The family health insurance plan is one which covers more than one person. a fixed cover floats over the entire family. Well, the family floater is similar to the individual plan but the only difference is that is extended to cover your entire family.
Generally, family health insurance plan covers the policyholder, his or her spouse along with 4 children. Some insurance company also covers policy holder’s parents and in-laws in your existing health insurance plan at the cost of the additional premium.
For example, if a person buys a family floater plan with rs. 5 lakh as sum assured. The plan covers 4 members in the family. if one of the family members uses rs. 3 lakhs due to hospitalization or any reason, then only rs.2 lakh is left for the rest of the family in one policy year.
Advantages of Family Health Plan
- Hassle free:- since it is the single plan for the entire family so you have not to maintain and keep records of different health insurance policies. by choosing it, you can get rid of paying premiums separately for each member of the family. with the help of this, your family members are eligible to get medical attention without compromising their treatment.
- Easy to add family members:-well it is easy to add a new family member in the insurance plan whenever is needed. Anew policy is needed to be taken each time when there is the addition of new member.also if you are adding your parents in your existing health insurance plan then you should opt for the higher sum assured.
- Continuous policy cover:-now, many insurance companies gives the option of 2 years policy cover. This allows to a continuous coverage without any increase in premium.
- Attractive features:-other attractive features are included with the family health plan. Maternity and newly born benefits make this plan attractive to young couples. Although these features have certain terms and conditions and have a waiting period.
- Tax benefit:-in section 80D of the income tax act 1961, the premium paid towards the health insurance is exempted up to the certain limits.
The Best Family Health Insurance Plan in India
Below are some popular and best family health insurance plan based on affordability and key benefits:-
- Apollo Munich’s Optima Restore
- Bharti Axa’s Smart Health Plan
- Cigna TTK PRoHealth Plus
- ICICI Lombard iHealth – Complete Health Insurance Plan
- Max Bupa Health Companion – Family Floater
- Oriental Insurance’s Happy Family Floater – Silver Plan
- Star Health’s Family Optima
- TATA AIG’s Mediprime plan
Factors for Buying a Family Health Insurance
Below are some important factors that you should keep in mind before buying any family health plan which is as follows:-
Basic coverage: there are different types of plans having different sum assured. So before buying any health insurance policy you should check and compare different plans. So that you can choose the best plan for you and the coverage should meet your needs of the family.
Premium: Insurance premium is the first thing that most of the people evaluate while buying an insurance policy. A family floater plan provides health insurance to the whole family at a reasonable cost compared to individual health plans
Co-Payment: Co-payment means the policyholder will bear a specified percentage of the claim amount and the rest is paid by the insurer. For example, in an 80%-20% clause, the policyholder will bear 20% of the cost and the remaining amount 80% can be claimed from the insurer.so choose health insurance plan having low co-pay or no co-pay for you.
Sub-limits: insurers may specify limits for certain illnesses or treatments. The family health insurance policy without sub-limits are better but they may charge higher premiums. so check carefully before buying it.
Claim Settlement Record: claims settlement is important. However, insurance companies follow same settlement process as per the guidelines by the insurance regulator. But still, carefully check and understand the claim settlement process so that there will be no difficulty at the time of emergency.
The waiting period for Pre-existing diseases: You need to check whether there is coverage of the existing diseases in policy. In some plans, the existing diseases may be covered and in some, the insured person has to wait for few years before making a claim. generally, the waiting period is 2-4 years depends on the plan to plan.
Daycare procedure and Alternative Treatments: Some policies also cover non-allopathic or alternative treatments such as homeopathic, Ayurvedic etc. also check whether the policy includes day care procedures.
Maximum Renewal age: This criterion states maximum age in the policy for renewal.it is better to have lifelong renewability.
Cashless hospitalization:-now a day’s many companies provide this facility to their customers. Check out the list of network hospitals offered by the insurance companies.
No claim bonus: These are incentives provided by the insurer in case of a claim-free year. Different companies have different provisions in this so research well.
So here are some best health insurance plan and some factors that should be considered while buying any health insurance.so if you currently have health insurance plan and you want to include your family members in it then ask about this to the insurer.