image title

Factors to Choose a Health Insurance Policy for Family

Jagrity Sharma Jagrity Sharma 25 July 2019

When choosing a health insurance plan for your family, you should ideally compare the best plans of the preferred insurers and then consider the plans based on your needs. Even the inclusions and the exclusions need to be considered.

Health Insurance Policy for Family

With the currently evident fast-paced life along with the rise in illnesses and medical costs, it is immensely vital to protect yourself and your loved ones with a Health Insurance plan for your family.

A Health Insurance plan is profoundly a blessing in disguise, where in you pay a particular amount as premium annually to the health insurance company. In essence, the health insurance company funds for the medical costs borne by the policy holder. It is an indenture between the policy holder and the insurance company, which is decided before the beginning of the policy. The health insurance company makes certain that either the policy holder receives a cashless treatment for accident related injuries and covered illnesses from their network hospitals, or provides a reimbursement of the insured’s medical expenditures. Although, the need for a health insurance plan is excessively present. Most of us may be dubious when purchasing a health insurance plan for our families.

Types of Health Insurance Policies

On the basis of the health protection offered, a health insurance policy is mainly categorised into two types.

  • Medical Insurance: A medical insurance basically reimburses hospital expenses pertaining to health care treatment availed. This is done in the form of cashless treatment or reimbursement.

  • Critical Illness Insurance: A critical illness insurance shields the policy holder against certain illnesses and diseases like heart attack, kidney failure, stroke, etc. According to the plan, the entire sum assured is paid as a lump sum to the policy holder upon diagnosis of the illness.

There are many types of Health Insurance plans offered by insurance companies in India that aim to provide health insurance for families in a comprehensive manner. They assuage you from the hassle of maintaining several health insurance plans for each family member. Family Health Plans, thus provide financial protection for two or more members of a family at one time. Hence, in lieu of a fixed and single annual premium, the policy shields you, your spouse and up to 4 children. Additionally, some insurance companies also permit including your parents in your existing health insurance plan. You may also be allowed to include your in-laws in your health insurance plan for an additional amount of premium.

Family Floater Plan is a flexible health insurance plan that allows the sum insured to be shared between members of the family. Usually, this kind of insurance is most suited for young families, as the cost of these family floater plans are determined on the basis of the age of the eldest member of the family. Hence, if the eldest member is say 52 years old, there are high chances that the premium for the same can invariably increase. A Family Floater is the best health insurance for family to aid for the protection of your loved ones.

Benefits of Health Plans for Family

Being a comprehensive plan that covers the entire family under one plan, Family Health plans are perfectly suited for large families. Notwithstanding the age, all age groups like that of a grandfather and a child can fit under the auspice of Family Health plans.

  • Trouble-free: Being the best way to protect your loved ones, a family floater health plan relieves you from the trouble of paying different premiums for several other policies for each member of your family.

  • Discounts: A facile way of safe-guarding the future, a family floater health plan allows you to avail various incentives as well as discounts offered.

  • Convenient: In a mediclaim plan, you may add members whenever you need to. Also, make sure to choose a higher sum assured, in case you add your parents to your prevailing health plan. You can secure both sides of your family, as these plans also allow you to add your in-laws in your existing health insurance plan. One of the most unique features are that in situations where one of the senior persons of the family dies, the others can continue the policy without being affected.

  • Tax benefits: Excluding cash, payment of premium done in any other mode is exempted from tax under Section 80 D of the Income Tax Act.

  • Captivating characteristics: With a prescribed waiting period, you are eligible to avail maternity and a new-born baby cover as well. This makes family health plans ideal for young couples too.

Factors to keep in mind while choosing a Health Insurance for Family

  • Basic coverage: It is imperative that you make a note of the basic health coverage provided by a policy at the time of comparing various health insurance plans. Also, be mindful of the coverage for any pre-existing disease, lifestyle and exclusions for the first 30 days to 48 months of issuance of the health insurance policy. Health insurance plans provide day-care costs, hospitalization and ambulance charges, etc. If you are a young couple and planning for a baby, you might as well opt for a family health policy that offers coverage for a new-born baby or you can also add the baby as a beneficiary to your prevailing family floater plan.

  • Maximal renewal age: Most health insurance companies provide renewal of policy up to 60-65 years of age. In recent times, some health insurance companies also offer life-long renewal policy. Keeping this aspect in mind, make sure to choose a health insurance plan that would always shield you in times when you need it the most.

  • Easy claim settlements: Although most insurance companies nowadays offer cashless hospitalization, it is necessary for you to comprehend the company’s claim settlement process before you buy a health insurance plan from them. Almost all health plans offer cashless hospitalization at their network hospitals; however you must check the credibility of these network hospitals.

  • Pliability to increase the sum assured: The cost of everything is constantly increasing. Thankfully, many insurance companies are also providing the facility of increasing or upgrading the sum assured. Having a no claim bonus as well as making timely payments for renewal, can grant you a chance of receiving a reward wherein the amount of your sum assured will be increased.

Popular Health Insurance Plans for family

  • Religare Care Plan
  • Max Bupa Heartbeat
  • Star Health Family Optima
  • Oriental Insurance Happy Family Floater
  • Tata AIG Wellsurance Family
  • Bajaj Allianz Family Floater Health Guard
  • National Insurance Mediclaim Policy
  • New India Assurance Family Floater Mediclaim Policy
  • United India Health Insurance Family Medicare Policy
  • SBI General Smart Health Insurance
  • ManipalCigna Health Insurance Family Floater Pro-Health Protect Plan

To conclude, a health insurance for family is crucial for providing your loved ones with protection and assurance in unfortunate situations. You must be careful and informed before you purchase a health plan for your family.

Recommended: Is it Worth Buying Family health Insurance?

Jagrity Sharma
Written by Jagrity Sharma
A bibliophile who hates alliterations, but loves cream, comics and content immensely! On another note, a content marketer who leverages the power of words to explain...almost anything!