner

• Policy type: Individual and family floater basis
• Sum insured options: Rs. 5, 7.5, 10, 15, 20, and 25 Lakh
• Major benefits: Restoration benefit, No Claim Bonus, pre and post hospitalisation expenses cover

Also Read

Health Insurance To Be Mandatory for Employees Post Lockdown

Best Senior Citizen Health Insurance Plans in India

Conclusion

Whatever you choose, individual or family floater health insurance plan, the important thing is to read the policy terms and conditions before paying for the same.

Get in touch with the customer care executives at InsuranceDekho on toll-free number 1800-1205-698 in case you face any difficulty in understanding the plan.

Rest assured, you will end up buying the most relevant product too.