Family Health Insurance
Family health insurance is a kind of health insurance that covers the entire family under a single sum. It involves single annual premium payments and typically includes two or more members. Some plans have a maximum number of members they cover. Some plans allow you to add new members to the family plan by paying an additional sum and higher premiums. Therefore, health plans for a family usually cover you, your spouse and your children. Some policies offer coverage for parents and parents-in-law also. These are all aspects to consider before buying a family health plan.
Why is there a need for such plans in the insurance industry? Well, for three main reasons.
- They reduce stress by covering every member under a single health plan. This means that you no longer have to worry about managing different insurances. A family health plan accounts for everything that could happen in a family and covers everyone under a single sum. This plan is, therefore, highly recommended for families with a good, clean medical history.
- It also reduces the kind of financial stress during a medical emergency. The point of insurance is to act as an income cover. Medical emergencies empty savings accounts incredibly fast, and insurance prevents this. Therefore, the amount of stress you feel is also significantly reduced in such a time.
- The flexibility in the family plan is a crucial aspect. Along with covering every existing family member, it can also cover new members easily. As long as you stay in touch with your insurance provider, you will stay well-covered.
Cover 360’s expert analysts understand the benefits of a family health plan. Therefore, based on your family’s needs, they find you the ideal family health insurance!
Buy Family Health Insurance
Family health insurance covers the entire family instead of only an individual. A single sum assured and a single premium is paid annually. For families with a good medical history, this is a great way to tackle any medical emergencies.Health plans for your family covering a wide range of people means that they can also be added to. And this all happens under a single policy.
So why should you look at family health plans?
As we stated earlier, a family health insurance or a family floater plan covers all the members of a family. Even with a stellar medical history, there is a possibility of tragedy striking. Being prepared for a medical emergency is not an option. It is a necessity. And a family floater plan caters to this necessity by offering a sum that covers the entire family. It also covers a wide variety of illnesses for all ages. Buying a family floater plan, therefore, is a brilliant way of ensuring coverage at a reasonable price.
Buying individual insurance plans for everyone can be a huge headache. Managing different insurance policies means managing multiple claim processes, multiple renewals etc. These are all difficult to keep track of and make individual insurances very irritating. A family plan puts all these aspects under one policy. You only need to renew once; the claim process is always the same and, if you want additional benefits such as maternity, they can be added to the existing family floater plan.
A lot of family health plan providers offer cashless hospitalisation. This means that you do not need to worry about documentation and receipts for reimbursements. Simply get treated at a network hospital and contact your insurer. They transfer the money, and you're good to go.
Family health insurance is very flexible. Adding more members to your policy by increasing the sum assured, and the premium is easy. If you have more kids or if someone gets married, adding everyone on to the same plan is allowed. This makes the entire experience much more efficient.
Although not the primary benefit, the fact that the premiums paid are tax-deductible is an incentive. Premium payments are deductible under Section 80D of the Income Tax Act. This makes the family insurance an even better investment than it previously was.
Our insurance experts at Cover 360 understand all these necessities for family floater plans. This is why we bring you together with the most beneficial plan for you!
Types of Family Health Insurance
Family health insurance has become one of the staples of Indian families. It makes life so much easier for the family member handling the insurance. This is because it puts everyone under the same plan. You can add new members as and when needed and you only need to make one annual premium payment. This is much easier than handling multiple individual policies. And the best part is that all family plans have add-ons! So, if you need senior citizens or maternity care covered, you can do that all under a single plan.
There are two main types of health plans for family:
Under this policy, you either undergo cashless hospitalisation or a reimbursement process. This is dependent on your provider and their specific policy. Trying to choose cashless hospitalisation is always better but, either way, you get coverage through these methods. Ensure you always know which method you are going for and plan your claim process accordingly.
Cover 360 specialises in comparing and contrasting various family floater plans and finding you the best one possible!
