A family health insurance plan covers you and your entire family under a single plan. It is a cost-effective insurance plan where all insured family members share the sum insured by paying a single insurance premium.
Family plans also save you the hassle of buying individual policy covers for your family members. Moreover, all the members needing an insurance claim is a rare scenario, so family health plans also save on premium costs.
Benefits of Family Health Insurance Plans
Investing in a health insurance plan for the family has multiple benefits. Some of these include:
Hassle-free hospitalisation
The family health insurance policies provide policyholders with cashless hospitalisation facilities during medical emergencies. This way, an insured family member can get good quality treatment at the network hospital of the insurance provider.
Easy process
With family health insurance policies, you don’t need to purchase different policies for each family member. Keeping up with various insurance policies can be confusing and can complicate things. Each policy has its terms and conditions, and complying with them can be challenging. So, family health insurance policies help you in taking care of the needs of your entire family under one plan.
Affordable premiums
The premium paid towards the family health insurance plans is affordable and lighter for your pocket. It is better to secure your family members under a single plan instead of paying separate insurance premiums for each plan.
Provide cover for parents
You can cover your parents and parents-in-law in your existing family health insurance plan by adding some nominal premium.
Secure new family members
There is no need to purchase a new health insurance policy for the newly added family member. Under the family health insurance plans, you can easily secure your new member by paying an additional premium. However, it is recommended to increase your sum insured amount. In case of the death of the primary insured family member, the coverage will be offered to the remaining insured members.
Tax benefits
The policyholders can claim tax benefits on the premium paid for the family health insurance policies under Section 80D of the Income Tax Act, 1961.
Add-on benefits
The family health insurance policies provide a range of additional benefits such as maternity cover, critical illness cover, organ transplant cover, and others. However, the add-on covers may come with a certain waiting period.
COVID cover
You can purchase family health insurance policies offering coverage to the entire family against the expenses related to the coronavirus treatment.
What is covered under Family Health Insurance Plans?
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In-patient hospitalisation expenses
These are the expenses which are incurred on hospitalisation of not less than 24 hours. They include operation theatre charges, room rent, anaesthesia, doctor fees, and nursing charges.
Pre and post-hospitalisation expenses
These are incurred before and after hospitalisation, including diagnostic and follow-up tests, doctor consultations, medication costs, etc.
Daycare expenses
Daycare treatments don’t require hospitalisation of a minimum of 24 hours and can get over after some time. Some daycare expenses include dialysis, chemotherapy, radiotherapy, balloon sinuplasty, cataract, and lithotripsy.
Ambulance charges
The expenses incurred on ambulance transport for transferring the patient to the nearest hospital are covered.
Orgon donor expenses
The insurance plans cover the expenses incurred during organ procurement.
Domiciliary treatment expenses
The expenses incurred by an insured on home-based treatment are also covered.
Alternative treatment expenses
The insurance plan covers the expenses incurred on alternative therapies, including Ayurveda, Siddha, Homeopathy, Unani, and Yoga.
Maternity expenses
These are expenses related to normal or c-section delivery, costs incurred due to pregnancy complications, newborn baby cover, pregnancy termination expenses due to medical reasons, vaccinations, pre and post-natal care costs, etc.
Mental illness cover
The medical expenses incurred for mental diseases like schizophrenia, depression, and anxiety are included under the insurance plans.
Selecting family health insurance plans
To choose which health insurance is best, you should verify the following factors:
Sum insured
The family health insurance plans which offer their policyholders an option to increase the sum insured during renewal must be picked. Choosing a sufficient sum insured to cover the high healthcare expenses is essential.
Coverage
Select a family health insurance plan that provides adequate coverage against various medical expenses, including in-patient charges, daycare expenses, ambulance costs, and more.
Network hospitals
A family health insurance plan with a good number of network hospitals is the best one. Before finalising an insurance plan, you must consider whether or not hospitals near you are included.
Lifelong renewability
It is beneficial to pick a family health insurance that offers a lifetime renewability option. It ensures lifelong coverage and financial security after retirement.
Claim settlement
Select a family health insurance plan which offers a quick and seamless claim settlement procedure.
In conclusion
Family health insurance policies have become extremely important as healthcare expenses are rising rapidly each year. With such plans, you and your family can enjoy trouble-free medical treatment without burning your savings.