Family health insurance plans

Family Health Insurance plans

Family health insurance plans provide coverage for the entire family within the scope of a single health plan. Nowadays, some insurance providers have also come up with plans that allow coverage for extended family too. For instance, Max Bupa's Heartbeat plan can cover up to 19 people within a single plan.

Another one of the key reasons to buy family health insurance plans is that they serve as a single solution against financial strains in case of health issues in the entire family. They also provide access to quality health care in their network hospitals to the entire family on a cashless or reimbursement basis.

Everything you need to know about a family floater health plan
Our love for our family is unconditional. We share our joys, sorrows and even our sickness. It is, therefore, a financially prudent choice to buy family health insurance plans that provides umbrella coverage to the entire family within a single policy.

Who should invest in family health insurance plans?
For family health insurance plans, there is a proposer primary holder of the policy. Apart from that, you can add multiple people to the policy. If you have a relatively large household, a family floater plan can help you save a considerable amount in insurance premiums. If required, you can also split the payment of premiums with other members such as your spouse or parents if they are still employed, reducing your burden.

Another factor to keep in mind is that the best time to buy a family floater plan is as early as possible, i.e. ideally in your thirties. This is due to the fact that premiums on family health insurance plans are heavily reliant on the age of the oldest person. So, if you need to buy a health plan, buy it early to get the best deal.

Similarly, if you just got married or are looking to start a family, this is the best time to buy a family floater plan. It is very easy to add your spouse to an existing plan; You can even cover your new-born under your plan by opting for a maternity benefit. Getting an insurance cover for your children early also makes it easier to see through the waiting period, considering children are usually not prone to serious health issues. Even after the age of 25, when they have to be moved on to another policy, the benefits of the older family health insurance plans are passed on to the new plan.

Thus, the best time to buy a family floater is as early as possible so that your health insurance plan can cover your expanding family's needs.

Things to keep in mind while buying family health insurance plan
Family health insurance plans usually do not offer reinstatement of cover. Hence, there is a ceiling to the insurance in a given calendar year. For example, say you have a ten lakhs family floater plan, and one member gets hospitalized, and the treatment cost comes to ÃÆ'¢â€šÂ¹ seven lakhs. Now, within the same year, say another family member meets with an accident, and the cost of treatment is five lakhs. Now the family floater will cover for the balance three lakhs unused from the coverage, and you will have to pay the other two lakhs from your pocket. The conclusion being, buy appropriate coverage so that you never have to be in such a spot in your life.

If you are worried about high premiums, remember that while traditional health insurance policies have to be renewed annually, some family health insurance plans are available with two-year policy tenures. Buying a two-year policy makes you eligible for certain discounts in accordance with your insurance provider's policies.

There is also the tax benefit under Section 80D of the income tax act which is available for family health insurance plans. This is applicable for all plans and makes buying health insurance a great investment for your finances and your health.

Benefits of family health insurance plans
A health insurance plan has become a necessity in contemporary times, with increased levels of stress and unhealthy lifestyle habits. Experts suggest that a health insurance plan should be your first significant investment. In the absence of a health plan, a medical emergency will not only put an emotional train on your family but will also deplete your savings.

When talking about a health plan, one question many people have is whether they should opt for an individual health plan or go for family health insurance plans. To answer this, family health insurance plans are your best to cover your family as you have to pay a certain sum assured, which can cover your entire family.

For a better understanding of the health plan, here are some other benefits of opting for a family health plan:

1. Larger coverage
Family health insurance plans provide coverage for the entire family within the scope of a single health plan. Nowadays, some insurance providers have also come up with plans that allow coverage for extended family too. For instance, Max Bupa's heartbeat plan can cover up to 19 people within a single plan.

Another one of the key reasons to buy family health insurance plans is that they serve as a single solution against financial strains in case of health issues in the entire family. They also provide access to quality health care in their network hospitals to the entire family on a cashless or reimbursement basis.

