All You Need to Know About STAR Health Insurance Family Health Optima Plan
To protect yourself and other members in your family (including spouse, children or parents) you can buy Star family health optima insurance plan. Also, known as the family floater plan, it offers coverage to all the family members against a range of health issues, major illnesses and diseases, for which the treatment can be quite exorbitant otherwise. The plan protects your loved ones with the lowest premium amount that varies with the age of the family members for whom you are buying the policy.
In India, the mounting graph of medical costs (at the rate of 15-20 percent annually) is an alarming cause. Furthermore, with increasing lifestyle diseases and unpredictability, health insurance is mandatory, if you want to mitigate financial risks associated with health treatment in India. Even after an increase in demand and growing awareness among people regarding insurance coverage, medical insurance is still not sufficient in our country. However, bearing in mind the range of benefits it makes sense to buy medical insurance for your family.
Who Can Get Covered under Star Family Health Optima Insurance Policy?
If you are an Indian resident you can buy this family health policy by Star health insurance provided:
- You are aged between 18 years and 65 years
- Parents can get their child insured under this family medical insurance policy from 16th day of the birth
- Insured person above the age of 65 years can go for policy renewal
- Dependent children from 16 days up to 25 years of age can be insured along with the parents
Reasons to Buy Star Family Health Optima Insurance Policy
It is a comprehensive family health plan under which you can cover the entire family. This plan is appropriate for joint families where there are more members in the family and there is a huge disparity in their age - like a 6-year-old child and a 60-year-old grandparent. The plan offers coverage to all the members under one umbrella, regardless of their age difference.
- Stress-free - It offers a hassle-free health cover to your loved ones. By purchasing a family health insurance plan for all the members, you are free from the trouble of keeping track of different health plans for each member. There is no need to pay premium individually for all the covered members; just one premium annually is all that is required. This is one of the wisest decisions that you will make to address your family health concerns without worrying about the cost of the treatment.
- Higher Sum Insured Amount- The policy coverage amount ranges from Rs 1 Lakh to Rs 15 Lakh.
- Grab the Discounts - Generally, there are concessions offered to customers while purchasing a family floater health insurance policy. It varies from insurer to insurer based on the policy inclusions, medical history and age of the policy holders. Simply put, it is one of the easiest ways to keep your family protected against any medical emergencies, which may arise in future.
- Easy to add new family members - When the need arises, you can add a new family member under your existing plan. If you buy an individual policy, you will need to purchase a fresh policy every time a new member is required to be included. If you want to include your parents under the plan, it is recommended that you go for a higher sum assured. Moreover, in case of the unfortunate death of any family member, the benefits to other insured members are not affected.
- Get additional cover for your elderly parents or in-laws - One of the major benefits is that you can secure the health of your parents and your spouse’s parents, under one plan. All you need to pay is some additional premium.
- Additional benefits - For young couples, there is an option to get maternity cover and new born baby cover. Though this feature is subjected to a waiting period clause. Please check your policy documents for the same before buying a mediclaim policy for family.
- Avail Seamless Cashless Hospitalization: Star Health Insurance provides cashless hospitalization in more than 9900 hospitals across India. It simplifies the claim settlement process and makes it a hassle-free task for the policy holder.
- Tax saving benefits - Under Section 80D of the Indian Income Tax act, health insurance premium is given tax exemption.
What does Star Family Health Optima Plan Covers for You?
Family Health Optima Plan by Star Health Insurance saves you from a range of hospitalization expenses incurred on the treatment. You can file a claim for the following medical expenses in case of an illness or surgery or accident:
- Pre-hospitalization - Medical expenses incurred on blood tests, x-ray, and other medical checkups that are required before hospitalization, are also taken care off for a maximum of 60 days.
- In-patient hospitalization - All the hospitalization expenses that are claimed by the policy holder are covered under the family health plan. All the family members that are insured under the plan, their expenses are covered in case of hospitalization for more than 24 hours.
- Post hospitalization - The cost incurred on medicines, health check-ups that are done to ascertain the health of the patient after the discharge from the hospital, are covered under this family medical insurance plan.
- Assisted Reproductive Treatment: Star health insurance will also cover Assisted Reproduction treatment if required for sub-fertility. The policy has a waiting period of 36 months from the inception date of the policy. For policy sum insured of Rs 5 Lakh, the limit for Assisted Reproduction is Rs 1 Lakh. And for sum insured of Rs 10 Lakh, the limit is Rs 2 Lakh.
- Day-care treatment - The plan offers coverage to you for health treatments that do not require hospitalization for more than 24 hours. Taking an example of a colonoscopy test or even a cataract surgery, these are usually covered under this plan.
- Ambulance charges - This amount varies from insurer to insurer, but generally, the mediclaim policy for family covers emergency ambulance charges. You can also avail Air Ambulance services up to 10% of the Base Sum Insured during the policy term.
- Restoration Benefit - It is just like a ‘magical backup’ to reinstate the entire sum insured. If you happen to exhaust the entire sum insured by making claims over time, it is refilled automatically to cover the next hospitalization, which may occur during the policy term. 100% restoration is available 3 times during the policy term
- Other Coverage Benefits- The insurer pays you for seeking second medical opinion, Ayush treatment, Compassionate travel and repatriation of mortal remains up to Rs 5000, and road accident cover up to Rs 5 Lakh.
How to Buy a New Family Health Plan?
If you have a health insurance plan in your name and you want to rope in your family members in it, then check with your insurance provider about the same. You can easily buy it online and compare different features select the best one as per your own and your family member’s health concerns.
Though, do not mistake to go for a minimum premium, your stinginess today can cost you a fortune in future, as you will have less sum insured and the cost of treatment can turn out to be more than the policy amount. So, take a well-informed decision to keep yourself and your loved ones protected.
So, what should you do?
If you are looking to buy health insurance for 4-6 family members, you can consider buying star family health optima insurance policy. The entire family gets the benefits from the sum insured, and it can be used by any of the members, any number of times, that is why it called floatable. All this is given in one plan on a single sum insured and at a single annual premium.
Written By: PolicyBazaar - Updated: 06 October 2020