Why need Health Insurance Plan for Family

What is Health Insurance Plan for Family?

A Family health insurance plan is a cost-effective health plan that offers medical coverage to your entire family at a single premium. You can get coverage for up to six members in the family including policyholder, spouse and up to four children. Some family health insurance plans also allow you to enroll your parents or in-laws.

Under this plan, a fixed sum insured is shared by all family members with an assumption that not everyone will get sick at the same time. Most family health insurance plans offer cashless hospitalization facilities, maternity benefits and cover pre & post hospitalization as well. Health Insurance Plan for Family

With the growing risk of diseases and increasing medical treatment expenses, health insurance family plans have become demand of the time. They can be customized further as per family needs. Health insurance will provide coverage for various medical expenses such as in-patient hospitalization, pre and post-hospitalization, ambulance costs, day-care treatments, ICU charges, domiciliary hospitalization etc. to ensure financial stability.

Why is the Importance of Health Insurance Plan for Family?

For any person, the health and financial security of their family is a top-most priority. A family health insurance plan ensures that your loved ones are financially secure during medical contingencies. Moreover, considering the medical costs in India and across the globe, availing high-quality healthcare facilities has become expensive. Having an adequate family health plan allows you to avail these services at an affordable price without burning a hole in your savings.

Benefits of Buying Health Insurance Plan for Family?

There are several benefits that the insured family members can avail with family floater health insurance plans.

  • Stress-free Hospitalization Expense Cover :-

In case of hospitalization, the insured family member can avail cashless treatment in a network hospital of the insurer just like in individual health plans. In this way, you can get all your family members eligible to get medical attention without compromising on their treatment.

  • Flexibility to add more members:-

Under an individual cover, you need to buy a new health policy each time you wish to insure a new member of your family. However, a family insurance plan offers the flexibility to add new family members in the existing plan itself.

  • Affordable Premium:-

As family health insurance plans do not require you to pay individual premiums for all the family members, you can cover your spouse, child, and parents under the same plan at an affordable premium. Health Insurance Plan for Family

  • Tax Benefits on Health Insurance Premium:-

Under Section 80D of the Income Tax Act, 1961. the health insurance premium is given a tax exemption. You can claim a maximum deduction of up to Rs. 25,000 on your family health insurance plan.

  • Discounts offered:-

When you add more family members in your family insurance plan, some insurance providers also offer discounts on the premium.

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What is covered in a Health Insurance Plan for Family?

Take a look at the most common coverage available under family health insurance plans:

  • In-patient Hospitalization Expenses:- Any medical expenses incurred on hospitalization of more than 24 hours due to an illness or accidental injury is covered.
  • Pre and Post-Hospitalization Expenses:- We cover expenses on doctor consultation, prescribed diagnostics, or prescribed pharmacy for up to 30 days before hospitalization in pre-hospitalization and up to 60 days after hospitalization in case of post hospitalization.
  • Day Care Procedures:-It covers the cost of day care procedures that require hospitalization of less than 24 hours.
  • Ambulance Cover:-The expenses incurred on availing ambulance services to the hospital during a medical emergency is covered.
  • ICU Charge:- Your health is important to us. We cover your ICU charges incurred during hospitalization with no limit depending upon the plan.
  • Maternity Cover:- Most family health insurance plans come with maternity cover that covers pregnancy-related expenses and newborn baby expenses.
  • Organ Donor Expenses:-Donating organs needs courage. We appreciate and cover the medical and surgical expenses for harvesting a major organ for transplant.
  • AYUSH Benefits:-Any hospitalization expenses incurred to avail treatment through Ayurveda, Homeopathy, Yoga, Siddha and Umami are covered. 
  • Automatic Recharge:- We are always there to support you. If you ever run out of your existing Sum Insured, do not worry. Your policy covers multiple hospitalizations.
  • Domiciliary Treatment:- It pays for the medical expenses incurred on availing treatment at home on the advice of a doctor. Treatment at Home is covered up to 10% of the sum insured on meeting certain specified conditions.
  • Daily Cash Allowance:-A daily hospital cash allowance is provided to the policyholder to cover day-to-day incidental expenses during hospitalization.
  • Mental Illness Cover:-Most family health insurance plans provide coverage for mental diseases, such as depression, anxiety, schizophrenia, etc.
  • No Claim Bonus:-We raise a cheer for you good health and reward you with no claim bonus for every clam- free year. Your sum insured will increase by 10% up to a maximum of 50% in 5 consecutive years.
  • Annual Health Check-Up:-Why spend unnecessarily on health check-ups outside when you can get annual health check-ups under the policy coverage.
  • Second Opinion:-At time, it may be possible that you need a second opinion. If you are not satisfied with your current treatment plan, we will arrange a second opinion.

What in not Covered under Health Insurance Policy for Family?

When buying health insurance for family, you must thoroughly read the policy documents in order to understand the policy exclusions in detail. Also, check the waiting periods under the policy. Following medical expenses are generally not covered by family health insurance plans in India:

  • OPD treatments and routine medical check-ups.
  • Expenses incurred on any aesthetic treatment or plastic surgeries.
  • Expenses incurred on life-support machines.
  • Expenses attributable to self-inflicted injury (resulting from suicide, attempted suicide).
  • Treatment that was taken overseas unless it is included in the plan.
  • Any illness or injury resulting due to war conditions, nuclear reaction, rebellion, acts of foreign enemies, etc.
  • Injury or illness due to participation in unethical or criminal activities.
  • Congenital disease
  • Pregnancy or childbirth-related complications like voluntary termination of pregnancy, miscarriage or abortion, etc. 
  • Any pre-existing medical condition is not covered until the completion of the waiting period.
  • War, riot, strike, nuclear weapons induced hospitalization.

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