A family health plan is a type of health insurance, which covers more than one member of a family for a fixed sum assured in exchange for a single annual premium. Such a policy provides assured coverage to two or more members of a family at the same time, in case they get hospitalized or an ailment is diagnosed. A family health plan is recommended to a family with a good medical history.
A family health plan generally covers a family (you and your spouse along with up to 4 children) while some insurance companies allow you to include your parents in your existing health insurance policy. You might also be allowed to include your in-laws (extended family members) in your existing family floater health insurance policy at a cost of additional premium. Protect your complete family. Compare and find the best family health plan at Policybazaar.
Family Health Plan Covers Upto 15 Relationships: Protect your complete family. Compare and find the best family health plan at PolicyBazaar.
The customer has the option to get a full family medical insurance coverage that includes self, spouse, children and parents. A family floater is the best family health plan when it comes to safeguarding the health of your loved ones. Since it is a single policy for the entire family it relieves you from the task of buying and maintaining several health insurance policies for each family member. Usually, family floater health plan offer coverage to individual, spouse and kids. However, there are some insurance companies that offer family health plan to cover siblings, parents and in-laws also. Family Floater health plan is best choice when you want to cover Parent’s health insurance, spouse and kids insurance in one family health plan.
The concept of family health plan is gaining immense popularity among individuals. In addition, with over 30 general insurance companies offering health insurance plans in India, choosing a best family health plan is no more a daunting task.
Easy access to internet is not only adding to one’s comfort of buying family floater health plans, but it is also adding more responsibility on individuals to learn all intricacies of the health insurance plans before making a final decision.
A family health plan offers coverage to all family members subject to the policy terms. Based on the types of health coverage offered, a health insurance plan can be broadly classified into two categories mentioned below:
To make it easier for you to buy a mediclaim policy for your family, we have elucidated some of the best health plans. You can choose a plan that helps meet your requirements in terms of sum insured, coverage, age limit, etc.
Below are some of the best mediclaim policies for your family from top health insurance providers in India:
Here are a few important points that you must consider before buying a health insurance plan for your family. Go through below points to resolve any confusion you might have regarding a family health plan.
Basic Coverage under a Family Health Plan:
While making a comparison of different family health insurance plans, it is important to make a list of basic health coverage offered under the policy. Almost all health plans offer daycare expenses, in-hospitalization expenses, ambulance charges, etc. If you are planning for a child, you should go for the family health plan that covers insurance for new born baby or simply add the baby as beneficiary to your existing family floater health plan. Also the policy comparison should be done keeping in mind your coverage for pre existing diseases, lifestyle and exclusions during the first 30 days of the policy.
Although all health insurance companies follow the same claim process as directed by the insurance regulator, there might be some differences in aspects of each company's functionality. Before buying any health insurance plan for your family, make a point to explicitly understand the company's claim settlement process. Many companies these days offer cashless hospitalization so no hassle about collecting documents and filling them.
The living costs never remain same, so is the cost of medical treatment. Most insurers offer the facility to upgrade the sum insured in the coming years. Sometimes, when you renew timely and have No Claim Bonus the insurance provider company will reward you by increasing the amount of sun insured.
Nowadays, almost every health insurance company is offering cashless hospitalization in their network hospitals. This makes the hospitalization process seamless and hassle-free. However, it is imperative to cross check the same to ensure that names of good hospitals are included in the list.
Many health insurance companies offer policy renewal till 60-65 years. Nowadays, some health insurance companies also offer lifelong renewal facility. Make sure to choose the family floater health plan that would protect you when you need it most.
This family health plan is a comprehensive one wherein under one plan you can cover the complete family. This plan is suited for huge families where members vary hugely in age like a child and a grandparent. You can put all the members, irrespective f their age, under one plan umbrella.
A family health plan in India is the best way to safeguard the health of your loved ones. Since it is a single policy that covers the entire family, it relieves you from the task of maintaining and keeping track of different health policies. By choosing family floater health plan, you can get rid of the need of paying premium separately for every family member. In this way, you can get all your family members eligible to get medical attention without compromising on the treatment.
