Health Insurance for Family

What is Health Insurance for Family?

The most significant aspect of a person’s life is his or her family. As a result, their well-being is a top focus.

One of the most prevalent types of health insurance plans offered in India are family health insurance policies. These plans provide coverage for all members of the family under a single premium policy for a predetermined sum covered. The sum insured can be divided according to the number of family members, providing coverage for all of them in the event of a medical emergency.

A lawfully married spouse, dependent children, parents, in-laws, and other family members can be covered on a floater sum insured basis under family health insurance plans. Simply put, in the event of an emergency, a family floater health insurance policy allows you to claim up to the full sum insured. Other family members’ coverage benefits would, however, be reduced as a result of this. Another advantage of family floater health insurance policies is that they usually cover COVID-19 treatment. This means that, under a new or current family health insurance policy, you can now be covered for a variety of healthcare expenses incurred as a result of a positive COVID-19 diagnosis.

Benefits of Buying family health insurance.

1. Higher sum assured: Family plans offer a substantially higher sum assured than solo health insurance policies. This guarantees that your loved ones are better protected.

2. More affordable: Premiums for family medical insurance policies are lower, especially for the amounts of coverage they give. They provide families with greater protection at a reduced cost.

3. Add family members: You can quickly add new family members to your family medical insurance plan. There aren’t many formalities to go through, and it’s a lot easier than buying a new individual health Insurance plan.

4. Easier to track: Individual plans can be difficult to keep track of. To renew the plan, you must keep track of expiration dates and make individual payments. But with a family plan, everything is simpler.

5. Tax advantages: Family health insurance policies offer tax advantages as well. As a result, these plans not only cover your medical bills, but they also help you save money!

What is Covered in family health insurance plan?

Family floater health insurance policies often cover the following medical expenses:

In-patient hospitalization costs: Expenses incurred as a result of being admitted to a hospital for at least 24 consecutive hours are referred to as in-patient hospitalization expenses.

Pre- post-hospitalization expenses: These are costs incurred before to and following hospitalization, such as x-rays, doctor’s consultations, and so on.

Day-care Treatments: Expenses for daycare procedures are those that do not necessitate a minimum of 24 hours in the hospital. For example, balloon sinuplasty, radiation, and chemotherapy are all options.

Road ambulance expenses: These are the costs of transferring the patient to the nearest hospital by road ambulance.

Organ donor expenses: Many family health insurance policies include coverage for organ harvesting expenses.

What is not Covered in family health insurance plan?

In most cases, family floater health insurance policies do not cover the following medical expenses:

Waiting period: Every family health insurance coverage has a 30-day waiting period during which no claims will be accepted. Other waiting periods apply to pre-existing illnesses, certain illnesses, and other conditions for which the insured is not covered for a set amount of time.

Expenses incurred as a result of participating in adventure sports: Family health insurance policies do not cover expenses incurred as a result of participating in adventure sports such as rock climbing, parasailing, and so on.

Expenses incurred due to HIV/AIDS or related therapies are typically not covered by family health insurance plans.

Tobacco use or abuse: These plans do not cover any disease or damage caused by the use or abuse of tobacco, intoxicating drugs, or hallucinogens.

Self-inflicted injury: These plans do not cover any costs incurred as a result of self-harm, such as suicide.

How to Choose the Right Health Insurance Policy for your family?

The medical bills for your family are determined by the family health insurance coverage you select. As a result, it is critical that you carefully choose a plan. Choosing the correct plan, on the other hand, might be a daunting endeavor, especially if you have never purchased a plan before.

Keeping this in mind: we’ve compiled a list of fundamental guidelines to assist you in selecting a family medical insurance coverage that meets your family’s medical needs.

Look for Maximum Security: Family medical insurance plans cover hospital fees, diagnostic tests, scans, pre- and post-hospitalization charges, and a variety of additional healthcare costs. You may also purchase critical illness coverage and other add-ons to guarantee you have complete coverage in the event of a medical emergency.

