Always remember, a reputed health insurance organisation will never reject your claim for some vague reasons. If you are worried about paying higher premium rates, there are health insurance plans that offer to provide coverage even with a low premium and if you require more coverage there is always a cope to get additional benefits (for which an extra payment is required).

Best family health insurance plan

When it comes to health insurance the most common question asked is, “Do I really need a health insurance plan?”. The answer may not remain the same but one thing remains constant, which is-health insurance keeps you and your family away from unexpected medical expenses. Not just that it also keeps away the stress of paying high rated medical bills at one go.

What is a family health insurance plan?

A security that you provide to yourself and your family in terms of health is offered by the Best family health insurance plan. With the increasing price in the medical and health sector, taking care of your family becomes utmost important. When you purchase a family health insurance plan you safeguard/protect your near and dear ones from any kind of financial strain in unforeseen circumstances.

As it is defined, a family health insurance plan is a type of health insurance which offers coverage for all family members against various illness and medical treatments. It is also termed as family floater policy. This policy assures a fixed sum to all the members which can be claimed during the tenure of the policy. Policy claims can be made once or more; also, don’t forget the go through your plan so that you received the desired amount of benefits from the insurer.

Benefits of family health insurance plan

Every health insurance plan comes with a fixed premium (until and unless a discount is available). The premium rate differs from one policy to another and therefore it is a smart move to plan your monthly budget accordingly, then decide to take up a policy that best fulfils your needs. Some of the benefits which are offered by almost all types of health insurance include-

  • Covers the entire family - Under one policy all the family members (children, spouse, parents and parents-in-law) will be provided coverage. This eliminates extra expenses as you need not pay a premium for each family member.
  • Facility to add new/additional family members - You can avail the benefit of adding new family members; all you need to do is pay an extra premium and can also increase the assured sum rather than purchasing a new policy again.
  • Affordable premium amount - Did you know individual health insurance carries a higher premium than family health insurance plans? Guess what, now you know well where to invest your money on. Premiums of family health insurance plans are reasonable and budget-friendly.
  • Tax benefits - Avail tax benefits with health insurance plans; this is one of the most significant benefits to gather from an insurance plan. A person can claim the benefits on the premium amount paid under the Section 80D of the Income Tax Act, 1961.
  • Continuous and hassle-free coverage - Some of the health insurance policies offer continuous coverage that extends until 3 years, which means that you can get the coverage without increasing the premium value for that particular policy tenure. When a policy covers for the entire family it reduces the task and effort of looking for another health insurance policy. So, opt for a hassle-free coverage, opt for family health insurance.
  • Availability of discounts - Insurers may provide incentives and discounts as per the terms and condition of the insurance company.
  • Both parents and parents-in-law included - With a bit of extra pay, a policyholder can include their parents and parents-in-law.

What are the things covered in a family health insurance plan?

A family health insurance plan provides coverage for the expenses occurred during any medical treatment or surgery. List of certain things covered by family health insurance plan are-

  • In-patient hospitalization - Coverage will be provided for all kinds of medical expenses that are required or needed during hospitalization. If any family member of the insured is hospitalized for more than 24 hours, the medical cost will be covered by the insurer.
  • Hospital cash - A daily cash allowance is offered by the policymakers and the same sum is uses for transportation/other basic medical requirements of the person who is attending the patient.
  • Pre-hospitalization expenses - The pre-hospitalization expense that may arise due to MRI, blood test, X-ray, urine test, CT scan etc are covered by the insurance company
  • Post-hospitalization expenses - After the discharge of a patient any medical cost that arises will be liable to get coverage. Post hospitalization expenses may include medical test or medicines (pharmacy bill)
  • Daycare treatment - The insurance company provides cover for diseases like cataract which can be treated within a few hours; the insurer also offers coverage for other daycare treatments which doesn’t need 24 hours of hospitalization.
  • Restore benefit - Many health insurance companies provide restore benefit; it helps a lot in reinstating the basic plan coverage if due to any reason the cover gets exhausted.
  • Ambulance charges - The amount of ambulance charges differs from one policy to another. Maximum insurance companies today are offering coverage for emergency ambulance charges.
The need to update your family health insurance plan

Truth spoken-updating health insurance is a time-consuming task. So, what do you really do to overcome it? Get coverage at the earliest and watch out on which policy will support your needs. Also, be aware of the hospitalization expenses so that you don’t exhaust the policy coverage in a single claim.

