Title: Everything You Need To Know About Family Health Insurance Plan.
1Everything You Need To Know About Family Health
Insurance Plan.
2- Health insurance is a must-buy for everyone.
Health-related issues may arise anytime and the
severity of the disease can be unimaginable
sometimes. Proper treatment and medication will
cost you a lot. To reduce financial stress, you
should definitely buy health insurance. To
protect yourself and your family from medical
expenses you can purchase family health
insurance. - Although health insurance policies are underrated
in India, insurance experts suggest that every
individual should invest their hard-earned money
in the right health insurance. Depending on your
requirements you can either buy a standard health
insurance policy or a family health insurance
policy.
3Understanding the Family Health Policy
- A single health insurance plan which includes
medi-claim for all the members of the family is
called a Mediclaim For Family plan. The policy
has one sum insured and one premium for all the
members. The members mentioned in the policy can
utilize the sum insured together or as
individuals.
4Types of health Insurance plans
- Critical Illness -
- Chronic diseases like kidney failure, heart
attack, stroke are covered under this plan.
However, this plan cannot be bought as a single
plan for the entire family. - Medical insurance -
- Any expenses incurred by the insured or the
members covered under the policy will be borne by
the insurer through cashless treatments or
reimbursement.
5Who is covered?
-
- Insurance policies designed for the complete
family is also known as family floater insurance
plans. Some plans cover the whole family which
includes your spouse and children (maximum 4
children). There are plans which provide coverage
for parents and in-laws too. It is necessary to
note that both biological and adopted children
are covered under the policy. You may extend this
policy for covering your relatives as well but
only if they are depending on you.
6Premium Calculation
- A few levels of the sum insured will be offered
by the insurance provider. Depending on your
needs, you can choose the level of sum insured by
considering the number of members covered under
the policy. The premium rate for the selected
Health Insurance Plans In India For Family policy
will then be calculated by the insurer. While
calculating the premium some insurers will also
consider the age of the eldest family member. You
will have to pay a greater premium depending on
the total number of members covered under the
policy.
7Working
- A single insurance policy is issued under which
the sum insured is offered on a floater basis.
Consider, you purchase a family health policy
with the sum insured of Rs. 5 lac covering 5
family members. If one of the family members
falls ill during the policy tenure and claims Rs.
3 lac and another family member also falls sick
during the tenure then the claim will be
calculated only for the remaining 2 lacs. -
8Coverage
- There are multiple plans under Medical Insurance
For Family. The coverage of the policy depends on
the plan you select. Different plans have
multiple features and offer different benefits.
Post and pre-hospitalization, daycare treatments,
ambulance, organ donor, inpatient hospitalization
are some of the features offered under the family
health plan. For comprehensive coverage, you can
select a plan with maximum benefits. However,
the cost of the premium will also increase with
the number of features, members, and benefits. -
9Benefits
- Hassle-free process
- You can easily add new members to the plan
- You can avail discounts on family insurance plans
- Continuous coverage up to 2 years of time
- Provides tax benefits
- You can extend the plan to avail coverage for
your in-laws - Secures the whole family under a lone plan
- Pay a single premium for all the members
10Exclusions
- Like any other insurance policy, a flatter
insurance plan also has some limitations and
exclusions. Self-made injuries, suicide attempts,
any injury caused while attempting suicide,
mental or psychiatric treatments, cosmetic
surgeries, or treatments are a few exclusions of
the policy. - Always make it a point to read the wordings of
the policy carefully so that you know the
inclusions and the exclusions of the insurance
policy. Purchase the one which offers better
benefits at a lower premium and meets your
requirements at the same time. Now that you have
understood everything about the family healthcare
plan, go ahead and purchase a policy and get all
your family members covered.
11For more details on Health insurance in India
- 5 Smart Tips to Lower Your Medical Insurance
Premiums.
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- https//www.iffcotokio.co.in/