Family Health Insurance

If you are a family guy, you must purchase a comprehensive health insurance plan for yourself and your family. Here are the key benefits of a family floater health care plan:

• Covers Cost of Treatment - With a family health policy, you no longer need to worry about getting your loved ones hospitalized. A family cover comes at the cost of an affordable premium, payable as an annual installment. Besides, if you do not have sufficient balance at the time of your hospitalization, you can always avail of cashless hospitalization. You will be stress-free as the financial obligation will be borne by the health insurance provider.

• Critical Illness Cover - This is a very important factor. Critical illnesses can take a complete toll on your family’s emotional, physical, mental, and financial well-being. Critical illnesses are life-threatening diseases that might leave you impaired or recovering for a prolonged period of time.

• Online Buying - Another important benefit of a family healthcare coverage policy is that it can be purchased online. You no longer need to visit the bank branch or meet with an insurance agent. With Coverfox, you can easily company, buy, and renew the best health insurance policy online at a click of a button.

• Covers COVID-19 - Due to the ongoing pandemic, existing insurers have included cover for expenses related to COVID-19, doctor’s fees, PPE kits. The Insurance Regulatory and Development Authority of India has directed all private and public general insurers to offer Corona Rakshak, and Corona Kavach Plans at a nominal premium.

• Customize Health Policy - You can add a wide range of rider options to your existing or new healthcare policy at the cost of an affordable premium.

• Tax Benefits: Premiums paid towards a health insurance coverage policy are eligible for tax deduction under Section 80D of the Income Tax Act, 1961.

Eligibility Criteria for Family Health Insurance Policy is as follows:

• Entry Age for the Policyholder/Proposer under Family Health Insurance: In family health insurance, the eldest person becomes the policyholder. The entry age for a policyholder/proposer is from 18 to 65 years, while some insurance company may allow it up to the age of 70 years and above.

• Entry Age for Family Members under Family Health Insurance: For Adults: The minimum entry age is 18 years and the maximum 65 years, while some insurance company may allow it up to the age of 70 years and above. For Dependent Children: The minimum age to children under the family health insurance is from 90 days (this may vary, some insurers may allow it from 30 days and some may have different entry age) to 25 years.

• Medical Tests under Family Health Insurance Plan: Few insurers ask for medical tests to be carried out at their nominated centers. While few insurers offer family health insurance policy up to certain age, say, 45 years without any medical tests. In some instances, insurers may make medical check-up as mandatory.

• Eligibility for Renewal of Family Health Insurance Plan: Almost all the insurance companies offer lifelong renewal. You need to renew your family health insurance policy every year to keep in force and renew before it expires. After the due date of renewal the insurance company gives a grace period of 30 days. If you want to keep the policy in force, you must renew before grace period ends or else the policy terminates.

Here is the list of few exclusions of a family floater health insurance plan

• Any claim raised within the 30 days waiting period of the health insurance policy. issuance wouldn’t be covered unless and until it arises due to the accident.

• Any sexually transmitted diseases.

• Any treatment related to fertility issues.

• Any treatment and expenses incurred due to routine medical check-ups.

• Any treatment/surgery done for gender reassignments or for gender change.
• Artificial life maintenance, including life support machine use, where recovery or restoration of the previous state of health is not possible.

• Any treatment undergone due to surgery or a plastic surgery, aesthetic treatment, or any further consequences due to such treatments.

• Treatment of stress, mental illness or any psychological disorders, or due to the abuse of stimulants or depressants.
• Any OPD Treatment.

• Any treatment undertaken abroad.

• Any Illness or Injury directly or indirectly causing or arising because of breach of any law by the insured who has a criminal intent, war, nuclear, chemical or biological attack or weapons, acts of foreign enemies, hostilities, civil war, rebellion, revolutions, insurrections, mutiny, military or usurped power, seizure, capture, arrest, restraints and detainment of all kinds.

• Illness or Injury caused due to consumption or abuse of tobacco, intoxicating drugs and alcohol or hallucinogens.

• Any act of self-inflicted injury, suicide or attempted suicide while sane or insane.

• Any treatment related to pregnancy (including voluntary Termination), childbirth, maternity (Including caesarian section), miscarriage (unless due to an Accident), abortion or complications of any of these. However, this Exclusion will not apply to ectopic pregnancy.

• That’s the list of few common exclusions of a family health insurance plan. However, one must refer and read policy wordings for the full list of exclusions.