Correct Sum Insured: You must select a sum insured based on the number of family members to be covered in the family medical insurance plan, the rate of inflation, the history of medical issues in your family, and other factors. If you reside in a metropolitan location, you should seek for a bigger sum insured because healthcare is typically more expensive.

Premiums Should Be Reasonably Priced: Your plan’s premiums should be reasonably priced. However, you should not have to give up coverage in order to save money. Look for a family medical insurance plan that provides adequate coverage at a reasonable cost!

Network Hospitals: Health insurance policies provide you with cashless care at network hospitals. This means that convenient and cashless treatment is always available, no matter where you live in the country!

Eligibility criteria for family health insurance plan?

A family health insurance coverage may be obtained by anyone who desires a financial backup for medical crises for themselves and their family members. The majority of insurance companies have set the minimum age for acquiring a coverage at 18 years old. However, the dependents for the insurance plan might range from 91 days to 65-75 years old, depending on the insurance provider’s requirements.

Why to buy family health insurance plans online?

In India, there are several family Mediclaim policies, making it difficult to select the appropriate plan. You may save time by comparing rates for different family health insurance policies online at websites such as Policybazaar.com. Let’s have a look at some of the reasons why you should consider purchasing a family health insurance plan online:

More Convenient: Purchasing a health insurance plan for your family online is a simple procedure. You may quickly compare several plans or obtain expert guidance at any time and from any location. Furthermore,

you do not have to fill out various paperwork when purchasing the plan or wait in line to submit them.

Instant Quotations: Purchasing family health insurance is a fairly short procedure because you may acquire quotes from several insurance providers instantaneously. The quotations may be compared to help you select the best plan within your budget.

Safe Payment Methods: As the world has become more digital, consumers prefer online payment to cash or check to avoid the danger of fraud. When purchasing a family health plan online, digital payment alternatives such as debit cards, net banking, credit cards, and so on with secure payment gateways are available.

Insurance Issuance in an Instant: Gone are the days when you had to wait weeks for your policy paper. When you purchase your coverage online, it will be provided practically immediately.

Online Policy Services: After purchasing a family health insurance plan, you may conveniently access your policy paperwork and obtain after-sales services online or by downloading the mobile application. A health insurance claim can also be submitted online.

Why and Things to consider be four buying family health insurance plans?

Here are a few things to think about when buying a health insurance coverage for your family members:

Examine the Plan’s Coverage: Before obtaining family health insurance policies, it is critical to review the coverage provided. Most health insurance policies cover daycare costs, ambulance costs, in-hospitalization costs, pre-hospitalization costs, post-hospitalization costs, and so on. Choose an insurance plan that provides adequate coverage for your family’s health requirements while remaining within your budget.

Check Availability of Cashless Hospitalization: All health insurance carriers in India provide cashless hospitalization at the listed hospitals. It simplifies and streamlines the entire hospitalization process. However, before acquiring the coverage, it is critical to review the list of network hospitals to ensure that the product is covered.

Choose a plan with a Sum Insured Enhancement Feature: The costs of healthcare facilities continue to rise as a result of inflation. As a result, you must select a plan that allows you to raise your sum covered at the time of plan renewal. Various insurance firms provide a cumulative bonus benefit, which raises the amount of sum covered by up to 100 percent if you have not filed any claims throughout the preceding plan lifetime.

Get a No-Hassle Claim Settlement: Before you buy any health insurance coverage for your family, make sure you read and understand the insurance company’s claim settlement method. Select an insurance coverage with a quick claim settlement method. Most insurance companies provide cashless hospitalization services.

Check the Maximum Renewal Age: In India, some health insurance carriers give renewal choices for family health insurance policies until the eldest family member reaches the age of 60 or 65. You must, however, select a family health insurance coverage that offers the option of renewing the policy for the rest of your life.

How to file claim for family health insurance policy?

