About Family Health Insurance

A family health plan offers medical coverage for your family members in a single insurance policy. A major advantage of family health insurance is that you do not have to take separate health policies for your family members.

Why is Family Health Insurance Important?

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.

Features of Family Health Insurance

A family health plan provides medical coverage for you, your spouse and two children. Some insurance providers also offer provisions for including your parents, in-laws or extended family members. There is a single sum assured for the entire family. All the family members covered under a family health plan can claim this sum assured amount. In case of the death of any family member, the policy will not terminate. The surviving family members can continue to enjoy health insurance benefits.

Benefits of Family Health Insurance

  • Single Premium

All the people covered in a family insurance plan are covered under a single health plan. This means that you do not have to pay separate premiums for individual members of your family. This single premium helps save a lot on the family insurance budget.

  • No-hassles of separate policies

Keeping a track of the premium paid and claims made on individual health insurance plans for your family members could prove to be tiresome. However, with a family health plan, keeping a track on your mediclaim policy can be much less of a hassle. Having all your family members covered under a single insurance plan also eliminates the possibility of compromising on medical expense for any of your family members.

  • 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.

  • Tax Benefits

Much like some other insurance plan, health insurance offers tax benefits as well. The premium paid on any health insurance plan can be claimed for tax deduction under Section 80D of the Income Tax Act, 1961. You can claim a maximum deduction of up to Rs. 25,000 on your family health insurance plan. If you are a senior citizen (above the age of 60 years), then you can claim a maximum deduction of up to Rs. 50,000. The same is applicable if you are paying health insurance premiums for your old parents who are of the age 60 years or above.

  • