Health Insurance Plans For Family

5 min read

The rising cost of medical treatment is making it inevitable for every family to have financial security to afford better health facilities. And there is no better way to secure the health of your family members than family insurance plans.  The family insurance covers the health of each and every member of a family on the basis of personal or floater sum insured, and ensures monetary security during the time of any medical crisis.

In this blog, we will provide information on family health insurance plans, their benefits, features and everything that you might be interested in knowing before purchasing a floater plan.

Family insurance plans – What are they?

Family health plans are insurance policies which covers each member of a family in a single medical insurance plan. Here, all the members of your family will share the sum insured, which is fixed at the time of buying the plan. As such, not all members of a family can fall sick at the same time. So this plan works on that assumption. Floater health plans are very beneficial as they offer facilities like:

  • Maternity benefits
  • Cashless hospitalization
  • Pre-Post hospitalization etc.

Benefits of getting medical plans for family

There are many benefits of having mediclaim policy for family. The best part of these plans is that every member of the family irrespective of their age can avail medical insurance under these plans under a single cover.

Take a look at the other major advantages of family health plans:

  • Family plans will limit your financial worries in case a family member is hospitalized by covering the expenses. You can even avail cashless hospitalization facility, and make sure each member receives complete medical attention with this plan.
  • With family health plans, you can provide coverage to your own set of parents as well as your spouse’s parents under a single policy.
  • Since with family plans you only pay a single premium and not individual premium for each member of the family, so you can easily afford such plans and save money. Thus, these plans are cost-effective.
  • Family health insurance plans allow you to add a new member of the family in the same plan by paying extra premium. So, you don’t have to buy a new policy for the member.
  • Looking at the present situation of Covid19 crisis, you can buy a family health plan to cover every member of your family against Corona Virus caused sickness. The Corona Kavach Plan will serve your purpose well to cover your family against the deadly disease.
  • Family health plans allow you the option of availing added benefits against serious illnesses, maternity cover and so on. Just check the plan properly while planning the add-ons.
  • With family health insurance, you can avail tax benefits by getting exemptions from tax.

Everything that is covered in a best Mediclaim policy for family (Inclusions)

  • Covers medical expenses caused due to hospitalization (of 24 hours and beyond) caused by sickness or any accident.
  • Covers cost of day care facility in case of less than 24 hours hospitalization.
  • Covers ambulance charges
  • Covers hospitalization expenses for pre and post treatment (for investigations and follow ups).
  • Most health plans cover maternity expenses and the expenses of the new born.
  • Cover expenses in case of organ transplant.
  • Some plans also cover hospitalization costs incurred for treatment of Unani, Ayurveda and Homeopathy etc.
  • Family plans also cover domiciliary treatment.
  • Cover daily allowance of cash in case of hospitalization.
  • It also covers mental illnesses

Exclusions of Family health insurances

  • OPD treatments
  • Routine medical check-ups
  • Plastic surgeries/aesthetic treatments
  • Expenses of life support machines
  • Overseas medical expenses (if the patient is referred elsewhere)
  • Injury caused by nuclear weapons or during war
  • Injury caused due to criminal action
  • Medical conditions already existing (not covered till the waiting period is over)

Also Read: Advantages of Family Health Insurance

Criteria of eligibility for family health plans

The criteria of eligibility for family medical insurance varies from plan to plan. Here are some common eligibility criteria:

Minimum age of entry – 18 years for adults, and 90 days for babies

Maximum  age of entry – 65 years for adults, and 25 years for children

Who all are covered – Insured person, spouse, small children who are dependent, parents, spouse’s parents

Renew – Lifetime renewal facility

Here are few other important things to know:

  • You can add a new family member to your plan by paying an additional premium
  • The expiry of the plan takes place as soon as the most senior member of the family reaches the maximum age of coverage
  • You must increase the amount insured if you add a new member to the policy
  • It removes cover to dependent children when they attain or cross a particular age limit
  • These plans might not suit the age related issues of senior family members

Benefits of buying family health plans online

  • Offers more convenience as you can buy a policy at your own comfort
  • It is a very quick way of buying a family plan by comparing quotes from different policy providers
  • It offers safe mode of payment and reduces risk/frauds
  • Online plans are issued quickly within minutes
  • Allow online access to various policy services in your mobile app

Things to know before buying a family health plan

  • Make sure to check the coverage offered and choose an appropriate plan that covers the needs of your family at pocket friendly budget
  • Choose a plan that offer you the option to increase sum insured
  • Ensure that your plan offers cashless hospitalization option
  • Also, check the age limit for maximum renewal of the plan, which depends on the insurance provider
  • Understand the policy well to make hassle-free claims

Ways to file claims for family health plans

For cashless claims

  • Inform the insurance company and take the patient to a network hospital of the insurance company
  • Fill the form of pre-authorization at the network hospital
  • Submit the form once filled to the hospital authority with other documents
  • If your claim is approved, you will receive a letter from the claim management team of the insurance company
  • If not approved, you can claim for compensation
  • For approved cases, the insurer will pay the hospital bills at the network hospital

Reimbursement claims

  • Inform the family health insurance policy provider
  • Start treatment at any hospital (even the ones not listed in the network of the insurance provider)
  • Pay the medical bill once the treatment is over
  • Keep the receipts and documents safely
  • Submit the claim and the needed documents
  • Once the insurer verifies it, they will send you a letter to inform if the claim is rejected or approved

Conclusion 

Having a family health plan is important for every family. These plans can be bought easily online. However, you must compare them and read them thoroughly before purchasing the most suitable plan.

At Paybima, you can check out the various impressive health insurance plans for family offering numerous benefits, fast settlement of claims along with a wide network of best hospitals offering cashless facilities.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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