You may file a health insurance claim in two ways: reimbursement claim or cashless claim. Filling out forms for both sorts of claims is detailed below:

Claim Reimbursement Procedure

  • To begin, contact your insurance company and notify them of your medical emergency.
  • You are free to seek care at any non-network hospital.
  • During your hospitalization, pay your hospital expenses and obtain all relevant documentation.
  • Following that, you must submit the claim form, along with other documentation, to your insurance carrier.
  • The claim team would then go through your claim. And, once it has been validated, you will receive a letter of rejection or acceptance from them.
  • Cashless Claim Procedure
  • Any medical emergency must be reported to your insurance provider first.
  • Fill out the pre-authorization form, which may be available at either the network hospital or the Third-Party Administrator (TPA).
  • You must submit a pre-authorization form, along with other papers, to the network hospital, which will then deliver it to your insurance carrier.
  • Once the claim request is granted, the insurance company’s claim management staff will give you an acceptance letter.
  • In the event that there is any uncertainty regarding your claim, your insurance company will contact the hospital for the same purpose.
  • In the event that it is not accepted, you must file a refund claim.
  • You will be able to proceed after the claim has been authorized.

FAQ of Parents Health Insurance Plans

How douse family health insurance plan works?

All covered family members share a set sum insured amount under family floater health insurance. Every time a family member seeks medical attention and submits a claim, the money covered is diminished. If the amount on one or more members’ claims is depleted during the policy period, no other family members will be allowed to submit a claim until the policy is renewed at the conclusion of the term. If, on the other hand, you have chosen the restore benefit, your sum covered will be restored in full upon exhaustion.

How many members can be covered in a health insurance plan?

The total number of family members covered by a family health insurance coverage varies by insurance company.

Individuals, spouses, and dependent children are often covered by family floater policies. Dependent parents might also be included in some programs.

Furthermore, some family health insurance plans cover individuals, spouses, dependent children, and dependent parents, as well as relationships such as siblings, parents-in-law, grandfather, grandmother, grandson, granddaughter, son-in-law, daughter-in-law, sister-in-law, brother-in-law, nephew, and niece.

What do you mean by Family Floater Policy?

A family floater health insurance coverage allows you to cover your complete family under the protection of a single health insurance policy and with a single annual premium payment. This policy’s sum covered is split among the insured family members and can be used to cover hospital bills and other medical expenditures.

Why is a Mediclaim policy for family important?

Family is the most essential component of one’s life, and we must do all in our power to protect our loved ones from the unpleasant happenings of life. A family health insurance coverage might be really beneficial in this area! It protects you and your loved ones against escalating healthcare costs and guarantees that medical crises do not deplete your hard-earned money. Most importantly, having family medical insurance helps you and your family members to focus on getting healthy rather than worrying about medical expenditures.

Do I need to take a separate health policy if my family and I are already covered in a corporate health policy?

Yes, we highly advise you to purchase a separate health insurance policy, even if you are covered by a workplace health insurance coverage. The policy’s coverage may not be adequate for the complete family. Furthermore, your employer will only cover your medical expenses for as long as you are employed by that business. When you move jobs, retire, or start your own business, your company insurance coverage will end. If a medical emergency occurs and you do not have another health insurance coverage to fall back on, you and your family would be trapped. A different health insurance coverage will come to your aid at this moment.

Which family member can I cover?

You, your spouse, dependent children and parents, as well as other blood relatives and in-laws, are all covered under the family floater health insurance policy.

Is a family health insurance plan better than an individual health plan?

If you require health insurance for your entire family, purchasing a family policy is far superior to purchasing an individual coverage. A family health insurance policy will cover all members of your family for a single sum insured and requires only a single premium payment to the insurance company.

An individual health plan, on the other hand, only covers one individual. As a result, you’ll need to purchase a separate health plan with a different premium for each family member. The aggregate price for numerous individual plans will be far more than the premium for a family health plan.

Who should opt for a family medical insurance plan?

All sorts of households can benefit from family health insurance. Whether you are a young couple or a joint family, a single family floater health insurance policy can cover the necessary number of loved ones.

What if the primary insured individual passes away? Can any of the policy’s surviving relatives renew the family floater policy?

Yes, if the main insured dies or reaches the maximum age of renewability, the other adult member in the policy can keep the policy and receive the continuity benefit. However, they must notify the insurer if they wish to alter the policy’s proposer