Benefits of Buying Family Health Insurance
Family health insurance is a type of insurance where the entire family is covered under a single plan. There is only one annual premium paid annually for the entire family. Purchasing this insurance is recommended if your family has had a good medical history. It allows you to be prepared for anything. Due to this and many other benefits, it has become one of the most popular types of insurance today.
Health plans for your family or family floater plans are far more affordable than buying individual health plans for every family member. Especially if the family has only one earning member, through this plan, that one member ensures their family's financial security regardless of who requires medical attention. This also means that you can grow your own savings while paying a small annual premium.
If you are the designated financial manager in your household, managing multiple individual insurance policies can be a huge hassle. Your spouse, your parents, and your in-laws all having their own insurance policies not only is a headache, but it also empties your pockets. Managing all their premiums, renewing their policies on time, and printing and submitting different claim forms every time is very tiresome. A family floater plan lets you avoid all this with zero hassle. It is very efficient.
Since you are covering a higher number of people, your insurer offers a greater assured sum. This means that you and your family are adequately covered in case of a medical emergency. Depending on your policy, you may even get ambulance coverage. All these factors ensure that you do not fall into financial trouble if you need hospitalisation.
The great thing about health plans for a family is that you can add more people to them. If you get married or have a child, they can be added to your existing plan. So you can cover yourself, your partner, your children, and your parents under a single policy. You just need to opt for a higher sum assured. Additionally, if one of your family members, unfortunately, passes away, the plan and its benefits continue.
A primary reason people choose family health insurance is that they have no limits. As soon as your child is born, they can join the plan. And the policy can be renewed endlessly.
Many insurers offer an option of buying a health cover for 2 or 3 years with minor differences of premium. This makes the policy even more desirable.
With all these benefits in mind, we at Cover 360 strive to bring you the policy you and your family deserve!
Exclusions in Family Health Insurance
Family health insurance is a very popular health plan with good reason. It reduces the headache of trying to manage multiple insurance policies simultaneously. Instead, every family member is placed under one roof. Everyone is covered under one sum, there is only one annual premium to be paid, and the sum assured is higher. Multiple add-ons can be purchased onto this base policy, such as senior citizen insurance and maternity care. New members can also be added whenever necessary.
But this also means that insurers have to cater to multiple needs under health plans for a family. Therefore, there are bound to be some exclusions. You must note that the exclusions we are going to list are subject to change. You need to look at your policy carefully and see what exclusions are present. Then, based on family history, make your decision about purchasing the plan.
- Pre-existing illnesses, i.e. illnesses contracted before the purchase of the policy are typically not included in the plan.
- Senior citizens over the age of 60 may have a hard time getting on the policy. In such cases, the assured sum would significantly increase because senior citizens are at greater health risks.
- Newborn childcare used to be an exclusion but not anymore. Maternity care, childbirth, and newborn care are covered under the policy. Again, this may require purchasing a higher assured sum.
- Most insurers do not cover treatments arising out of attempted suicide, nuclear attacks and so on.
- Most insurers do not allow experimental treatment, treatment for HIV/AIDS, congenital disease, non-medical expenses, etc. under their policies.
Keeping these exclusions in mind, Cover 360 brings you the ideal family health insurance that meets your needs!
Things to Consider before Buying Family Health Insurance
Family health insurance is a type of health insurance that covers an entire family. New members can be added, and the policy does not end in the unfortunate event of one member's death. The sums assured are higher, but it is very efficient. Only one annual premium payment is needed under this plan. There are also the options of adding senior citizen care and maternity care to the existing policy. This makes the overall plan a good idea.
With so many health plans for a family out there, making a decision can be difficult. So what are some things you should keep in mind when choosing the plan for your family?
As with any insurance plan, coverage comes first. What are the inclusions? What are the exclusions? Look at your family history and decide what you are likely to contract? Are you and your spouse planning for a child? Then you need a plan with maternity cover. Almost all policies cover daycare expenses, hospitalization charges, etc. but checking coverage is still vital to making a decision.
This way, you can account for everything and choose the policy best suited to your needs!
