A Family Health Plan: Is It a Decisive Choice?
Updated 10 January 2020
A Health Insurance plan is essential for everyone in today’s era where the medical expense is rising by leaps and bounds, without adding any extra inflow to our pocket. Bearing the cost of medical emergencies has put a challenge to livelihood. That’s why it is mandatory to buy a family health insurance plan to bear the unexpected hefty bills.
As medical inflation is booming rapidly, the new medical treatments and technology introduced recently have brought revolution to medical prices and have become heavy on your pocket. There is no way other than covering your family under a health insurance plan. Now, you must be wondering how to secure the health of your family members. Well, if the premium is a concern, fret not! A family floater health insurance plan comes to your rescue, as it can secure each of your family members. This plan provides coverage to the family at a reasonable cost.
With the market flooded with various health insurance plans, which tend to confuse us by marketing-rich promotional advertisement or commitments. In this article, you get to know about some of the best family health insurance plans in India and how they help you to save more.
Apollo Munich Easy Health Family Floater Plan
Apollo Munich Easy Health Family Floater Plan includes individuals with the age minimum 5 years and maximum 65 years. A dependent child can be covered after 91st days from the policy issue date, only if either of the parents is covered under this policy. One can avail this policy on an individual Sum Assured basis.
Policy Terms & Conditions
- This policy includes you or your family (mainly spouse, dependent children, dependent parents, grandparents, parents-in-law, and grandchildren).
- A 5% discount can be availed, in case 2 family members are covered and 10% in case 3 or more members are covered under the same policy. You can add a maximum of 6 family members in one single policy
- In case of a family floater plan, maximum 2 adults like a combination of Self with Spouse, Father, Father-in-law, Mother or Mother- In-law, grandfather, grandmother and maximum 5 children can be covered by a single policy.
- The premium keeps changing at the time of renewal, depending on your age or changes in the applicable tax rate
- Policy tenure is optional for 1 or 2 years. The company offers 7.5% discount to anyone who opts for a policy with tenure of 2 years.
- The policyholder is restricted to making a claim within the first 30 days. This is exceptional in case of an accidental
- No pre-existing conditions are covered until 3 years
- One can claim for special cases like cataract, joint replacement surgeries, hernia, surgery of hydrocele etc., once the policy attains 2 years
- HIV or AIDS-related expenses
- Congenital diseases, mental disorder or insanity, weight control treatments, cosmetic surgery are excluded
- Injury occurred under the influence of drugs or consumption of alcohol
- Hospital expense arise due to war or an act of war or due to a chemical, nuclear or biological weapon, and radiation of any kind
Benefits of Apollo Munich Easy Health Family Floater Plan
- Cashless Services
- Hassle-free services
- Tax Benefits
- Recovery benefit
- Day-care Procedures
- Sum Insured Enhancement
- New Born Baby Care
- Easy transfer
- In-patient/Pre/Post-hospitalization Facility
- Cumulative Bonus
- Maternity Expenses
- Daily cash accompanied for an insured child below 12 years of age
- Health check-up
- Domiciliary Treatment
- Discount at each renewal
HDFC ERGO Health Suraksha Plan
With HDFC ERGO Health Suraksha Plan, you can secure the health of your family. The plan covers inpatient treatments, domiciliary treatments, pre-hospitalization expenses, 144 day-care procedures, and many such expenses bring upon you during treatment.
Benefits of HDFC ERGO Health Suraksha Plan
- Enjoy the health insurance plan at a reasonable
- You can have the option to choose either individual or a family floater health plan.
- The family tenure is for one or two. You can choose accordingly.
- At the end of each claim-free year, the insurer provides Cumulative Bonus.
- Health check-up expenses are covered in the plan on completion of four claim-free years.
- One can avail cashless services from its vast network of more than 5000+ hospitals.
- The policyholder can have tax benefits under Section 80D of the Income Tax Act, with least documentation.
