Health Insurance Plan For Family : Buy Online Now

What is Family Health Insurance?

In Family health insurance plans, both you and your family get covered against any medical emergency. A single premium payment has to be made in the case of a family health plan which ensures coverage for all members. You can insure your parents easily and there are provisions where parents-in-law can be insured as well. It is important to choose the best family health insurance plan where you only have to make single premium payments and it works out to be more cost-effective as compared to purchasing individual health insurance for every family member. New family members like spouses can also be added to the family health policy. A family health insurance plan usually consists of 5 members of family. In a family health insurance, your whole family is insured for a fixed sum assured. There is no need to buy an individual plan for every member of the family therefore it is cost-effective.

Why Family Health Insurance is Necessary?

Family health insurance is a security for our loved ones during any medical emergencies and that is why it is necessary to buy a family health plan to prepare ourselves to face any type of circumstances where financial safety is needed.

Insurance coverage – Insurance coverage is one of the most important health insurance advantages. The policies have a fixed sum insured which the insurer will pay in case you need medical care. With the changing lifestyle and rising number of people suffering from critical illness, health policies are an effective way to get the best medical care without worrying about expenses.
Tax benefits – If you are looking for an effective way to reduce your income tax burden, health insurance tax benefits can help you in this attempt as well. Under section 80D of the income tax act, you can claim a tax deduction of up to Rs. 25000 that you pay towards your health insurance premium in the year. If you have purchased a health plan for your senior citizen parents then there is an additional tax benefit of up to Rs. 50000.
Plans to suit your custom need – The Indian insurance industry is rapidly growing and coming up with products that meet the custom needs of the consumers. As a result, it is now possible to find family health insurance policies that align with your health insurance needs.
An additional advantage – There are numerous additional health insurance benefits. For example, many of the plans come with features like cashless claims, ambulance coverage, Pre & Post hospitalization coverage, No claim bonus, and more.

What Is Family Floater Health Insurance?

Nothing is too much when it comes to protecting your family. Trying to provide comfort to their loved ones is a constant effort for most people. Your children receive the best education, your aged parents are well cared for, and your loving spouse is taken care of at all times. For this reason, you should never settle for anything less than the best when it comes to the safety of your family. Family health insurance is among the most popular insurance products on the market. Plans that cover the entire family are known as family floater health insurance. In contrast to individual plans, family plans provide coverage for your entire family. The result is that each individual doesn't need to pay a separate premium, regardless of their age. In India, the best family health insurance plans include coverage for spouses, children, parents, and even parents-in-law.

Features of Family Health Insurance Plans

Our family health insurance plans are crafted to meet the needs of every family. The policy includes the following features:

A cashless hospitalization system - All members of a family plan are eligible for cashless hospitalization. Providing excellent liquidity in a challenging and chaotic situation eases the challenge.
Coverage for maternity - Maternity riders are available for family plans. In addition to fertility treatments, parents can also cover them under the policy. As well as delivery expenses, C-sections, terminations, etc., the policy covers them as well.
Coverage for accidents - In case of an accident, a family health insurance plan provides accident coverage. Permanent disability is also covered by the waiver of premiums.
Coverage for critical illnesses - Critical illness payouts are paid when you are diagnosed. You will also not be required to submit hospital bills in order to receive this payment.

Benefits of Family Health Insurance Plan

Family coverage - A family health insurance plan covers all members of the family. There is coverage for you, your spouse, your children, your parents, and even your parents-in-law who are dependent on you. Several plans include coverage for extended family members as well. All your family members can benefit from family medical insurance plans. Parents who need affordable health insurance can also get it through them.
Affordable to pay the premiums - An individual plan for each member of the family will cost much more than a family plan. In this way, you are able to get affordable coverage that is also easier on your budget.
High coverage is provided to all covered members - Each member of the family has full access to the sum insured under the family floater policy. When you choose an optimal level of sum insured, each family member has complete access to the sum insured.
Many plans offer maternity coverage - A family health plan with maternity coverage would be a good choice for young couples who plan to start a family soon. Expenses related to maternity are covered under these plans.
Comprehensive coverage is available - Each family health plan offers a different set of benefits, so it is important to choose a plan that offers the most comprehensive coverage. Taking this approach will provide complete coverage for your family, allowing you to rest assured that your major medical expenses will be covered.
Adding new members is easy - It is convenient to add new family members to family floater plans. According to the terms and conditions of your policy, you can easily cover a child born during the current policy term if there is a new member in the family (childbirth). The insurance company would simply need to be notified, you'd need to pay an additional premium, and the child would be covered.
Tax benefits are available to you - Lastly, family floater health plans allow you to take advantage of tax benefits. When you buy a family floater policy, you can deduct up to INR 25,000 from your taxes. In case you are a senior citizen, you can deduct INR 50,000. The deduction also increases to INR 50,000 if your parents are seniors if you purchase a separate family floater health insurance coverage for them.