This is primarily in reference to adding new people on your plan. How flexible is the sum assured? Can you easily increase it if you want to add your parents? What about your spouse’s parents? And can you get a newborn child on the plan or does your child need to attain a certain age first? These are all questions you need to ask before choosing your plan. These determine how all-encompassing your plan truly is.
A no-claim bonus is when you do not claim insurance during your policy term and, as a reward, your insurer increases your assured sum. Does your family health insurance have this? What other benefits do they provide? What kind of incentives do they give you? How do they reward you for timely renewal and premium payment?
Some health plans for a family offer renewals only until the age of 60-65. After this, you need to purchase a separate and far more expensive senior citizen health policy. What about your plan? Does it have this clause? Or does it offer lifelong renewability? Lifelong renewability is preferable since you do not have to worry about anything except renewing your policy on time. And, even for that, there is usually a grace period.
Claiming insurance can be daunting. Even though every process is basically the same, it is still a lot of documents. Going through the claim procedure thoroughly is a good idea. Also, choose an insurer with a high claim settlement rate. This guarantees that whether you get cashless hospitalisation or have a reimbursement process, your claim will definitely be settled.
Availing a policy that offers cashless hospitalisation makes your experience much better. Cashless hospitalisation simply means that your insurer pays the hospital directly. Therefore, you do not lose any money in the process. You just give them the documents, and they transfer the money to the network hospital. This is much easier than the reimbursement process where you lose money and then have to wait for your claim to be settled.
Cover 360’s highly qualified analysts take all these aspects into account while they help you choose the perfect policy that meets all your needs!
Advantages of Family Health Insurance
Family health insurance is top-rated in India today. Indian families are known for being close, and this insurance policy was specially designed for such needs. There is typically one person who handles all the finances in the family, and this includes insurance policies. And with multiple individuals under one roof, have them all under one insurance cover also makes sense!
And this brings us to the first advantage of looking at health plans for your family:
Managing multiple premiums, renewal dates and claim settlements can be a huge hassle. Investing in a family plan cancels out these headaches. Instead, you have everything you need under a single plan and can deal with everything efficiently.
Part of giving you a hassle-free option is that you only pay one premium annually. This is for your whole family and keeps them covered should a medical emergency strike.
Choosing a family health plan is a financially sound decision. Individual health plans are very expensive, especially if you purchase one for each family member! With health plans for a family, you get a higher sum assured for a lower price and keep everyone covered. It is automatically a better decision that does not burn a hole in your pocket.
Several plans provide discounts on premiums or incentives of some sort. This is through clauses like the No-Claim Bonus. This bonus is given when you do not claim for insurance in a year. Your insurer then increases your assured sum as an incentive. Some discounts may be offered, making a family plan ideal for future financial security.
Another impressive feature is how new people can be added to the policy. If you get married or have a child, adding them to the policy is easy. Alternatively, you can add your parents or in-laws to the plan by purchasing a senior citizen benefit. Although this may be more expensive, the option for customising your family plan without needing a new plan is very attractive.
At Cover 360, we believe in bringing you the ideal family health insurance policy that meets all your needs perfectly!
Best Plans for Family Health Insurance
Family health insurance is the chosen insurance policy for many families across the world and in India. Its numerous benefits and advantages have made it a crowd favourite. The efficiency it promises by bringing all the family members under a single plan makes it highly desirable. This also means that there are several health plans for a family out there.
And today we decided to compile all these policies, and so you get an idea of your options while shopping for health plans for your family.
Oriental General Insurance - Happy Family Floater Policy [Silver/Gold/Diamond]
- Sum Assured: Rs. 1 - 20 lakhs.
- Age Criteria: 91 days - 65 years.
- Ambulance Cover: Silver - Rs. 1000/illness, Rs. 3000/policy period; Gold - Rs. 2000/illness, Rs. 6000/policy period; Diamond - Rs. 3000/illness, Rs. 8000/policy period.
- Coverage: Room, Nursing fees, Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialists Fees etc.
- Daily Hospital Cash Allowance: Silver - N/A; Gold - Rs. 600 - Rs. 1000; Diamond - Rs. 1200 - Rs. 2000.
