A comprehensive health insurance plan has been essential in recent times. Modern medical science has made medical procedures and treatments much more effective and efficient. Healthcare professionals and doctors are far better equipped to deal with diseases and medical emergencies nowadays, but these treatments come at a very high cost.
It, coupled with the sheer unpredictability of human health, means having a health insurance plan is an absolute must for you and your family. A sudden health emergency can quickly erode all your savings, so you should protect your family and finances with a good health insurance policy.
Further in this article, we will discuss the benefits, eligibility criteria, and other features related to best family health insurance plans to help you choose the best health insurance plan for you and your entire family.
What is a family health insurance plan?
A family health insurance plan is a standalone health insurance policy that provides financial coverage for you and your entire family’s healthcare expenses. The total coverage amount is available to all the family members, which is much better than an individual health insurance policy since the coverage amount available to each family member is much more than that provided by an individual plan.
Additionally, a family health insurance policy has certain add-on features like maternity coverage, critical illness cover, etc., which can be used to customise the health insurance policy to suit your family’s needs better.
Benefits of a family health insurance policy
Cheaper premium rates:
One of the first benefits of opting for a family health insurance policy is the fact that family health insurance policy premium rates are much cheaper than individual health insurance premium rates. Although premium rates are affected by various other factors such as the sum insured, the number of riders selected, and so on. Still, paying the health insurance premium for each family member is much more expensive than paying the premium for a single-family insurance policy.
Buying and maintaining an individual health insurance policy for all family members can be overwhelming. Hence, it is better to opt for a health insurance policy for the entire family. You only need to submit a single monthly premium for the entire family. The renewal process is fairly easy since you just need to renew a s
ingle insurance policy that covers the entire family.
New members can be :
With a family insurance policy, you can easily add new members to the existing insurance plan, even during the duration of the insurance policy. It is advantageous for people who have recently had a newborn and want to include them in the family insurance policy.
One of the less commonly known benefits of having a family health insurance policy is that you can get certain tax benefits. Under Section 80D of the Income Tax Act 1961, you can avail of tax benefits up to INR 25,000. This amount can increase to INR 50,000 if your parents are included in your family health insurance plan.
Features of a family health insurance policy
Family health insurance plans offer a cashless hospitalisation feature, where the entire medical bill, depending on the coverage amount, is settled cashlessly between the hospital and the insurance company. It is a huge advantage since, during times of medical emergencies, you can better focus on your family members’ health rather than worrying about the medical bills.
The maternity coverage rider is unique to the family health insurance policy. Hence, if you have an expecting mother in your family or are a young couple planning to extend your family, you should opt for family health insurance with maternity coverage. The maternity coverage offers delivery expenses, c-section costs, etc.
Critical illness cover:
You can add the critical illness rider to your family health insurance plan. It offers a lump sum payout on top of the coverage amount on the first diagnosis of any of the mentioned critical illnesses.
The accidental cover add-on provides a lump sum payout in case of an accident. This payout is also offered when losing a limb or even death.
Eligibility criteria for a family health insurance policy
The following are some typical eligibility requirements for family health insurance plans, while different insurance companies may have varying requirements for their policies.
|Minimum Age||For Adults: 18 years
For Children: 90 days
|Maximum Age||For Adults: 65 years
For Children: 25 years
|Maximum Members Covered||Upto six person on either individual or floater plans|
The family health insurance policy has several advantages over an individual health insurance plan. It is effortless to manage and cost-effective in the long run. Also, it protects your family and finances from sudden health emergencies so you can live your life stress-free.