They also offer a higher sum insured than individual plans. This means that every family member has total access to the sum insured and can avail the benefits of a higher coverage if an optimal sum insured amount is chosen when signing up for the policy. Family health insurance plans also offer a wide range of coverage options.

2. Affordable premiums
The premiums for family health insurance plans are relatively cheaper when compared to the premiums paid for an individual health plan for each family member. Hence, you can get extensive coverage at a lesser price and also have to deal with substantially less paperwork. You can further lower your premiums by availing for options such as co-payment and annual aggregate deductibles. Consult with the insurance provider to know more about these options.

3. Maternity coverage
The option of getting maternity coverage under a family insurance plan is often very beneficial for young couples who plan to start or extend their family in the future. Such couples can choose family health plans that offer maternity coverage. This will ensure that all maternity-related expenses will be covered so that you can focus on what's truly important. However, you may be subject to waiting periods so ensure that you opt for the benefit well in advance to avoid any hold-ups.

4. Flexible plans
Another one of the many reasons to opt for family health plans is that they provide you with the option of adding new members. If there is an addition of a family member, for example, childbirth, such plans offer the benefit that coverage can be added for the child even in the middle of the policy term, depending upon the policy terms and conditions. All you have to do is make a request to the insurance company and pay an additional premium.
Some insurance providers also offer free coverage for the newborn until the end of the policy year.

5. Tax benefits
Tax benefits are also among the top reasons to opt for health insurance. A person buying a health plan can avail tax deductions under section 80D of the income tax act. Thus, the argument that buying health insurance is too expensive does not hold as you can easily get tax benefits. You may also avail other benefits such as a no-claim bonus where you can get a discount on your premiums for every claim-free year.

Thus, family health insurance plans are known to offer varied benefits and are a great solution for covering the health needs of the entire family. So, invest in a family health plan today and secure the health of your loved ones.

How to choose the best health insurance plan for your child?
Tomorrow wouldn't be worth the wait and yesterday wouldn't be worth remembering if it wasn't for one's children. Any parent would agree that children are the apple of our eye. Their health remains our primary concern, mainly when they are growing up. As a parent, you wouldn't want your child ever to fall sick, let alone compromise on the medical care and health plan for them. We all want only the best health insurance for our child, but how do we do that?

With a robust health insurance plan, you can ensure that there is no compromise in the medical care for your child. Let's see how you can make sure that you select the best health insurance among the various health insurance plans available in India for your child -

1. Find the right insurer
You must look at the benefits that the health insurance plan offers and how the health plan is applied. For instance, cashless hospitalization is more of a necessary minimum in health insurance plans and policy these days. Similarly, no claim bonus is another feature that can reduce your next premium or increase your sum assured under the health insurance, provided no health insurance claims have been made in the previous period. While we tend to underestimate the importance of additional health insurance benefits, they can assume particular significance in times of need.

2. Get a family floater plan
In case you have already taken a family floater plan, your child can be easily included in the same. In India, a family floater plan has a single utilization limit which can be availed by all members of the family. However, for extra protection, you may still choose an individual health insurance policy for your child. Together, these two health insurance plans can provide your children with the special protection they deserve.

3. Avail the premium waiver option
The health insurance premium for children is generally lower as compared to adults. The insurers charge a lower premium because of the lower risk involved. This allows you to make sure that your child's healthcare and health insurance needs are covered. With the premium waiver option, the insurer can agree to waive the health insurance premium in case of death of the parent.

The best insurance policy and health plan should be one that is easier for you to sustain annually and on a long-term basis until your child becomes an adult.

4. Make use of benefits and riders
Possibly the most crucial factor to keep in mind is the extent of your health insurance, i.e. what you are being offered as part of health insurance plans or policy. The more benefits you get for a given amount of premium, the better it is for the health of your children. Features like hospitalization fees, doctor consultation fees, ambulance cover, pre-hospitalization and post-hospitalization expenses are some of the many inclusions that can make your healthcare plan complete and best-suited for your child.

There are also certain diseases, which are not covered under regular health insurance in India. However, if you choose the critical illness cover/rider, you get coverage for critical and terminal diseases as well.