- Pre and Post-Hospitalisation Cover: 30 days and 60 days, respectively.
- Maternity and Newborn Cover: Maternity (Diamond Only) - Automatic cover up to 2.5% of the Sum Insured; Newborn Cover (Diamond Only) - Automatic cover up to 2.5% of the Sum Insured up to 90 days from the date of birth. Cover beyond 90 days, available for full Sum Insured only on payment of requisite premium.
Max Bupa Health Insurance - Heartbeat Family First Health Insurance Plan [Silver/Gold] Platinum
- Sum Assured: Silver - Rs. 3 - 15 lakhs; Gold - Rs. 3 - 50 lakhs (Up to 1 Crore)
- Age Criteria: Up to 65 years.
- Ambulance Cover: Network Hospital: Covered up to Sum Insured; Non-network Hospital: Covered up to Rs. 2000 per event.
- Coverage: Room (Silver - Rs. 3000/day; Gold - Covered up to Sum Insured), Nursing fees, Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialists Fees etc.
- Daily Hospital Cash Allowance: Silver - Rs. 1500/day; Gold - Rs. 3000/day.
- Pre and Post-Hospitalisation Cover: 30 days and 60 days, respectively.
- Maternity and Newborn Cover: Maternity - Silver - up to Rs. 35,000; Gold - up to Rs. 50,000. Newborn Cover - up to Sum Insured.
Apollo Munich - Optima Restore Family Floater Health Insurance Plan
- Sum Assured: Rs. 3 - 50 lakhs
- Age Criteria: Child - 91 days onwards; Others - 5 - 65 years.
- Ambulance Cover: Up to Rs. 2000
- Coverage: All in-patient treatments covered; all daycare treatments covered.
- Daily Hospital Cash Allowance: For Rs. 3 - 15 lakhs insured Sum - Rs. 800/day, Maximum Rs. 4800; For Rs. 20-50 lakhs insured sum - Rs. 1000 / day, Maximum Rs. 6000
- Pre and Post-Hospitalisation Cover: 30 days and 180 days, respectively.
- Maternity and Newborn Cover: N/A
Bajaj Allianz Health Insurance - Family Floater Health-Guard Plan
- Sum Assured: Rs. 2 - 10 lakhs (up to 55 years); Rs. 2 - 5 lakhs (above 55 years)
- Age Criteria: Child - 3 - 30 years; Adults - 18 - 65 years.
- Ambulance Cover: Up to Rs. 20,000
- Coverage: All in-patient treatments covered; all daycare treatments covered.
- Daily Hospital Cash Allowance: For Rs. 3 - 15 lakhs insured Sum - Rs. 800/day, Maximum Rs. 4800; For Rs. 20-50 lakhs insured sum - Rs. 1000 / day, Maximum Rs. 6000
- Pre and Post-Hospitalisation Cover: 60 days and 90 days, respectively.
- Maternity and Newborn Cover: From Sum insured Rs. 3 - Rs. 7.5 lakhs, it is Rs. 15000 for normal delivery and Rs. 25000 for a caesarean section; from Sum insured Rs. 10 - Rs. 50 lakhs it is Rs. 25000 for normal delivery and Rs. 35000 for a caesarean section. Newborn cover is provided for 90 days after birth up + mandatory vaccinations.
These plans are a good starting point for you to make comparisons between various family health insurance plans. These are just some of the parameters you need to use while comparing and contrasting. Be sure to note all the inclusions, exclusions and claim processes for your plan of choice.
Cover 360 looks at such health plans for families and evaluates them thoroughly. This way, we can choose the family health insurance most beneficial for you!
Eligibility for Family Health Insurance
Family health insurance is sort of like a group insurance scheme. Instead of being for an individual, it applies to your whole family. Also known as a family floater plan, health plans for a family are known for their flexibility and their efficiency. Since every family member’s insurance is handled under a single plan, there is no need to keep track of multiple premiums or renewal dates. Instead, everything is done at once.
