—
If you want to ensure a healthy future for your family you must think about your financial planning. Among the things that can jeopardize your financial planning are medical emergencies. Therefore, it is really important for you to prepare for the expenses you or your family have to bear during a health crisis.Opting for family health insurance can be an excellent way to deal with this.
This article will discuss how health insurance plans for a family can ensure health and financial protection.
What is a Health Insurance Plan for a Family?
A family health insurance plan works on a floater basis which means you are paying for a single plan that covers the entire family under it. All members of a family can share the sum insured this plan offers.
For example, if a family of 5 enrol for a family health plan of Rs. 5 lakh, then they can share the premiums and the insured amount among themselves.If one of them avails a treatment costing Rs. 1 lakhs any other member can avail healthcare up to Rs. 4 lakhs under the plan.
What is the Difference Between a Health Insurance Plan for a Family and an Individual Plan?
If you are wondering what the difference would be if you opt for an individual plan, here is a comparison between these two that will clarify most of your doubts:
| Parameters | Family Health Insurance | Individual Health Plans |
| Coverage | It covers all the members of a family. | It covers only one individual. |
| Premium | It is lower than individual health plans. | It is higher than family health plans. |
| Mid-term Inclusion | One can include a newly married spouse and a newborn baby.
Upon maturity, the child has to shift to an individual plan. |
In an individual plan, one can include a newly married spouse and a newborn baby. |
| No-Claim Bonus | All family members can enjoy this bonus if no one makes a claim throughout the year. | Policyholders get this bonus for not claiming in a year. |
| Coverage of Grandparents and In-laws | Some family health plans let them get included in the plan. | Individual plans can cover them. |
| Age | If the oldest member of the family reaches the maximum age cap eligible for the plan the policy ends for him/her. | The individual plan is framed according to the age of the individual. |
| Pro Tip | Ensure the sum insured is large enough to cover all of the family members. | Selecting helpful add-ons for each policyholder is beneficial. |
What are the Advantages of a Health Insurance Plan for a Family?
If you have judged your budget and healthcare requirements of your family accurately and you want to opt for family health insurance here are some of the advantages you should expect from the best health insurance plans in India:
1. A Large Network of Cashless Hospitals
If you buy a health plan from a reputed insurer you should expect it to have over 10,000 hospitals across India. Moreover, look for these hospitals’ locations and proximity to yours.
2. 100% Bill Coverage
Many plans do not cover the cost of consumables and it forces you to pay out-of-pocket. Go for plans that offer 100% bill coverage.
3. Zero Waiting Period
1 to 2 years of illness-specific waiting period or a 30-day initial waiting period can bring up complications, so, look for plans that offer zero waiting periods.
4. Zero Copay
Plans that offer this facility promise that you do not have to pay anything from your side while settling hospital bills. Opting for such plans makes it easier in tough times.
5. No Room Rent Limit
Look for plans that have no room rent limit so that you do not have to pay anything out-of-pocket when you need to upgrade your room.
6. Tax Benefits
You can expect to get a deduction of up to Rs. 75,000 under Section 80D for medical expenses.
7. Easy Reimbursement
You should ensure that the claim process is quick and seamless. Look for insurers who allow you to file reimbursement claims for healthcare received at any government-registered hospital.
The Bottom Line
Choosing a family health insurance plan can promise you peace of mind by taking care of the entire family’s health needs. However, be sure to compare multiple insurers and various plans and check the compatibility of those with your specific requirements and future plans.
For excellent family health insurance plans you can check ACKO as they offer some of the best plans in the market.
—
