*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
Nothing is more important than the safety and well-being of your family. While there’s no bigger joy than living with your loved ones, it can be painful to watch them unwell. No matter how protected you keep your family, they are bound to get ill or injured. In fact, senior citizens and kids are more prone to diseases and they may need medical attention frequently. Managing the medical expenses that follow can threaten your lifelong savings and even earn you a debt. The only way to get the best healthcare facilities without exhausting your savings is by covering your whole family under a reliable family health insurance policy.
Family health insurance is a kind of health insurance plan designed to cover the entire family. It provides financial aid to pay for the medical bills incurred by a family without the need for buying separate policies for each family member. Family health insurance comes with floater coverage where a single sum insured amount is utilized by all the family members. Family Health Protector Plan by IFFCO Tokio General Insurance Company Limited is one of the best bets when it comes to buying family health insurance plans.
IFFCO Tokio health insurance offers family health plans that provide comprehensive coverage to pay for the various health needs of an entire family. However, you must take care of a few things to enjoy the policy benefits and get your health insurance claims approved. Following are the dos and don’ts of your buying a family health plan by IFFCO Tokio health insurance:
Before buying an IFFCO Tokio family health plan, you must educate yourself about the inclusions and exclusions of the plan. You must be aware of the medical expenses that are covered and the benefits available under the plan. You must also carefully understand the situations where your claim will be rejected by the insurer. After you have understood the inclusions and exclusions, you can take an informed decision of buying the policy.
Mostly, pre-existing diseases are covered under health insurance after a waiting period. For instance, the Family Health Protector plan covers pre-existing diseases of the insured after four years of continuous coverage. No matter which plan you buy, you must check the waiting period for pre-existing diseases to ensure that you don’t make any claims for such diseases during the waiting period.
While purchasing a family health plan, you must check the list of diseases that are not covered under the plan throughout the policy tenure. For instance, Family Health Protector plan by IFFCO Tokio health insurance does not cover maternity expenses. You must also go through the list of specific diseases that may be covered after a waiting period. For instance, varicose veins treatment is covered after one year wait period under the Family Health Protector plan.
Several health insurance plans cover certain medical expenses with sub-limits. They have a limit up to which an expense will be covered. For instance, Family Health Protector plan covers domiciliary hospitalization expenses for up to 20% of the total sum insured. By checking the sub-limits beforehand, you will be aware of the amount of coverage available and when you may have to pay from your own pockets. You should go ahead with buying the plan only if the sub-limits are acceptable to you.
A lot of people, especially senior citizens, have pre-existing diseases. It is important for the applicant to disclose the details of pre-existing medical conditions of all family members at the time of buying a health insurance policy. Pre-existing diseases, such as hypertension, diabetes, etc. are covered after a waiting period. If you hide information about such diseases to get the resultant medical expenses covered during the waiting period and get caught by the insurer, you may have to pay a penalty and your policy may cease to exist.
Not every medical expense should be claimed. You must avoid raising a claim for minor expenses as it can hamper your cumulative bonus. For every claim-free year, you get a cumulative bonus of 5% of the sum insured. This bonus can be accumulated for up to 50% and can be used to save on your health insurance premium. But if you raise a claim for a minor expense, it will restore your cumulative bonus to zero and you will have to start from scratch. Thus, raise a claim only for major medical expenses.
You must always pay the renewal premium for your IFFCO Tokio health insurance policy before the policy expiry date. By renewing your policy on time, you avoid your family health policy from getting lapsed. A lapsed policy not only leads to a higher renewal premium but also forfeits/ cancels your cumulative bonus/ continuity benefits respectively. Besides, any medical emergency that occurs while your health policy has expired will not be covered by the insurer.
You should never make any fraudulent claims under your family health insurance policy. If your insurer recognises your false claims, they will forfeit your paid premium and cancel your health insurance policy. Some insurers may also take legal actions. So, make honest claims to avoid any hassles later.
Family health insurance is important to ensure the availability of quality healthcare facilities to your family. However, you must take into consideration the aforementioned dos and don’ts to get your claims approved and a claim amount as per your expectations.