So, how do you know if you are eligible for a family floater plan?
- Check the age criteria - that is the only measure of eligibility. If you want to add a newborn or a senior citizen to your plan, ensure that your plan allows for it.
- Check your finances - family floater plans are more expensive than individual health insurance. But, overall, they save you a lot of money. Ensuring you have the financial means to purchase a plan is essential.
- Check your family history - all plans cover pre-existing illnesses. Before opting for insurance, they may make you do a health checkup. Do the checkup and ensure that you will be properly covered.
- Check the benefits - some plans offer maternity benefits from the get-go. Some require extra payment. All plans increase their premiums exponentially for senior citizen coverage. Choosing a separate senior citizen health insurance policy may be a wiser move.
Although there are several things to keep in mind when buying family health insurance, eligibility is not necessarily one of them. The only thing you need to be eligible is a family. Other than that, every aspect differs from policy to policy.
Cover 360’s expert analysts evaluate various policies with all your details in mind. Then they bring you the perfect family floater plan for you!
How to Buy Family Health Insurance
Family health insurance or a family floater health plan is where one insurance plan covers your entire family. This has become a new favourite because of the immense efficiency it offers. Maintaining premium payments and renewal processes under one umbrella policy makes management much easier. But we have already spent a lot of time discussing the benefits of switching to a family floater plan.
The next question is, how do you buy a plan from the multitude of health plans for a family available today?
- Asking your insurer is usually the quickest path. If you have individual health insurance and want to switch to family health insurance, consult your insurer about switching.
- If you do not have individual insurance, then begin browsing my friend. After looking at a few plans, you should get an idea of what you need for your family.
- Carefully evaluate each plan, making a note of all the exclusions and coverage.
- Do not opt for a plan only because it has a lower premium. Often, a plan with a lower premium also offers lesser coverage.
- You do not know when an emergency will strike or what you will need. Choosing a plan with a decent amount of coverage ensures you are ready for anything. Even if this means paying a slightly higher premium, remember, you cannot put a price on safety.
- Once you choose a plan, go through all the documents you need to have ready for the purchase.
- Check the waiting period so you know when your policy will kick in.
- Make a list of all the documents needed for a claim and keep them together in a safe place.
Cover 360 is here to help guide you through this very process! Our seasoned specialists know the ins and outs of every insurance application and want to share that knowledge with you!
Family Health Insurance vs Individual Health Insurance
Family health insurance has several benefits and advantages. As we have previously discussed, even the claim process is easy. It also greatly reduces the headache that attempting to manage multiple insurance policies would cause. You would otherwise have to worry about managing and organising individual health insurance policies. Health plans for a family bring all the members under a single insurance plan. This means that there is a single premium and policy renewal only happens once.
What are the differences between family floater plans and individual health insurance plans?
Sum Insured
- Family Plan: The family floater plan gives you one sum for the entire family. This covers multiple hospitalisations and has benefits that allow its increase when renewed. There is access to a larger shared sum.
- Individual Plan: The individual plan applies to one person at a time. This, therefore, takes longer to get exhausted totally since no one else can avail the benefit.
Premium Paid
- Family Plan: Premiums are generally cheaper since they are paid on a single sum for a single policy.
- Individual Plan: Managing multiple, individual premiums can cumulate to a higher cost, making this more expensive.
Renewability
- Family Plan: While some family floater policies have lifelong renewability, most plans expire when the eldest member reaches the maximum age.
- Individual Plan: Typically have lifelong renewability.
Recommended For
- Family Plan: This plan is usually recommended for healthy, low-risk families. Families with a clean medical history benefit more from this policy. The assured sum can just apply during a medical emergency.
- Individual Plan: This is generally recommended for high-risk individuals. Whether the risk is through family history or due to the environment, this policy covers you better. It also has more exhaustive coverage since it can cater to individual needs.
Cover 360 understands the appeal of family health insurance. Therefore, we make it our duty to bring you the ideal plan for your family’s needs!
Benefits of Buying Family Health Insurance from Cover360.in
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