Family Health
Insurance Plan
Insurance Plan
What is Family Health Insurance?
The best family health insurance plan covers the entire family, including your spouse, children, parents, and parents-in-law, and can offer a cost-effective solution to a family’s insurance needs.
Advantages of a Family Health Insurance Plan
There are many benefits of opting for a family health insurance plan. Here are some:
It is more affordable
The possibility of suffering from a severe ailment is increasing by the day. Pollution levels are soaring, most food items are adulterated, and stress is inevitable even in the lives of children. Purchasing adequate health insurance for your dependents is no longer a choice but a necessity. Family health insurance plans make it more affordable to cover your loved ones. Instead of paying premiums for multiple policies, you pay a single amount for one plan and secure everyone under it.
It is hassle-free
Remembering to pay for different policies can be exhausting and confusing. Every policy may follow a different schedule. You may pay monthly installments for some and yearly for others. Managing them all along with work and other commitments can be hard. A family plan bridges this gap and simplifies payments, making the process entirely stress-free.
It facilitates tax savings
You can claim tax benefits on the premium paid for family health insurance plans under Section 80D* of the Income Tax Act of 1961. You can claim up to ₹ 25,000 for yourself and additional an ₹ 30,000 for your parents, which makes a total of ₹ 55,000 in a given financial year.
It makes it easy to secure new members of your family
If you have just had a baby, you can add the new member of your family to the existing family plan. You do not have to buy a new policy as and when you have children. Family health insurance plans also provide the option of adding parents-in-law, so your parents and your spouse’s parents are all secured under one policy.
Discounts and additional covers
You can enjoy benefits like a maternity cover or family discounts depending on the number of members and their ages. These add-ons make family packs a more viable option than individual plans.
Features of Family Health Insurance Plans
Family health insurance plans are thoughtfully curated to suit every family’s need. Here are some features of the policy:
Cashless hospitalization
Family plans allow cashless hospitalization for all members. This eases a challenging and chaotic situation and offers excellent liquidity.
Maternity cover
Family plans offer maternity riders for expecting mothers. Parents can also cover fertility treatments under the policy. Additionally, the policy covers delivery expenses, c-sections, termination, etc.
Accident cover
A family health insurance plan provides an accident cover in case of an accident. It also offers a waiver of premium in case of permanent disability.
Critical illness cover
In case of a critical ailment, you receive a pay out on the first diagnosis of the listed medical condition. You also do not need to produce hospital bills to receive this pay out.
The Need for a Family Health Insurance Plan
The healthcare sector has seen a drastic rise in costs. Inflation and added material needs make it nearly impossible to cover the costs of doctor visits, hospitalization, and medicines in today’s world. The current times have also made it clear that a health emergency can strike anytime and affect people of all ages. This is why having a health insurance plan is crucial. It protects your ageing parents, young children, and gives you and your spouse the right financial cushion in urgent and unprecedented times. You can use a family health insurance premium calculator to pick a suitable amount that covers your entire family and rest assured that your loved ones will be financially safe and secure in case of a health emergency.
Inclusions and Exclusions in a Family Health Insurance Plan
Just like any other plan, family health insurance plans also come with some stipulations. Here are some things to note.
Inclusions
- Family health plans include psychiatric benefits and cover the cost of such treatments.
- Annual medical checkups are offered to all your family members covered in the policy.
- The plan provides a maternity benefit for expecting mothers. This includes termination, delivery, emergency c-sections, infertility treatments, etc.
Exclusions
- Only children older than 91 days can be included in such plans.
- Once your children cross the age of 18, they are no longer included in the family plan.
There is a waiting period in these plans. Pre existing medical conditions are not covered during this period.
What is covered in a Family Health Insurance Plan?
Here are some things covered under family health insurance in India:
- In-patient hospitalisation expenses
- Day care procedures
- Maternity and newborn child expenses
- Ambulance charges
- Pre-existing conditions (after a waiting period)
- Alternative treatments (such as Ayurveda, Yoga, and Naturopathy)
- Dental and vision care (in some plans)
- Organ donor expenses
- Domiciliary treatment
- Mental illnesses
- Daily cash allowance
- Cashless facilities at network hospitals
What is not covered in a Family Health Insurance Plan?
Here are some things that are not covered under family health insurance in India:
- Aesthetic treatment or plastic surgeries
- Non-medical expenses
- Life-support machines
- Injuries incurred during war and riots
- Injuries or illnesses resulting from illegal activities
- Pre-existing medical conditions
- Injuries or illnesses resulting from participation in extreme sports or hazardous activitives
Eligibility Criteria to Buy a Family Health Insurance Plan
Below are the eligibility criteria for buying family health insurance:
Minimum age at entry: 18 years
Maximum age at entry: 65 years
Minimum maturity age: 23 years
Maximum maturity age: 75 years
Pre-existing illnesses: Not covered under the policy
Things to consider before buying a Family Health Insurance
Below are a few things to consider when buying a family health insurance plan:
Check the coverage of family health insurance plans
It is important to check the scope of coverage of the health insurance plan and ensure it covers the needs of all family members. Make sure the features align with the specific ages and health concerns of all members to ensure you select the best health insurance for your family.
Option to enhance your sum insured
It is important to check if the health insurance plan lets you to enhance your sum assured amount later during the policy term. This will allow you to alter your insurance plan’s coverage as per your evolving requirements.
Family health insurance plans offer cashless hospitalisation services
When selecting a health insurance policy for your family, you must look for cashless hospitalisation. Insurance companies have a network of different hospitals across the country. The cashless hospitalisation service allows you to get treated at a network hospital without having to pay the fees upfront. The insurance company directly clears the hospital’s bill, and you get to avail of cashless treatment in your hour of need.
Check for a lifelong policy renewal
Lifelong policy renewal allows you to renew your health insurance plan for as long as you live. This ensures uninterrupted financial protection against health costs. It also makes the process much more convenient as you do not have to buy a new policy and can keep renewing the same one.
COMP/DOC/Oct/2024/810/7275
To sum it up
If you conduct a comparison of health insurance plans in India, you will find how a family plan is incredibly cost effective and easy to manage. It takes away your worries, provides the best of benefits to each and every family member, and gives you peace of mind to carry on life with zeal and no stress. Investing in a family health insurance plan is the need of the hour, so make sure you buy a suitable plan soon.
COMP/DOC/Apr/2023/184/2800
Family Health Insurance Plan FAQs
People like you also read ...
