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Jan 08, 2025
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Health Insurance
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Young and healthy? Find out which of these plans rewards you with lower premiums. Click here to check now!
Health Insurance Plans For Family
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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)
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
Young and healthy? Find out which of these plans rewards you with lower premiums. Click here to check now!
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 21 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Over to You
Health emergencies don’t come with a calendar invite. Whether you're planning for your own future or looking out for your parents, choosing the right health insurance plan can make all the difference. That’s where a deeper look at the fine print helps. When you compare Star Health’s Red Carpet Plan vs Care Health Enhance Plan, what you’re really doing is choosing the kind of financial backup you want in your corner.
The Star Health Red Carpet Plan is made with senior citizens in mind. With benefits like annual preventive check-ups, it helps you or your ageing parents get covered without the usual hassles. On the other hand, the Care Health Enhance Plan acts as a top-up cover, ideal if you already have a base health policy and want to increase your shield without increasing your premium by too much.
While health insurance takes care of medical needs, don’t forget to plan for life’s bigger what-ifs. A term Insurance policy, especially a 1 crore term insurance plan, can be the long-term security net your family needs. Health and life coverage go hand in hand. And when chosen right, they help you face the future with confidence, not chaos.
Speak to an Advisor The Star Health Red Carpet Plan is made with senior citizens in mind. With benefits like annual preventive check-ups, it helps you or your ageing parents get covered without the usual hassles. On the other hand, the Care Health Enhance Plan acts as a top-up cover, ideal if you already have a base health policy and want to increase your shield without increasing your premium by too much.
While health insurance takes care of medical needs, don’t forget to plan for life’s bigger what-ifs. A term Insurance policy, especially a 1 crore term insurance plan, can be the long-term security net your family needs. Health and life coverage go hand in hand. And when chosen right, they help you face the future with confidence, not chaos.
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