Family Health Insurance on Your Mind? Things You Must Know
Published On Feb 05, 2020 5:30 AM By Yamini Sharma
Do you want to buy family health insurance within a few days?
Have you been searching for the best family health insurance plans for the past few weeks?
If having a few options of family health insurance policies by your side, stop looking at that health insurance premium chart for hours to come to a conclusion.
To really know health insurance premium or premium cost, all you need to do is emphasise the number of members in your family.
There’s no doubt that family health insurance can help you cover your complete family under a single plan, but whether or not it will satisfy all your medical needs is another query.
Note that the cost of a health insurance premium depends on the number of people insured. Whether you choose an individual cover for each family member or a family floater option that covers all family members under a single sum insured is totally up to you.
Nonetheless, remember the premium for a health insurance plan for a family will be lesser than the total premium of individual health insurance plans.
Why are family health insurance plans so in demand?
- Addition of new members allowed at a nominal cost of extra premium.
- An increase in coverage is possible at the time of including a new family member.
- The eldest family member is covered until they cross the upper age limit as mentioned in the policy.
- Inclusion of children under the same plan, up to a certain age is feasible.
What if I want to add my parents to family health plan?
It is advisable to buy a senior citizen plan for your elderly parents if they are more than 60 years of age. By doing so, they will be able to gain maximum coverage benefits while paying a less premium amount. On the other hand, if you choose to add your parents to the family health plan, your premium will get doubled.
How will a family floater plan help my family and me with the expenses?
Let’s suppose you have chosen a family floater plan with Rs. 8 Lakhs cover under which your spouse and two children are covered. Now, you get hospitalised due to a condition and need to pay medical expenses around Rs. 2 Lakh. You file for a claim under your family floater plan and get reimbursed for the medical expenses incurred during the policy term.
Learn that now for the remaining policy term, your family will be left with a cover of Rs. 6 Lakh, which any of you may be allowed to avail in the future.
Benefits of family floater health insurance plans?
Family floater health insurance plans offer you and your loved ones the ultimate freedom from worrying about medical expenses incurred during a medical emergency. When it comes to protecting your savings and mental & physical health, family floater plans are always there to help.
The prime benefits of family floater plans include:
- Easy addition of new family members under the policy with the premium being charged based on the age of the eldest member of the family.
- There are multiple family floater plan options one can choose according to their requirements. Note that there are also plans that cover up to 15 family members.
- If paying an additional premium is not a problem for you, family floater plans would be the best option to include your parents or parents-in-law under one plan. Nonetheless, buying a different senior citizen plan has its own benefits.
Factors to consider while looking for family health insurance?
When searching for one of the best health insurance plans for your family, make sure you consider the below aspects:
- Coverage - Being aware of the policy benefits and limitations is very important for you so that you can be sure of what you will be getting at a particular premium cost. Make sure you look for the list of benefits including cover for an inpatient hospitalisation, pre & post hospitalisation, day care treatment, domiciliary hospitalisation, maternity & newborn baby cover. Checking for policy exclusion would be a must as well.
- The number of family members covered - Most insurers provide cover for self, spouse, dependent children and dependent parents (sometimes). However, there are also companies like Bajaj Allianz, Kotak Mahindra that provide coverage for parents-in-law, siblings, son & daughter-in-law, grandchildren and others. Based on your requirement of family member coverage, you can look for your plan options.
- Pre-existing diseases waiting period - Coverage for pre-existing diseases (illnesses or diseases which have been diagnosed before the date of policy purchase) come with a waiting period. The waiting period for pre-existing diseases coverage varies from plan to plan. It is advisable to check the time duration only after which you will become for pre-existing diseases coverage under your policy.
- Co-payment - Co-payment, (the fixed amount an insured individual has to pay for covered services), is also an essential factor to look for when buying family health insurance. Knowledge of co-payment option will prepare you to pay a certain percentage of the expenses while enjoying a low premium.
- Limit of room rent - The type of plan you select will be a deciding factor of your room, i.e., whether you will get a shared room, a private room or a semi-private room. It is advisable for you to check the room rent limit beforehand and choose a plan with high room rent limit to prevent extra expenditure from your own pocket.
Determining health insurance premium cost for your ideal family health insurance or family floater plan requires focusing on multiple aspects as mentioned above.
In case, you are facing any confusion regarding family health insurance policies or premium cost, feel free to give us a call at 18001205698.
Our experts would be more than happy to help you with your queries.