Family Health Insurance

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.

The members are covered under a single sum insured for a single premium that is paid every year. Health insurance plans for family generally cover a family (you and your spouse along with up to 4 children). You can also include your in-laws (extended family members) and siblings in your existing family floater health insurance policy by paying an additional premium. Family health plans cover pre and post hospitalization expenses, accidental hospitalization, daycare procedures, and the likewise.

If you are looking for an adequate health insurance for family, then you can easily compare and find the best family health insurance plans at Policybazaar.

Benefits of Buying Health Insurance Plans for Family

One of the biggest benefits of family health insurance plans is that it is suitable for bigger families that comprise of children, grandparents etc. There are several other benefits that insured members can avail with family floater health insurance plans. You can get coverage for all the members, irrespective of their age, under a single policy. Here is a quick rundown of the major advantages:

• Stress-free Hospitalization Expense Cover

  Health insurance plans for family trim down the task of choosing a separate individual health policy for each family member. Also, you don’t have to pay separate premium to get a health cover for each member. In case of hospitalization the insured member can avail cashless treatment in a network hospital just like individual health plans. In this way, you can get all your family members eligible to get medical attention without compromising on the treatment.

• Insure new family members at ease

  In these health insurance plans, you can add a new family member easily. 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 insurance plan, make sure to opt for a higher sum insured. In case the eldest member dies or is no more eligible for the coverage, then the other insured members would continue to get health insurance coverage benefits. This is one of the biggest benefits that a family floater health plan provides.

• Affordable Premium

  As family health insurance plans do not require you to pay individual premiums for all the members. You can cover your spouse, child, and parents under the same plan at an affordable premium. However, for parents it is suggested to buy individual health cover considering their age-related health issues.

• Get Health Insurance Cover for Parents in the same plan

  One of the major benefits is that you can secure the health of your parents and that of your spouse’s parents under one plan. By paying an additional premium it is also possible to get individual health cover for dependent parents or even your in-laws.

• COVID Health Insurance for Family

  You can buy a Health insurance for Coronavirus to cover yourself and your family members. Almost all the insurance providers are offering coronavirus treatment cover under the basic health insurance plans. Several health insurers have also launched corona specific health insurance policies along with Corona Kavach policy and Corona Rakshak policy. Corona Kavach policy offers coverage on a family floater basis and covers hospitalization cost incurred on the treatment of this deadly virus including the cost of medicines, PPE kits, ICU expenses, doctor fees, and the likewise.

  Corona Rakshak policy also covers COVID treatment but the coverage is provided on individual basis for a minimum 72 hours of hospitalization. If you want to buy a separate policy for each family member then you can also consider Corona Rakshak policy. Or you can check with your insurer if your existing family health insurance covers coronavirus treatment.

• Option to avail Additional Benefits

  There are various add-on benefits that are available including critical illness cover, maternity cover, etc. For example, young couples can get maternity cover and new-born baby cover. However, this feature is subject to a waiting period clause. Please read your policy documents carefully if you want to buy the best health insurance plans for family with maternity cover.

• Grab Discounts

  Under health insurance plans for family, you can avail discounts and other perks in form of incentives offered by the policy. This is one of the easiest and simplest ways to protect your family’s health.

• Tax Benefits on Health Insurance Premium

  Under Section 80D of the Indian Income Tax Act, health insurance premium is given a tax exemption. If someone is paying health insurance premium for their family and parents, then it is eligible for tax benefits.

Best Mediclaim Plans for Family

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 the sum insured, coverage, age limit, etc.

Below are some of the best mediclaim policies for your family from top health insurance providers in India:

Things to Consider Before Buying a Family Health Insurance Plan

Here are a few important points that you must consider before buying a health insurance plan for your family. Go through below points to ensure that you buy adequate health insurance cover as per the medical requirements of your loved ones:

• Coverage under a Family Health Insurance 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 a health insurance plan that covers insurance for new-born baby or simply add the baby as beneficiary to your existing family floater health insurance 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.

• Flexibility to Increase the Sum Inured of a Family Floater Health Plan:

  The living costs never remain the same, nor 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 sum insured.

• Availability of Cashless Hospitalization:

  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.

• Ask for the Maximum Renewal Age:

  Many health insurance companies offer policy renewal until 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.

• Get Hassle-free Claim Settlement:

  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.

Common Exclusions of a Family Floater Health Plan

When buying health insurance for family, 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 decide whether you're going to get a claim or not subject to hospitalization.

Following medical expenses are generally not covered by family health insurance plans in India-

• OPD treatments and routine medical check-ups
• Expenses incurred on any aesthetic treatment or plastic surgeries
• Expenses incurred on life-support machines
• Treatment that was taken overseas unless it is included in the plan
• Any illness or injury resulting due to war conditions, unethical activities, nuclear reaction, rebellion, acts of foreign enemies and similar conditions
• Pregnancy or childbirth-related complications (unless mentioned in the plan), like voluntary termination of pregnancy, miscarriage or abortion unless it is an ectopic pregnancy
• Any pre-existing medical condition is not covered until the completion of the waiting period

Is a Family Health Insurance Plan better than an Individual Health Plan?

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.

Health insurance plans for family cover the entire family for a single sum insured 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 type of health insurance plans, the combined premium payable for multiple individual health plans is significantly higher than that for a family health plan.

Eligibility Criteria to buy Family Health Insurance Plans

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 insurance 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 health insurance for family. These points are given below:

• It allows you to include new members in the policy at the cost of an additional premium
• The policy expires as soon as the eldest member of the family reaches the maximum covered age of a person
• Choose to increase the sum assured if you include new family members in the policy to ensure enough coverage for an individual family member
• The policy no longer covers a dependent child as soon as he/she crosses the age limit specified in the policy document
• Don't include your senior citizen parents in your existing family health plan, as it will significantly increase the premium

In a nutshell, almost any family can choose to buy a health insurance plan within its budget. Also, the premium is lesser than that of the combined premium payable for an individual health plan.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

How to Buy a New Health Insurance Plan for Family?

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 an insurance plan to cover your family members, you have various insurers to buy it from.

For your own convenience, you can go online and compare multiple family health insurance plans to buy 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 buying 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.

How to File Claim for a Family Health Insurance Plan?

You can file a health insurance claim in two ways and the procedure is given below:

For cashless request for pre-authorization, follow the below mentioned process:

• Email or fax the pre-authorization form, which you can find at the TPA or insurance desk of the hospital. You can download it from the insurer’s site as well.
• Submit all the documents such as discharge letter, medical reports, diagnostic reports, bills, etc.
• The claim management team will send you the letter of approval if the claim request is approved
• If there is any query regarding your claim, then the insurance company will contact the hospital for the same
• If it’s not approved, you will need to request for reimbursement claim

Re-imbursement claim process is as follows:

• Submit the claim form along with other required documents as mentioned at the time of policy purchase
• You need to address the queries raised by the claim management team of the insurance company
• Either you will receive a letter of approval or rejection after submitting the form

Why Buy Family Health Plan Online from Policybazaar?

There is no dearth of Mediclaim policies in India and buying a one is a difficult task. Save your time and energy by comparing different family health insurance plans 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!

FAQs