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Can Family Health Insurance Help You During a Medical Emergency?

Published On Nov 04, 2019, Updated On Feb 12, 2021

Is your car more important than your family?

Don’t you think you care for your vehicle more than your family?

Sounds weird, right?

But that’s true.

You get your car covered under car insurance, but not your family under family health insurance.

Affection and love in the family is human nature. But when it comes to buying them health insurance, we tend to postpone it. It’s good that there are certain elements to promote the harmony and positive growth of the family. It is your deep affection that makes you inclined to the sacrifices of growing kids, earning a livelihood and meeting the financial requirements.

But beyond that, you should prioritize buying Health Insurance for the family to get out of a medical emergency without any financial trouble. It’s another way to say that you take care of your loved ones. Health insurance plan is a basic necessity. Buy it today without losing a single moment.

Let me prove this point through this write-up.

Family Health Insurance Plan

A family health insurance plan (family floater plan) is a type of insurance product that is designed to cover the entire family members against a number of diseases and ailments. It covers the entire family members at the lowest premium, depending on the age of the eldest member.

To understand how a family health plan can prevent financial burden during hospitalisation, keep reading this post.

It Helps in Financial Planning

Apart from securing family health, financial planning is another aspect to buy a family health plan. It is one of the topmost reasons you should buy a policy. Within seconds, a medical emergency can turn out to be a financial burden. You may have a group policy from your employer to cover your family, but it can hardly cover elderly parents. It’s therefore important to buy a personal mediclaim plan for your parents as their old age leads them to illnesses and frequent hospital visits, which can cause you to spend a large amount of money. With a family health cover, you can save a lot.

It Reduces the Risk of Financial Burden

Along with diseases come physical and financial pain. Loads of ailments and diseases have increased according to the report of the World Health Organization. The WHO also estimates that the situation will get worse at an alarming level in the upcoming years. Given that it is important to stay prepared to handle the financial burden in case of any medical emergency.

A family floater plan offers cashless treatment to all insured members up to the sum insured if the treatment is carried out in a network hospital. In case of a non-network hospital, the payment is reimbursed. So, better buy a family health plan for your beloved family.

Key coverage benefits under a family floater plan are:

  • In-patient hospitalisation: The policy covers all medical expenses due to hospitalisation provided that the hospitalisation is for a minimum of 24 hours.
  • Pre-hospitalisation: Medical expenses before hospitalisation, such as medicines, x-ray, blood test, MRI, urine tests, etc.
  • Post-hospitalisation: Medical expenses incurred after the discharge from the hospital. It includes medical tests, medicines, etc.
  • Ambulance Charges: Many family plans also cover emergency ambulance charges. The amount varies from insurer to insurer.
  • Hospital Cash: Some insurers also allow daily cash allowance. You can use this cash to cover the cost of transportation or other basic requirements.
  • Restore Benefit: Restoration of the sum insured is another benefit under a family health insurance plan. With this feature, the basic plan cover is reinstated in case the coverage gets exhausted during a policy year.
  • Daycare treatment: A family health plan also covers daycare treatment expenses. Such treatment can be cataract, hernia, etc.

Family Health insurance Provides Treatment For Diseases Due To Increased Life Expectancy

Owing to the advancement of technology in the healthcare industry, life expectancy has improved. This is also possible because of modern medicines. Earlier no treatment and medicines were available for tuberculosis (TB). But, now TB is not an incurable disease. However, we shouldn’t avoid the fact that increased life expectancy is leading us towards poor health. Chances of illness have become higher. The increasing treatment costs bring financial stress too.  

A health insurance policy for your family cannot let you face any financial crisis. It financially empowers you and your family to avail advanced treatment at the best hospital. Almost every health insurance policy covers pre and post-hospitalisation expenses and inpatient treatment costs like fees of doctors, specialist fees, costs of medical tests, etc.

It Lets You Enjoy Tax Benefits:

Besides getting cashless treatment in a hospital, a family health insurance policy can also help you enjoy tax benefits. You can save tax under Section 80D of the Income Tax Act.

A Policy Provides You with Benefits in Case of Maternity Expenses

A number of family floater plans provided by health insurance companies in India come with maternity benefits. A young couple starting their family in the near future can enjoy the benefits of maternity cover under the family health plan. With a plan in hand, they can get cover for expenses incurred on hospitalisation due to maternity. But, before opting for a plan, make sure the policy provides maternity benefits. Some insurers put it into the category of add-on cover benefits.

Also, read 

11 Easy Ways to Keep Your Family Healthy and Fit in Winter. 

All You Need to Know About STAR Health Insurance Family Health Optima Plan

Wrapping It Up

Family health insurance plans are an ideal approach to get out of financial trouble in case of uncertainty. When you buy a health plan for your family, you secure your family from diseases and ailments, you let them avail the best treatment without thinking of expenses. When choosing a policy, make sure the policy you want to buy serves the medical needs of the entire family members.

Before making any decision, keep in mind the sum insured, the number of insured members, age of the members, etc. Also, be careful in case of any pre-existing disease. If you have an adequate cover, you won’t encounter financial disestablishment during a medical emergency.

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