All You Need to Know About Family Health Plans

One good thing that the COVID-19 pandemic did is that it made people more conscious about their health and wealth. As a repercussion, people now prefer Family health medical insurance for themselves and their families. For example, if your family don’t have the right coverage, they might not be able to get reimbursed for necessary check-ups such as regular visits to the general dentist in roseville.

However, do you know that it is not a one-size-fits-all product? An individual policy cannot cover your family.

Therefore, if you are looking for family medical insurance, here are some essential things that you need to know:

What is Medical Policy for Family?

Family health plans are exclusive health insurance policies explicitly designed for a family. You can include a maximum of six family members under a single policy.

Every insured member gets comprehensive coverage for an emergency or planned hospitalization, pre, and post-hospitalization, ambulance, treatment, and medication expenses up to the sum insured.

The best part of a family health care plan is that you need to pay a single premium lower than individual policies that reduce your financial burden.

What is the Need for Family Medical Insurance?

Medical policy for family acts as shining armor and save your family from unnecessary financial stress. Below are some reasons why it has become a necessity:

  1. Cases for lifestyle diseases, critical illnesses, chronic diseases, pandemic, etc. are growing in India
  2. Medical inflation and healthcare costs are increasing
  3. Corporate policy is not sufficient to meet family health care needs
  4. Coverage for COVID-19 treatment is necessary for each family member
  5. Maintaining separate policies for all the family members is difficult
  6. Want to save more and keep hard-earned money for family’s future
  7. For a peaceful and healthy life

What are the Benefits of Medical Policy for Family?

It is helpful to all those who have loving families to take care of. Below are some of its really significant benefits:

  1. Comprehensive coverage for every insured family members under a single policy
  2. A single and lower premium policy that reduces the burden on your pocket
  3. Cashless hospitalization facility for all the insured family members during a medical emergency or planned hospitalization
  4. Cover out-of-pocket healthcare expenditures such as ambulance cover, second opinion, domiciliary hospitalization, etc.
  5. Coverage for daycare procedures, advanced treatment like robotic surgeries, HIV treatment, and more
  6. Offer annual health check-ups once in a policy year for all the insured members
  7. Reimbursement for pre and post hospitalization expenses
  8. Coverage for AYUSH and advanced treatments
  9. Lifelong renewability with no claim bonus and unlimited automatic recharge
  10. Covid-19 coverage including diagnosis, home care treatment, and more
    Offer add-on benefits such as reduction wait period, OPD care, global coverage, and everyday care
  11. Eliminate the hassle of buying and renewing several policies
  12. Income tax benefit under Section 80D of the Income Tax Act of India 1961

How to Choose Family Health Insurance Policy?

Below are the factors that you should consider while opting for a family health care plan:

  • Opt for the plan according to your family’s healthcare needs 
  • Look for the pre-existing diseases cover; if your family member has diabetes, hypertension, thyroid, etc. 
  • Do not hide medical history while buying health insurance 
  • Opt for the health insurance company with higher CSR
  • Compare the premium of different plans available online
  • Ask for discounts; these days, companies like Care Health Insurance offer up to 20% online discount. 
  • Look for EMI options as well to reduce your monthly financial burden
  • Opt for the policy that gives you maximum coverage
  • Check the list of network hospitals 
  • Go through the policy exclusions  
  • Read online reviews and check the companies’ ratings carefully 

Top Health Insurance Companies in India offer Family Medical Insurance

Health Insurance CompanyFamily Floater PlanSum Insured 
TATA AIG General Insurance Mediprime2-10 Lac
Care Health InsuranceCare Family Health Insurance5 Lac- 6 Cr
HDFC ErgoHealth Suraksha Plus Regain-Gold & Silver3-10 Lac
The Oriental Insurance CompanyHappy Family Floater Policy1-20 Lac

How to Claim Family Health Insurance?

The claim process of this policy is also simple and hassle-free. You need to inform the customer support team within 24 hours in emergency and before 48 hours in planned hospitalization. You can file the claim in two ways:

For Cashless Facility:
  • Fill the pre-authorization form available at the hospital’s insurance / TPA Desk and send it to the claim management team
  • After verification, you will get an approval letter
  • The claim management team may raise a query
  • Carry your treatment as per the doctor’s advice and file for a reimbursement claim in case of rejection
For Reimbursement:
  • Submission of claim form along with required documents, as per the policy terms & conditions
  • The claim management team may raise a query
  • Approval letter sent by the claim management team
  • Reason in case of rejection will be communicated 

Takeaway!

Do your research and read the sales prospectus carefully before opting for the family medical insurance for your loving family.

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