Under the family floater, you can avail discounts and incentives that policies usually offer. Based on certain parameters it allows a person to enjoy discounts accordingly. Family health plan is an easy way to plan for a secure future.
In this mediclaim plan, it is easy to add a new family member whenever there is any such need. With an individual cover, a fresh policy needs to be taken each time when there is an addition of a new member to the family. If you add your parents to an existing family health plan, make sure to opt for a higher sum assured. Also, in case of the unfortunate demise of the senior most member of the family, other family members can continue with the floater without losing any benefit. This is one of the biggest benefits that a family floater health plan provides.
Many of the insurers provide an option to include parents-in-law with little extra cost, making it the best health insurance for parents of both sides of a family.
Many insurers have now given an option of 2 years policy cover. This allows a continuous hassle free coverage without any increase in premium for the selected tenure.
Features like maternity and new born baby cover make it an attractive option for young couples. These features generally come with a waiting period.
Insurance premium paid in any mode other than cash is eligible to get relief under Section 80D of the Income Tax Act. Now you can avail a total of Rs 55,000 as tax benefit which includes Rs 25,000 for yourself and Rs 30,00 for parents or senior citizens health insurance in your family.
Before buying a family floater health insurance plan, you must thoroughly read the policy documents in order to understand the policy exclusions in detail. Also, make sure to understand different clauses mentioned in the insurance policy like pre-existing diseases, cashless hospitalization, and waiting period, as these terms more or less decide whether you're going to get a claim or not subject to hospitalization.
A family health plan covers all members of your family, including you and your spouse along with up to 2 children (can be 4 as well subject to the policy terms). You can choose to include your parents in your existing family health plan subject to an additional premium payment. However, as soon as the oldest person in your family reaches the maximum age to avail the coverage, the policy expires automatically. Also, any pre-existing medical condition is not covered up to a certain period.
Furthermore, a family floater health insurance plan covers dependent children up to a certain age (typically up to 18 years) only. Once a child crosses that age, the policy no longer covers him or her.
It's quite difficult to say which type of health insurance plan is better out of a family health plan and an individual health plan unless we compare the coverage provided by both the plans in different practical scenarios.
A family health plan covers the entire family for a single sum assured and a single premium needs to be paid to the insurance company. In other words, there is only one policy for the entire family, and the premium payment is also a single in a year. On the flip side, an individual health plan covers only one person and therefore, there has to be a separate health plan for each family member. Since there are multiple policies, the premium payable for each policy will also be different.
If we compare the premiums payable for both these types of a health insurance plan, the combined premium payable for multiple individual health plans is significantly higher than that for a family health plan.
A family health plan is more like a group health insurance plan. It allows you to include several members of your family in a single plan for a single sum assured at a single annual premium. If yours is a family of 4 or 6, you can purchase a family health plan and you need not meet specific eligibility criteria.
There are certain key points that you must keep in mind when you're going to buy a family health plan. These points are given below:
In a nutshell, almost any family can choose to buy a family health plan within its budget. Also, the premium is lesser than that of the combined premium payable for an individual health plan.
If you currently have a health insurance plan and you want to include your family members in it, ask your insurer about the same. However, if you're new to insurance and want to buy a family health plan to cover your immediate family, you have various insurers to choose from. For your own convenience, you can go online and compare multiple family health plans to choose the best one within your budget.
It is advisable not to look for the policy with the least premium, as you cannot compromise on the coverage. There is no point in having a health plan with insufficient coverage just because you don't want to pay less, as you might still have to pay for your healthcare expenses from your own pocket. Therefore, make your decision wisely.
There is no dearth of mediclaim policies in India and choosing a one is a difficult task. Save your time and energy by comparing different family health plan at PolicyBazaar as quotes from all leading insurers are available on one single platform. When you buy online you will get transparent dealing, correct recommendations and hassle-free buying. Make an informed choice by comparing the policies side by side!