A health insurance policy for a family, also known as a family floater health insurance policy, is one of the most common kinds of health insurance policies offered by the Indian market. The plan’s goal is to provide coverage for each family member under one health insurance plan.
A mediclaim policy for the family can offer coverage to you, your spouse, parents, dependent children, and parents-in-law as well, depending on the kind of plan you opt for. Each family member may file a claim up to the insured amount. Recently, health insurance policies for a family have included coverage for hospitalisation bills associated with COVID-19 in addition to the normal cover.
What is The Importance of Having a Mediclaim Policy For Family?
Medical emergencies can occur anywhere, at any moment. Furthermore, the growing number of lifestyle diseases and the rising expense of treatment have necessitated the purchase of health insurance policies for all members of your family. Investing in the best mediclaim policy for family can help provide you with the following benefits-
- Covers the Cost of Treatment:
You won’t need to be concerned any longer about your loved ones being hospitalised if you have a family insurance plan. A reasonable premium, payable in yearly instalments, is all that is required to purchase family coverage. Furthermore, if enough money is not available to you at the time of hospitalisation, you can always choose cashless hospitalisation. Since the health insurance company will take care of the financial burden, you won’t need to worry.
- Treatment of COVID-19 is Included:
All private and public sector general insurers are required by the Insurance Regulatory and Development Authority of India to provide Corona Rakshak, and Corona Kavach Plans at a reasonable rate. When you wish to buy the best mediclaim for family, make sure to check covid-19 coverage as well.
- Provides Coverage for Critical Illness:
Your family’s physical, emotional, financial, and mental well-being can all be severely impacted by critical illnesses. Critical illnesses impose a threat to life and could leave you incapacitated or in the recovery phase for a long time. To assist you in dealing with the financial burden, the mediclaim policy for families offers critical illness coverage.
- Restore Coverage:
Nowadays, the majority of insurance companies provide a unique benefit known as the restore benefit. For family health insurance policies, this is very useful. According to this, if one family member uses up the full sum insured, the entire sum insured is reinstated so that other family members continue to be covered. The same family member may also avail of restore coverage, but only for unconnected claims.
- Save You Money
A family floater policy’s premium is typically less than the sum of the premiums for each member’s individual insurance.
- Claim Tax Benefit
Section 80D of the Income Tax Act allows for tax exemptions on family health insurance premium payments.
- Customise The Policy With Add-ons
For a reasonable premium, you can add a variety of rider options to your new or existing healthcare policy.
Eligibility Criteria for Mediclaim Policy For Family
You must meet certain eligibility requirements specified by the insurance plan to qualify for the best mediclaim policy for family. While the specific eligibility requirements vary depending on the policy you purchase, the following are some of the most common requirements-
- Members who are eligible for coverage
The policyholder, spouse, and dependent children, both biological and adopted, are all covered under family health insurance policies. However, coverage for dependent parents differs depending on family mediclaim plans. Depending on the plan, dependent parents may or may not be covered under the policy. Some family health insurance policies provide coverage for siblings, grandparents, parents-in-law, and any further relatives the policyholder may have.
- Age limits
Mediclaim for family plans are available to adult proposers aged 18 and up. Dependent children may be covered after 91 days. Most plans limit the maximum entry age for adults to 65 years of age. However, some plans do not have this restriction. Depending on the terms and conditions of the policy, dependent children are protected under the floater policy until they become 23 or 25, at which point they should be insured on an individual plan.
- The sum insured
The amount insured under family medical insurance coverage ranges from INR 1 lakh to INR 6 crores. Depending on your coverage needs, you can select any amount of insurance, and the premiums are computed accordingly. However, the insurance provider may place a cap on the maximum sum insured that you are eligible for under mediclaim for a family if any family member has a serious medical condition.
- Tenure of policy
The tenure of coverage for all family health insurance policies is one year. If you pay the total premium upfront, some plans also let you purchase coverage for two or three years at once.
Factors To Take Into Account Before Purchasing a Family Health Insurance Plan
Family health insurance plans offer many benefits, but there are a few things to take into account before purchasing a plan for you and your family:
- Try to purchase health insurance as soon as possible.
People often believe that health insurance is not required while you are young. Even though you could have fewer or no claims when you’re young, getting health insurance early will serve you several advantages. Your insurance premiums will be lower if you are younger.
- Check out the premium.
The amount of sum assured and add-ons included in your plan will heavily influence your health insurance premium. Additionally, when it comes to family floater plans, the premium you are required to pay will take into account many variables, including the age of the oldest family member, add-ons, the policy term, etc.
- Check your insurance coverage.
To ensure that your family is always in good hands, you must consider a plan that meets the needs of every person. To begin with, you must determine how much health insurance coverage your family would require. Following that, you should check out how many daycare procedures your company covers. Before deciding on the final plan, take a look at the room rent caps, inclusions of the plan, exclusions and other details.
- Check the profile of the insurance provider.
What you buy is just as essential as who you buy it from when it comes to health insurance. Therefore, the insurance provider you pick must match your insurance requirements. Be sure to evaluate the insurance company according to their ratings, testimonials, claim settlement ratio, etc.
To Wrap It Up
Accidents can occur at any time and anywhere. Thus, it is essential to take care of both family and oneself. Investing in family health insurance is one such measure, and it is particularly important in today’s time. A standard family requires routine health check-ups, coverage for treatment of occasional illnesses, and financial support in the event of a medical emergency. Health insurance provides the best protection for a family in all such circumstances.