Inclusion of Family Health Insurance Plan

A family floater health insurance plan covers the following healthcare expenses:

Expenses associated with inpatient hospitalization - The following are the costs associated with hospitalization for at least 24 continuous hours.
Expenses associated with pre-hospitalization and post-hospitalization - Prior to and after hospitalization, these expenses include x-rays, doctor's visits, etc.
The cost of daycare - The term "daycare procedure" refers to any procedure that does not require a hospital stay of at least 24 hours. Radiotherapy, chemotherapy, balloon sinuplasty, etc.
The cost of ambulance transportation - In this case, ambulances transporting patients to nearby hospitals incur these costs.
The cost of organ donation - You may also be covered for organ harvesting expenses under most family health insurance plans.

Exclusion of Family Health Insurance Plans

Health insurance waiting period for the claim - It is not possible to make a medical claim the next day after buying health insurance. There is a minimum 30-90-day waiting period for all health insurance policies after the date of commencement during which you cannot make any medical claims, even in an emergency.
Ailments in existence - An existing illness or medical condition declared when purchasing health insurance is called a pre-existing disease. Pre-existing illnesses may not be covered by some health insurance policies depending on the risk factor. Pre-existing conditions may be covered with a waiting period of two to four years. If you have a pre-existing condition, you should be aware of the waiting period duration.
Disease-related to lifestyle - In some health insurance policies, diseases caused by your lifestyle, such as liver cirrhosis, lung diseases, and drug-related diseases, may not be covered. It is rare for health insurance plans to cover these diseases, and the premiums they charge are often high.
Alternative treatments - Insurers do not cover alternative therapies and treatments like naturopathy, homeopathy, acupuncture, and Ayurveda. In addition, health plans do not cover new or experimental medical procedures, such as robotic surgery.
Cosmetic Surgeries - In most cases, health insurance policies do not cover cosmetic treatments and surgeries, with the exception of accident-related procedures.
Vision, hearing and dental - Dental, eye, and ear treatments are not covered by health insurance plans unless hospitalization is required. You may be able to add additional riders to your health insurance policy.
Childbirth and pregnancy - The majority of health insurance policies exclude pregnancy and related treatments and procedures, such as checkups, abortions, and fertility treatments. It is rare for health insurance policies to cover maternity and childbirth with a waiting period.
Limitation on hospital expense - Ensure that you read the policy document carefully so that you know the limit on hospital room rent, doctor's consultations, ambulance fees, and other medical expenses.
Test for diagnostic purposes - Unless the test results are positive and require hospitalization, these tests are not covered by health insurance.
Suicide attempt or self-harm - self-harm or suicide attempts are not covered by health insurance plans.
Permanent Exclusions - health insurance policy does not cover congenital diseases, HIV/AIDS, or injuries or damages caused by war or nuclear weapons.

Factors That Affect Family Health Insurance Premium

Every insurance company determines the premium cost based on specific guidelines. Medical insurance premiums are determined by a number of factors, including:

An individual's age - It is one of the most important factors that determine the premium amount. As a general rule, insurance companies charge higher premiums as you get older. The risk of illness is higher for older people than for younger people. Buying health insurance premiums early gives you comprehensive coverage and better benefits at an affordable price.
History of past medical conditions - The amount of your premium depends on your past medical records. Pre-existing diseases and illnesses will result in a higher premium if you have a history of them. Your premium will be lower if you haven't had any illness and are relatively healthy.
Occupation - It depends on the nature of your work and how much risk you are exposed to at work. If you work in a school, your premium is lower, but if you work on a construction site or in a factory, where the risk of injury is high, your premium will be higher.
Duration of the policy - It is also important to consider the tenure of your policy. Premiums will be lower if you choose a policy with a longer duration. In the case of a shorter-duration policy, the situation may differ
BMI (Body Mass Index) - if you’re BMI is high, your premiums will be higher. There are many serious ailments associated with having a high BMI, including heart disease, type 2 diabetes, breathing problems, high blood pressure, and cancer.
Habits related to smoking - Approximately 11.2% of smokers in the world live in India, according to a medical journal report. Insurers charge high premiums to smokers because they perceive them as high-risk insurance buyers. A smoker pays higher premiums than a non-smoker.
Geographical location - Your policy premium is determined by where you live. The lack of healthy food options, the climate, and health issues are factors contributing to high premiums in certain geographic areas.
Plan Types - A health insurance policy's premium payment varies based on the type of coverage you choose. Individual health insurance policies have higher premiums than group policies. In addition, your premium will increase if you have purchased add-on covers. A family floater has a high premium rate, while individual or group insurance has a low premium rate. Companies differ in their policy terms as well.

