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Family Mediclaim Policy - To Cover Your Family Health Care Expenses

Updated On Jan 04, 2022

In India, a lot of importance is given to the term “family”. The ultimate source of happiness for all, family is the reason that most people live for. It is not uncommon to find an individual doing everything that it takes to keep their family happy. Be it fulfilling their needs or ensuring their security, one does all to keep their family members in comfort.

Family health insurance or family mediclaim policy is yet another way by which an individual can take care of their family when a medical emergency occurs. Of massive significance in today’s time, a family mediclaim policy or family health insurance is the ideal way to fight or deal with the skyrocketing medical costs. In today’s time, one cannot imagine bearing the cost of vast medical expenses without any form of support. After all, one cannot let go of their lifelong savings or assets in one go, thereby justifying the need for family health insurance.

Uncovering the Details​

Family mediclaim policy is basically an insurance plan under which the insured individual is provided the health cover of a particular amount for the entire family. When a medical emergency occurs, the individual is given medical care for the amount that he or she was insured for. Be it for the benefit of an individual or the whole family, family health insurance or family mediclaim policy supports all.

The Need
One may run out of finances or find them unable to gather finances in case of a sudden illness in a family. The same applies to the prolonged treatment of a family member as well. To prevent themselves from financial instability, most people opt for a family mediclaim policy.

Needless to say, it plays a big role in:

  • Covering hospitalization expenses for the treatment of an illness or injury.
  • Covering pre-hospitalization expenses for a few days before hospitalization and post hospitalization expenses for the specified days in accordance with the policy terms.
  • Helping the insured individual claim Income Tax deduction under Section 80D for the premium paid.
  • Availing cashless settlements, however it varies from company to company.

Types of Mediclaim Policies​

  • The individual mediclaim plan, which covers only the hospitalization expenses of an individual, up to the sum assured limit.
  • Family floater mediclaim policy, which allows the sum assured to float among family members. In other words, each member of the family is covered under a single plan and any family member can claim the sum assured amount.
  • Unit linked health plan or health saving plan, which combines health insurance with an investment plan. The purpose of it is to get fixed returns when the term ends.  

Family Floater Mediclaim Policy – One of the Best Health Insurance Plans for Family?

One of the best health insurance plans for family, family floater mediclaim policy protects the health of the loved ones at the time of a medical emergency. Since a single policy covers the entire family, it prevents one from the struggle of handling different or separate insurance policies and offers for all the family members. Overall, it can be said that when a medical emergency occurs, the only thing that a family has to be worried about is the choice of the hospital as financial concerns are taken care of by the family floater mediclaim policy.

When you choose a family floater mediclaim policy, you approve of:

  • Access of the entire family to the sum assured.
  • Cheap premiums.
  • The policy stands terminated as the eldest member allowed under the plan reaches the maximum age.

Making the Choice​

The perfect choice for younger families with less health exposure, family floater mediclaim policies of multiple kinds are available in the insurance market. In order to choose one of the best family floater plans, the analysis of the features and benefits should be done so that the suitability of the plan can be determined.

Most family floater plans provide coverage for individual, spouse, and children. However, there are many plans that provide health coverage for dependent parents, parents-in-law, as well as siblings. If looking for plan like such, it would be best for you to go for renowned names providing family health insurance plans like such.

To avoid confusion of any kind, make sure you read the policies carefully. Additionally, it would be important to look for the requirement of:

  • Single Sum Assured or individual Sum Assured along with the coverage required.
  • Maternity benefits.
  • Regular or single premium.
  • Sub limits on hospital expenses.

The family floater mediclaim policy is undoubtedly a boon. However, one should not forget that it has its own benefits as well as limitations. Being aware of both as well as the requirements of self is the key to make the ideal decision.

That said, what are you waiting for?

Now that you are aware of the health insurance by which you can safeguard your family, get started with the search right away!

Also Read

Health Insurance for Family-Why Do You Need One? 

Top 8 Family Health Insurance Policies You Should Consider in 2019

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