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Can Health Insurance Be Purchased for an Entire Family?
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Health insurance is a good investment to safeguard your and your family’s physical and financial health. Family health coverage plans are an affordable way of ensuring that all the members of the family are protected for medical needs under one plan, while individual health insurance policies protect one member only.
In this article, we will learn about health insurance plans for families, the advantages of family health insurance plans, the types of coverage and how to select the right health insurance plan as per your requirements.
What Is Family Health Insurance?
Family health insurance is a form of insurance that covers all the members of a family in one policy. With this type of policy we would not require individual policies and the cost of the premium would be much lesser as compared to individual policies. These policies are normally floater policies. This means that the sum assured will be for all the members that are covered.
Example of a Family Floater Health Insurance Plan:
For instance, a policy that covers four family members with a sum insured of ₹10 lakhs can make a claim of ₹10 lakhs by any one family member or more than one family member during the tenure of the policy. Family floater health insurance is the best option for families with diverse medical requirements.
Key Features of Family Health Insurance:
● Medical and surgical services, including daycare, hospitalisation and pre and post-hospitalisation.
● Extra features that can be included are critical illness, maternity, and wellness plans.
● A lower premium than each individual would have to pay for his or her policy.
Benefits of Family Health Insurance Plans
Investing in family health coverage plans comes with several advantages:
1. Comprehensive Coverage
Family health insurance cover is for children, the spouse, and dependent parents. It provides a comprehensive approach towards healthcare protection.
2. Cost-Effective
Family health insurance plans are cost-effective as compared to individual plans. You will spend more on premiums with individual health insurance plans.
3. Simplified Management
It is better to have one policy for the whole family than to have each person have his or her own policy. In one plan, renewals, claims and documentation are integrated.
4. Tax Benefits
Health insurance premiums paid for the family come under the tax exemptions under section 80D of the Income Tax Act. This is a profitable venture in the financial market.
5. Customisable Add-Ons
There are also optional services which include maternity cover, critical illness cover and accident protection so that families can choose the terms of the policies that suit them.
6. Coverage for All Age Groups
Family plans are available for children, from birth to adulthood, and dependent parents.
The Types of Family Health Insurance Coverage
When considering family planning health insurance, you need to know what kind of coverage is out there. Here are the main categories:
1. Family Floater Plans
These policies offer a standard sum assured for all the family members. The advantages include the fact that the sum insured can be used by any member of the family and it is the most preferred by nuclear families as it is flexible.
2. Each Family Member’s Plan
This is not a group policy but a way of buying individual policies for each and every member. This may be ideal for families with those needs who require different coverage depending on the medical requirements.
3. Maternity and Newborn Cover
Some plans can be added to them to cover delivery costs and care for newborns. This is why young couples who want to have children prefer this one.
4. Senior Citizen Coverage
If you have dependent parents, you have to select a plan that will cater for your parents. Each of them has its own policies based on their medical conditions.
5. Critical Illness Cover
Critical illness add-ons pay out a lump sum when a person is diagnosed with cancer, heart disease or stroke and also offer benefits for ongoing treatment.
How to Choose the Right Family Health Insurance Plan
It is necessary to select the best health insurance plans for the family requirements. Here are key factors to consider:
1. Assess Your Family’s Medical Needs
Consider the health status, age, and lifestyle of each member of the family. If you have parents or children who are either elderly or young, you should consider plans that are tailored for them.
2. Compare Family Floater and Individual Plans
Family floater health insurance is a good option when it comes to cost but if your family has members who need frequent medical care, individual plans will be more beneficial.
3. Check Coverage Options
It is also important to ensure that the major benefits like hospitalisation, maternity and pre and post-hospitalisation are also included. Other features like critical illness cover and wellness benefits can add better value.
4. Network Hospitals
Ensure that the insurer has many facilities that are near you. The cashless treatment options are easier to use in case of an emergency.
5. Claim Settlement Ratio
To avoid a hassle claims process, it is better to opt for providers who have a high claim settlement ratio. To get the best family health insurance providers, platforms like Paybima can assist you in comparing the best insurance providers based on this factor.
6. Premium and Sum Insured
Select a plan that you can afford and that offers you a sum insured that will cater for all the medical needs of your family. Striking a balance between cost and the range of services offered will provide the best outcome.
7. Waiting Periods
Discover how long one has to wait for pre-existing conditions, maternity and critical illness. Lesser waiting time is always preferable.
Family health insurance is one plan that encompasses all the members of the family for medical purposes. It usually functions on a floater basis: The risk-covered members shall share the sum insured.
The advantages of family health insurance include:
● Affordable premiums,
● Coverage for all family members,
● Policy management ease,
● Tax relief, and the option to include additional packages.
A family floater health insurance plan is an insurance policy in which the sum insured is available for all the members of the family. In case one of the members makes a claim in the course of the policy period, the other amount is still available to the other members.
Some of the criteria that you need to consider while choosing the health insurance plan include:
● The family’s medical history,
● Sum insured,
● Coverage options,
● Network hospitals,
● Waiting periods, and
● The insurer’s claim settlement ratio.
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 17 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.
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