Key Coverage under Family Health Insurance

Health insurance provides cover for the medical or surgical expenses of the insured. Health insurance either reimburses the policyholder or takes care of the expenses by directly contacting the care provider of the insured. In the present day of uncertainty and inflation, family health insurance helps you to pay for medical expenses for your entire family. It ensures financial support in time of need. Health insurance is broadly classified into two categories.

Indemnity Plans: Indemnity plans provide reimbursement for the expenses incurred by the policyholder. It reimburses the policyholder up to the expenses incurred under the policy.

Defined-benefit Plans: Unlike indemnity plans, defined-benefit plans pay the entire amount payable to the policyholder regardless of the amount incurred.

About Family Floater Plans

Health plans are taken for every member of the family, be it for children, spouse, etc. You will pay the premium for getting health coverage. You can get the cover for yourself, your spouse, children, and dependent parents under a single plan. The premium amount under this plan is on the basis of the eldest member of the family.

Its Concept

The health coverage available under this plan can be claimed by all the members and is not restricted to just one member of the family. This insurance plan basically runs on the idea that the chances of all the members of a family falling ill at the same time, or in the same year is very less.

Such a plan is beneficial to buy for a family. Rather than buying different coverage for different members of the family, buying a family floater plan is the right option. This particular plan also provides tax exemption on premiums and on the benefit received under section 80D of the Income Tax Act.

If you have kids or have just started a family, it is always better to go for family floater plans rather than individual plans. Floater health plans offer coverage for a lower cost than individual plans. For most families who do not have a history of chronic illness, it is best to choose a floater plan instead of an individual plan.

How does It work?

By buying a family health insurance plan, the insurance company will cover your & your family’s health-related expenses. You only need to buy family health coverage depending on the health condition of the people you want to include under health insurance.

Let’s understand this with the help of an example

Mr. Rohit Kumar’s family includes his wife Rita and two kids. He buys a family health coverage of Rs 5 lakh. During a policy year, his medical treatment due to a hospitalization incurred the cost of Rs 2 lakh. A family health insurance plan pays the medical bill. Now for the remaining period of a year, he or his entire family members can also get the health cover of Rs 3 lakh.

So, under a single-family floater health insurance policy, you can cover your entire family against the hospitalization/medical expenses.

In case, you exhaust the entire sum assured, most of the health insurance plans come with an option for restoration of health cover. It will help you to access the healthcare services in a hassle-free manner with no worries to pay for the health care expenses.

Key Coverage Under Family Health Insurance

Stress-Free Hospitalisation Expenses Cover – Look, with a health insurance policy we get some of the best features that make things easy for you. If you are admitted to one of the network hospitals of the respective insurer company and getting the best treatment, then you don’t have to pay a single amount for your treatment and this is how you got your stress-free hospitalization coverage without paying a single penny. These are the coverage that makes health insurance the best and this is how policy’s features work for people.

We all know that getting the best medical treatment in India is quite expensive, and not every people can afford it. But if you are an insured person then getting the best medical treatment in the best hospital is quite easy for you and these kinds of features also help you financially.

Get Health Insurance cover for Parents in the same plan

Not all health insurance plans offer you such kind of feature and it’s very rare health insurance policies that offer you, with this plan you can ensure your parents and your parents-in-law too. Apart from your family, you can protect your parents too under a family health insurance plan coverage.

Affordable Premium

Whenever we are ready to buy a health insurance policy, we have to keep some things in mind and we always think about the premium of the policy. It is a fact that we always count the increasing expenditure on our pocket before starting any work, as a customer you always looking for an affordable premium.

Insure new family members easily

This is a question that everyone asks if there is a new addition in the family, can it be insured under health insurance? Yes, absolutely you can get it done and you also get such offers in family health insurance. And apart from this, you also get maternity cover so that you do not have to face any problems at the time of delivery. A family health insurance policy is quite incomplete without ensuring your newborn baby but you have to pay an extra premium.

Covid health insurance for the family

In recent times this question has been asked by most people whether Covid -19 is also being covered. Many people lost their lives due to this and many people did not even get coverage for this disease. In such a situation, this service becomes very important for the people and now almost every health insurance company provides coverage for Covid-19. A policy like Corona Kavach provides you Covid-19 health insurance for the family.

Option to avail additional benefits

We can customize our health insurance according to our needs and this is one of the best services that you will get with a health insurance policy. You can add features to insurance as per your need or you can replace them with other benefits or features. It is just like buying a new bike and customizing it in the market in your own way. Nothing can be better than a health insurance policy, you can use its features to insurance as per your need.