Things to Remember Before Buying Family Health Insurance

Criteria for Age - A person's age is one of the most important factors to consider when it comes to health insurance. Consider the age of your family members when purchasing a medical policy. Premiums for family floaters are determined by the eldest family member's age. When purchasing health insurance, you should also consider the age limit criterion. It is possible to join a health plan as early as 91 days of age, and as late as 60 years of age. Some plans have a maximum age of 50 years while others have a minimum of 25 years. Some plans, however, do not restrict the entry age.
Choosing the right premium and coverage combination - When it comes to health insurance, buying the cheapest policy can be beneficial. It can, however, be viewed from both sides. When you can afford the premium, a policy with a lower premium can provide you with extensive coverage. Also, insurance coverage costs less at a lower premium. Therefore, the best approach is to find out what is behind a reduced premium, as it shouldn't come at the expense of insurance coverage. Make sure there aren't any additional clauses that will increase your payment, such as co-payments, deductibles, and sublimity, because if there are, then you will end up paying more. A good policy should offer adequate coverage at an affordable premium that doesn't compromise on the benefits.
Clause relating to the waiting period - Making a decision would be easier if you knew about the waiting period clause. Pre-existing illnesses or specific illnesses will not be covered by the insurer during this period. Insurers and plans vary in terms of how long the policy lasts, but it usually ranges from 24 to 48 months. The benefits can only be claimed after this period has expired. The waiting period will apply to pre-existing conditions such as thyroid problems, high blood pressure, diabetes, etc. As well as arthritis, varicose veins, and cataracts, it is applicable to specific treatments and illnesses. You can therefore compare and select plans that have a minimum waiting period to be able to claim benefits in case of an emergency.
Benefits of cashless hospitalization - There is usually a tie-up between health insurance companies and network hospitals where insured members can receive cashless treatment in case of an emergency. When you are admitted and file a claim, you do not have to deal with tedious paperwork. Furthermore, the insurer pays directly to the hospital the sum insured. Therefore, you do not have to arrange for funds and then file a reimbursement claim. In order to determine what network hospitals are in your area, you should check your insurer's list of empaneled hospitals.
Coverage for pre- and post-hospitalization - Medical expenses incurred during hospitalization are usually covered by health insurance. Save on ambulance charges, medical tests, medicines, and doctor fees by buying a plan that covers expenses before and after hospitalization.
Maternity Expense Coverage - A common mistake people make is to ignore maternity benefits in their health insurance policies. Pregnancy and delivery are already very expensive, so it is advisable to purchase a health plan that covers maternity expenses as well. Before you can claim benefits, you usually have to wait two to four years. As an example, if you plan to get married or start a family in three years, then a plan with a waiting period of two years will be suitable. Consider a plan that covers the newborn baby's medical expenses in addition to delivery costs. Make sure to check the limitations as well.
Bonuses/discounts without claiming - Insurers offer NCBs to customers who haven't filed a claim in the past few years. After a claim-free period of time, your coverage amount is increased at subsequent policy renewals. NCB limits are specified in most health insurance policies. An insurer's limit will determine how much the sum insured increases.
Check-up Facility for Preventative Health - MRIs, heart screenings, cancer screenings, and even preventative health check-ups have all increased in cost. What's the point of not doing it if you can get it covered in your health insurance policy and have it paid for by your insurer? Saving money there is definitely possible. It is important to make sure that preventive health checkups are also covered by your medical insurance policy.
Clause of co-payment - In many cases, people ignore this term at the time of purchase because they find it confusing. At the time of claim, you would pay a percentage of the amount and the insurer would cover the rest. Make sure your policy does not include any co-payment clauses that could impact your claim amount before signing it. Consider a plan without sub-limits if possible. The majority of insurers will have a co-payment clause if you have any pre-existing medical issues or have crossed a certain age limit.
Process for filing a claim - The process for filing a health insurance claim must be followed by the insurance company according to the policy's wording. When settling health claims, smooth claims procedures are a blessing. Ensure that the health insurance provider you choose offers seamless claims settlement services by doing some research and reading customer reviews online.