Waiting to update your policy when the plan gets older is a risky thing to do. While updating your policy, the first thing you need to do is fill-up an application form, this may also require you to undergo a medical test. It is also a fact that the older one becomes the chances of getting ill increases. Therefore, it is essential to disclose your health issues to the health insurance company from time to time.

Doing so will allow the insurance company to provide an adequate amount of coverage for that particular illness when required. If you are not able to avail the maximum amount of benefits from your current family health insurance plan, you can always look out for other options in the market.

Some of the benefits which can be received with a health insurance update-

  • Adjustment in the deductible
  • The opportunity to obtain a higher coverage (if required)
  • Additional riders
  • If you want you can remove or add family members as per your choice
  • Flexibility to customise your policy as per your need
Types of family health insurance plans

Family health insurance plans are mainly divided into two parts-

  • Medical insurance plan - This part of a health insurance plan offers to provide coverage against expenses related to your medical treatment in the cashless form.
  • Critical illness insurance plan - Critical illness insurance plan is curated in the manner that it offers the required financial aid against critical illness like kidney failure, heart attack or cancer. This form of coverage is not included with the policy, you can include it as an add-on or additional cover.

List of various family health insurance plans and their features-

HDFC Argo Health Optima

Features include-

  • Zero co-payment
  • No limit on room-rent
  • Coverage for existing disease (after 3 years)
  • High assured sum for the entire family members
Star Health Family Optima

Features include-

  • Lifetime renewal offer
  • No co-pay
  • 100% restorage of benefit
  • No claim bonus
Max Bupa Health Companion Family Floater Plan

Features include-

  • Coverage for daycare procedures
  • Lifetime renewal
  • Free Health check-up
  • No claim bonus
  • Coverage provided for non-allopathic treatments
Manipal Cigna Prohealth Plus

Features include-

  • Provides private single room
  • Maternity cover
  • Coverage for pre-existing diseases
  • Offers a wide range of coverage
  • Free Health check-up available
Bharti Axa Smart Health

Features include-

  • Wide coverage
  • Provides coverage for pre-existing disease
  • No limit on room rent
  • No co-pay
  • Assures a higher sum to the insured

It is a common misunderstanding or can also be regarded as a myth that ‘online purchase of health cover is unsafe’. The reality is, in this digital era everything that’s around us can be available in just a click. From food, clothing, the opportunities to look for properties, grocery shopping and what not! So, why do you shy away from looking form looking for health insurance online?

To be confident to look out for policies online and buy one, make sure you conduct a background check about the website, look for customer reviews, go through the website carefully and learn about the policies available. As per most people, purchasing an online family health insurance policy takes almost 10 minutes. So, what’s stopping you? Get started!

Frequently Asked Questions

Some of the basic coverages that come under the family health insurance plan includes medical bills. Pre/post-hospitalization, ambulance charges, room rent, and more.

Some of the factors that affect the health insurance/Mediclaim premium includes age, premium rate, the sum assured, and your health condition.

The coverage depends mainly on the type of health insurance policy you select. In the family floater health insurance plan, you can get coverage for your family, yourself, children, and your spouse as well

One of the major benefits of getting health insurance is that you need to pay less tax and you can also avail a cashless mode of payment, thus saving the hassle of arranging a large sum of money at a limited period.

Well, there is no fixed amount or rule that defines the extent a person requires health insurance. For people who are earning a sum of Rs 20 lakh, a policy of Rs 5 lakh is ideal or for people who are earning up to 50 lakhs can opt for a cover of Rs 10 lakhs and so on.