All About Family Health Insurance

All You Need To Know About Family Health Insurance

16 Sep 2019
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Your family is an integral part of your life, and at the end of the day, you will do anything in your power to make sure that they are living a comfortable life. However, any health emergencies can arise at any time. To overcome this situation, you have to spend a fortune from your savings.

Now we know for a fact that medical expenses are hefty, and hence you should take a family medical insurance. The health insurance plans for family help you cover the medical costs in case of emergencies without taking a toll on your savings.

A health insurance plan for the family is different from an individual health insurance plan. In this article, we will be explaining to you everything that you need to know about family health insurance plans.

So, shall we begin?

 

What Is A is a Family Health Plan?

family health insurance, as the name suggests, is a policy that provides medical coverage to all the family members under a single plan. It comes with a single sum insured and single premium. Family members mentioned in the policy can utilize the sum insured jointly as well as on an individual basis.

 

Who Are Covered Under The Family Health Plan?

The medical insurance for family covers for the following people –

  • Children age 91 days

  • Individual of above 18 years of age can propose the policy

  • There is no maximum age limit

  • Minimum two members can be covered under the policy

  • There is no constraint on the maximum number of people

  • Adults of age 18 years and cover can be included

 

Types of Family Health Insurance Plans

Generally, the family health insurance plans are categorized as follows –

  1. Medical Insurance 

This type of policy reimburses the hospitalization expenses, which is subjected to healthcare treatment.

  1. Critical Illness Insurance 

This policy will cover you against chronic diseases like kidney failure, stroke, and heart attack.

 

Benefits of Family Health Insurance

Some of the highlighting benefits of the family health plans are as follows-

  1. Tax Benefits 

The premium amounts you pay are tax-deductible under Section 80D of the Income Tax Act of 1961.

  1. Cost Saving 

It helps you save money for your entire family under a single policy, which can later be used in case of medical emergencies.

  1. Avail Great Discounts 

The family health insurance policy comes with some fantastic offers. It is one of the best ways to plan for the safety and security of your family.

  1. Hassle-free 

It is the best way you can safeguard your loved ones. Even though it is a single policy, it provides coverage for all the family members. With this policy, you can avoid paying health insurance premiums for every member of the family.

 

How is the Premium Amount Calculated?

You can freely choose the level of sum insured depending on your needs and the maximum limit allowed under a health insurance plan for the family. The premium amount is then calculated based on the chosen sum insured and the age of the eldest member mentioned in the policy. Also, the premium amount is dependent on the number of members in the plan, along with their respective ages.

Nowadays, you can compare different family health insurance plans easily online. With health insurance premium calculator, you will be able to choose an appropriate policy that is well under your budget. With this tool, you can-

  • Calculate health insurance premiums instantly

  • Compare different health insurance policies nationwide

  • Pick the most appropriate health insurance plan that fulfills all your requirements

 

How Does The Family Health Insurance Plan Work?

As we all know, the family health insurance plan allows a sum insured to be utilized by all the family members (mentioned in the policy), either jointly or individually, during a medical emergency. Different amounts can be used depending on individual requirements.

Depending on the type of family health insurance plan you take, if one or more family members have to undergo treatment at the same time, financial coverage will be equally provided. However, in case the entire amount of the sum insured is utilized by a single family member, then you cannot raise claims for any other family members.

Consider the following example for a better understanding-

Mr. Iyer has a family mediclaim policy for 6 of his family members with a sum insured of amount INR 12 lakh. When his mother was hospitalized at one of the insurance provider’s network hospital, the medical expense went up to INR 5 lakh. That means, INR 7 lakh remains from the total sum insured, which will be utilized in case any future claims.

 

Family Health Insurance – Inclusions

Following are the things that the family health insurance plan covers –

  • Pre and post-hospital expenses

  • In-patient hospital expenses

  • All day-care procedures

  • Ambulance cover of up to INR 4000

  • Vaccination expenses in case of animal bite

  • Domiciliary hospital expenses up to sum insured amount

  • Maternity benefit cover

  • Nutritional allowance

  • Emergency domestic evacuation

  • No claim bonus

 

Family Health Insurance – Exclusions

Some of the general exclusions in the family health insurance plan are as follows-

  • Illness contracted by you (the policyholder) within the first 30 days of the policy cannot be considered for claims

  • Illness like knee/hip replacements, cataract, chronic renal failure or end-stage renal failure, or benign prostatic hypertrophy is not covered in the initial two years of the policy

  • If there is any gap in the renewal process of the insurance policy, you cannot settle the claims

Some of the permanent exclusions include charges for-

  • Medical papers

  • Aging and puberty

  • Nature care

  • Adventure or dangerous sports

  • Cosmetic surgery

  • HIV and AIDS

  • Self-inflicted diseases

  • Congenital conditions

  • Stem cell implantations

  • Dental/oral treatment

  • Sexual issues

  • Gender issues

 

The Bottom Line

Unfortunate events can take place at any time. It is your responsibility to cover yourself and your family members financially, and family health insurance is just the way to that.

In case you are looking for family mediclaim policy, get in touch with us at Finserv MARKETS. With Bajaj Family Health Insurance plans at Finserv MARKETS, you can benefit from features like swift claim settlement, reinstatement benefit, bespoke insurance plans, extensive coverage, and more.

So, why wait? Apply for a Family Mediclaim Policy with us, right away!

 

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App”.