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“The happiest moments of my life have been the few which I have passed at home in the bosom of my family” - Thomas Jefferson
Family Mediclaim policy, also known as family health insurance is something that has become a necessity these days. The unrelenting increase in medical expenses has made it imperative to buy such policy. Presume, you have to go through some medical treatment or need to be hospitalized for certain reason, then a Mediclaim policy will be a help to you in covering your family health care expenses.
Mediclaim policy is an insurance plan under which the insured gets a health cover of certain amount for whole family. And, in case of any medical emergency, the same person will get medical care from the amount that the insured person was insured for. It can be taken for an individual or for an entire family. Some insurance companies allow a discount on the premium if the policy is taken for a family.
Why Need Family Mediclaim Policy?
A sudden illness or prolonged treatment of a single person in family can take its toll on your finances and throw a spanner into your regular savings and investment plans. Following are the benefits one can get under Mediclaim policy:
- Cover for hospitalization expenses for the treatment of illness/injury on the word of the terms and conditions of the policy.
- Several insurance companies also offer cashless settlements.
- Cover pre-hospitalization expenses for few days prior to hospitalization and post hospitalization expenses for the specified days as per policy terms.
- One can also claim Income Tax deduction under Section 80D for the premium paid.
Prior discussing Mediclaim policy for family in detail, let’s have a look at different types of Mediclaim Policies:
- Individual Mediclaim Plan: This policy only covers the hospitalization expenses of an individual up to the sum assured limit.
- Family Floater Mediclaim Policy: It is the enhanced version of Mediclaim policy in which the sum assured value floats among the family members i.e. each member of the family is covered under a single plan and sum assured can be claimed by any member of the family.
- Unit Linked Health Plan (Health Saving Plan): It a newly added plan by health insurance companies in which the insured can combine health insurance with an investment plan to get fixed returns at the end of the term.
Mediclaim Policy for Family
Mediclaim Policy for Family, also known as family floater is a plan that is custom-made for families. This acts as an umbrella of coverage for the entire family and hence given the name. Family floater plans have the following options:
- Single Sum Assured for the entire family
- Individual Sum Assured plus individual Sum Assured
Why Buy Family Floater Mediclaim Policy?
A family floater policy is one of the best options when it comes to safeguarding the health of your loved ones. As, it is the single policy covering your entire family, it relives you from the task of maintaining and keeping track of several insurance policies and offers. Plus, you can get rid of paying unnecessary monthly premiums for each member of your family. Family floater policy covers your complete family so if any medical emergency arise, you have to worry only about choosing the right hospital not about the financial costs.
Family Floater vis-à-vis Individual Policy
Family Floater Policy
It enables the family members to access a larger shared pool as compared to individual covers.
You avail the benefit of individual sum insured rather than floating sum insured which may get exhausted if more than one family member is hospitalized.
Premiums are cheaper.
Cumulative premiums of different policies make this it a bit expensive.
Family floater policy would terminate when the eldest member reaches the maximum age allowed under the plan.
Individual policies can be renewed lifelong.
Advisable for younger families having less health risk exposure.
Advisable for people who have high exposure to health risks.
Which Family Mediclaim Policy to Choose?
There are a number of family Mediclaim policies available in the market. Before choosing a plan, analyze the features and benefits to ensure the suitability of the plan. Generally, family floater plans cover individual, spouse and children; however there are few plans that provide health cover to dependent parents, siblings and parents-in-law. Apollo Easy Health, Max Bupa Heartbeat, Bajaj Allianz Health Guard, Star Health Family Optima etc. are some of the popular names in the market that offer family health insurance.
Note that all policies look alike, so it’s better for you to read the fine prints thoroughly. This will not only save your money but also keep you away from unnecessary trouble.
How to Choose a Mediclaim Policy For Family?
With so many family floater health insurance policies being flooded in the market, there is confusion among customers to choose one which would suit them the best. If you haven't bought a health insurance or mediclaim yet, and are planning to buy one, do not forget to check these points before zeroing in on one.
- Whether you need single Sum Assured or individual Sum Assured and the coverage required
- Whether you need maternity benefits or not
- Whether you want to pay regular or single premium
- Whether you need sub limits on hospital expenses or not
Knowing the features and benefits of family mediclaim policy is a good thing but it is equally important to understand the limitations of the policy. You should know that the policy only covers cost of treating an illness. It does not reimburse you in case your illness makes you unable to earn. For example, treatment of a disease like cancer can be very expensive and it may make you unable to work for years. In that case, you can look beyond the mediclaim to riders like Disability cover and Critical Illness cover. That’s why it’s always suggested to read terms and conditions of the policy in detail, so that such exclusions can be taken care of.
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