- Hassle-free claim settlement process.
- There is no compulsion for a health check-up for individuals below 45 years of age. PED cases are excluded,
- No Sub-limits on doctor fees, hospital room rents, specific diseases or hospital expenses.
- Minimum waiting period for claims is 30 days
- Policy owner is not eligible for filing a claim for 2 years, in case of Particular Diseases and Treatment, such as surgery on internal tumor, tonsils and sinuses, cysts etc.
- Pre-existing conditions are not covered for 48 months after the policy is initiated
- It doesn’t cover any incident occurred out of a war or arm conflict
- Violation of law intentionally
- Claim for illness that arises when under the influence of alcohol or intoxication of drugs
- Injuries caused due to self-destructive acts like suicide or suicide attempts
- Cosmetic surgery unless it is an internal part of a treatment
Bharti AXA Smart Health Plan
With the growing importance of health insurance, you can balance your financial planning and medical expenses by simply opting for Bharti AXA Smart Health Plan, which is available in 3 stages - 2 lakh, 3 lakh, and 5 lakh.
This policy can cover a maximum of four members of your family, including spouse and two dependent children of more than 90 days and below 23 years old. However, children between 90 days to 5 years old can be covered if either of the parents is already covered under this plan.
What does the Policy Cover?
- Hospitalization costs
- Day-care treatment
- Pre-existing diseases are covered after 4 years of renewals
- Domiciliary hospitalization
- Pre and post-hospitalisation expenses
- Organ transplantation
- Home treatment
- Ambulance costs
- Hospital cash allowance
The policy also provides coverage for critical illnesses and provides with double the sum assured if the policyholder is diagnosed with diseases like:
- Coronary Artery Bypass Surgery, First Heart Attack, Cancer, Coronary Artery Disease
- Primary Pulmonary Hypertension, Motor Neuron Disease, Terminal Illness, Bacterial Meningitis
- Stroke, Kidney Failure, Heart Valve Surgery, Aorta Surgery
- Coma, Aplastic Anemia, Last-stage liver failure, Last-stage lung disease
- Major organ/bone marrow transplant, Major Burns, Multiple sclerosis, Fulminant Hepatitis
Benefits You Can Avail Include
Enjoy tax benefits up to 25,000 for the premium paid for the policy under Section 80D of Income Tax Act, 1961.
- Cashless hospitalisation at network hospitals
- 24x7 claim support system and fast settlement
- Dedicated person for handling a claim
- 50% of medical examination reimbursement at chosen hospitals
- Transferability of older insurance policies
The policy excludes the below-mentioned conditions:
- Diseases like HIV / AIDS and other related STDs
- Expenses of spectacles, hearing aids, contact lenses etc.
- No pre-existing diseases until 4 renewals
- No maternity and baby related expenses
- Any claim made within the 30 days of the policy commencement
- Chronic diseases mentioned in the policy document are not included
- Only professional practitioners’ expenses are covered
- Medical emergencies under the influence of drug or consumption of alcohol
- Medical expenses incurred abroad
- Intentional injury or suicide
- Mental disorder, stress, anxiety, depress due to abuse of drugs and alcohol
A family floater health policy acts as a custom-tailored plan for families. It is same as an individual policy except it covers an entire family. The above-mentioned are some of the top and most appealing family policies available in Indian financial market. If we notice, one common thing in each of these policies is that buying any of these plans saves a handsome amount. Most of the policies offer the benefit of tax saving. However, to insure your family with a family floater plan is a wise decision to ease the extra financial burden on you. Hence, having a family floater plan is as decisive as to remain healthy!
A health insurance policy certainly takes care of your medical bills and hospitalization expenses. However, it’s prudent to purchase a family health insurance policy if you’re married. This decision of yours ensures that you don’t have to shell out your savings each time there is a medical emergency. A family floater health insurance policy is comparatively pocket-friendly and offers sufficient coverage to a small family.
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