Best Family Health Insurance Plan In India

Company Name	Plan Name	Plan Features
HDFC Ergo Health Insurance	Optima Secure Plan	4x Coverage At No Additional Cost No Deduction On Claim Inbuilt Consumable Benefit No Room Rent Capping
HDFC Ergo health insurance	Optima restore	No limit on room rent No claim bonus (50% of base sum insured) All day care treatment covered Restore benefit (No need to exhaust sum insured)
Tata Aig Health Insurance	Medicare Premier Plan	Global Cover For Hospitalization First Year Vaccination Cover OPD Dental Treatment covered Maternity Covered
Niva Bupa Health Insurance	Reassure 2.0 Plan	No claim bonus (20% of base sum insured) All day care treatment Free health checks up No limit on room rent No limit on ICU charg
Tata AIG	Medicare	No limit on room rent Free health checks up Pre& Post Hospitalization No claim bonus (50% of base sum insured)
Care health insurance	Care plan	Pre designed health checks up Single private A.C room Free health checks up Pre& Post Hospitalization No claim bonus (10% of base sum insured, up to 50%)
ICICI Lombard	I health protect	No limit on room rent Pre-designed health check-ups Pre& Post Hospitalization No claim bonus (10% of base sum insured, up to 50%)

FAQ

Is the cashless facility provided under a family health insurance plan?

Almost all family medical insurance plans cover both pre- and post-hospitalization expenses, as well as cashless hospitalizations.

Is there any waiting period for family health insurance policies?

Insurers usually have a waiting period of 30 days, but some may extend it to 90 days

Can I include my grandmother in family health insurance?

Your immediate family members, such as your spouse, children, parents, and grandparents, are covered under one medical insurance plan

What will happen if I exhaust the sum insured of my policy?

It is often the case that if you exhaust the amount insured, you cannot make any further claims.

Does the family health insurance offer coverage for AYUSH treatments?

Apart from allopathy treatments, it covers Ayurvedic, Yoga, Naturopathic, Siddha, Unani, and Homoeopathic treatments.

What is the maximum age to cover a child under the family floater health insurance plan?

In a family floater policy, a child must be between 20 and 25 years old to be covered

What happens if the primary insured passes away?

A death benefit clause applies if the policyholder dies during the term of the policy. Health plans with different death benefit clauses may have different results

Will my sum insured increase at the time of renewals?

Yes, of course. It is possible to increase the sum insured at renewal

Can I take an independent health insurance policy for a 3-year-old kid?

That's right. The policy covers children between the ages of 3 months and 18 years if one or both parents are covered.

Why buy family health insurance online?

When you buy a health policy online, the insurance company reduces its operational costs.

Do family health insurance plans cover OPD treatment?

A family health plan with an OPD coverage can also be purchased as an additional coverage by paying an additional fee.

Why is a health insurance plan for a family so expensive?

Individuals and their families are affected by many factors when it comes to the cost of health insurance. The ballooning costs of healthcare are due to factors such as administrative costs, prescription drug prices, and lifestyle choices.

What will happen to a family floater policy if the proposer dies?

The remaining insured members of a Family Floater Health Insurance Policy continue to be covered in the event of the death of the primary insured member.

What is the maximum number of claims allowed during a policy tenure?

Depending upon the scope of coverage and limit of the sum insured, an unlimited number of claims may be covered.

What will happen if my policy lapses when I am hospitalised?

It is not a cause for alarm if your health insurance plan lapses during hospitalization. Inform your insurer of your situation.

Is one eligible to buy multiple family health insurance for his/her family?

It is possible to include more than two family members under a Family Health Insurance policy. In addition to your spouse, parents, children, brothers/sisters, and in-laws who live with you, you can include other relatives living with you, such as nephews, nieces, and in-laws.

I and my spouse are covered under a family floater health insurance plan, however I wish to add my new born baby to the floater can I do it?

As soon as possible, notify the insurance company. Attach all the necessary documents and details to the application form.

How much does health insurance cost for a family?

It depends upon the type of policy a person purchases.