Should you port your health insurance after marriage?
Porting your health insurance after marriage? Should you take floater with your spouse?
Marriage brings with it a lot of changes. Whether you are a man or a woman, getting married involves shouldering new responsibilities of starting a family life with a new companion. If you are a man, you reorganize your home to accommodate your wife. If you are a woman, you leave behind your home to start a new phase of your life. While marriage brings with it a lot of emotional changes, it also brings with it a lot of financial responsibilities. Your financial portfolio needs review and revision. What about a health insurance plan? Does it involve changes too?
Actually, it does. If you are covered under a health insurance plan prior to being married, you have to make changes in your plan to accommodate the new member added to your family. So, what are your options? Let’s explore –
When you have an existing health insurance plan
If you are a female and are covered under your father’s family floater health plan, you have two options. One, you can continue being covered under your father’s plan till the permissible age (which ranges from 21-25 years). Once you are no longer eligible to be covered under the existing floater plan, you can get yourself another individual health insurance plan or get covered under your spouse’s family floater plan. Two, you can either buy a separate health plan for yourself or get included in your spouse’s floater plan immediately after marriage.
If you are a male and have an individual health cover for yourself, you could buy a separate health plan for your spouse. Alternatively, you can also port to a family floater health plan for yourself and your wife. However, if you already have a family floater plan covering you and your parents, you could also include your wife under the plan.
When you do not have an existing health plan
Whether you are a male or a female, if you do not have an existing health insurance plan, you should immediately buy one after marriage. A family floater health plan should be your preferred choice as you are a young couple. The premiums would be low and the floater plan would extend all the necessary coverage features. Choose a plan which provides maternity cover because you might be needing coverage for maternity expenses a few years down the line when you decide to start a family.
Porting an existing plan after marriage
Porting means switching to a new plan offered by another insurer or by the same insurer. As marriage changes everything, you might decide to port to another plan. Well, porting is advised if your existing health insurance plan does not have maternity cover. After marriage you need a plan which has maternity cover. Maternity cover pays for expenses related to child birth and is an important requirement when you start a family. So, port your plan to a maternity plan after marriage.
So, what should you do?
The ideal choice would be to opt for a family floater plan with your spouse. If you are a female, your father’s coverage would run only for a few years and that too wouldn’t have maternity coverage. Since maternity coverage has a waiting period of 2-6 years, it is advisable to opt for a new family floater plan with your spouse immediately after marriage where maternity cover is provided. If you are a male and have an existing plan, it must be without a maternity benefit cover. You should port to another family floater plan which provides maternity insurance cover. In both instances choose a family floater plan covering yourself and your spouse and buy it immediately after marriage so that you can wait out the maternity waiting period in the initial years.
Marriage is an important milestone in your life and you should prepare yourself both emotionally and financially. Marriage not only culminates two families, it also culminates your finances. You make financial decisions after consulting your spouse. A health plan should also be decided after your spouse’s consultation. Review your existing health policies before taking a decision on changing your plans. However, remember two things – a family floater plan would be a better alternative and the plan should have maternity coverage.