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Family Health Insurance

Health Insurance

Family Health Insurance

Health insurance plans for family offer umbrella for coverage for the entire family. Within a family health plan, you pay a single premium which allows the entire family to avail medical coverage similar to an individual health plan. Insurance Inbox has a host of family health plans to choose from.

Why buy a family health plan?

A family health plan is in fact the best health insurance policy for the family, as it is more affordable compared to individual health plans, and it also relieves you of the hassles of maintaining several insurance policies. Another advantage of the family health insurance is that in case a family member needs medical treatment, then the total sum assured can be utilized by the member during his/her treatment. Moreover, as the number of members insured under the plan is more compared to individual plans, it has a relatively larger coverage than individual plans. Furthermore, the family floater health insurance is also eligible for a tax rebate under Section 80D of the Income Tax Act.

The need for medical insurance plans for family in India

Fast-paced lifestyle, wrong eating habits, pollution, higher risk of incidence of diseases at a younger age, and numerous other factors, may result in medical emergencies. If you and your family are not protected under a health plan, a medical emergency can really eat into your savings. With the medical costs rising steadily, there is need for every individual to be protected under a health plan. Thus, it is indispensable to secure yourself and all members of your family, against any kind of medical emergency with the help of a family health insurance plan.

What is family floater health insurance?

A family health plan is the best medical insurance for family when it comes to safeguarding the health of your loved ones. Generally, a family floater health plan covers you, your spouse, and children, for a fixed sum assured. However, in some cases, dependent parents, parent-in-laws and siblings can also be covered. The best benefit of a family health plan is that your whole family is covered under a single plan, and the sum assured of the policy can be shared across all the family members. Further, in case you exhaust your sum assured in between the policy year, you can avail restore benefit, which helps to restore the sum assured to its full coverage value upon exhaustion.

Types of Family Health Insurance

Family health insurance plans are similar to an individual health plan in terms of the benefits on offer; these only differ in the type of coverage provided. The medical insurance plans for family in India can be divided into two types: -

Mediclaim policy for family

Mediclaim policy covers the medical costs including hospitalization costs, day care procedures, pre and post hospitalization costs, transportation costs, etc. It is the best cashless mediclaim policy for family in India, where you can avail cashless treatment facility at any of the network hospitals.

Critical illness policy for family

Critical insurance is a policy which is specifically for chronic illnesses like heart attack, cancer, kidney failure, etc. This policy usually pays out a lump sum amount upon diagnosis of a critical illness. However, most health insurance providers usually offer critical illness as an add-on cover to a mediclaim policy, or an individual health plan. Based on your health and family’s medical history, it is better to go for a separate cover for critical illnesses.

Common Benefits of a family health plan

  • Pre and post hospitalization expenses
  • Hospitalization charges including room rent, cost of medicine, doctor consultation, nursing, etc.
  • Cashless hospitalization facility in network hospitals
  • Day care costs
  • Organ donor expenses
  • Ambulance charges
  • Pre-existing diseases are covered subject to waiting period
  • Ambulance charges
  • Periodic health check-ups
  • Higher sum insured
  • Sum assured restoration
  • Tax benefit
  • Common Exclusions of a family health plan

  • Pre-existing disease or medical condition (subject to waiting period
  • Diseases contracted within 30 days of taking a policy
  • Any act of self-inflicted injury, suicide or attempted suicide, etc.
  • Drug abuse
  • Cost of spectacles/lenses and dental treatment
  • Cosmetic surgery
  • Illness contracted due to war, act of foreign army etc.
  • Advantages of buying a family health plan

    Undeniably, a family floater plan offers you better benefits when compared to buying individual plans for each member of the family. Here’s why buying a family cover can be advantageous to you if you have a family to take care of: -

    Single cover for your entire family

    Protecting the whole family under one health plan will save you from the unnecessary hassles of buying individual plans for different family members.

    Save on premium

    Buying one plan will save from paying several premiums of individual health policies, thereby saving you a lot of money.

    Ease of adding family members

    Family health plans are easily customizable plans when it comes to the insured members. You can add children, your parents, or in-laws, according to your need.

    Restoration of sum assured

    Many family health plans offer sum assured restoration benefit, which helps to reestablish full coverage once it is exhausted during the policy period.

    There is a wide range of choices of health insurance family plans available at Insurance Inbox, hence it is very important to compare the different family health insurance plans available, and buy the plan which suits your and your family’s need in the best way.

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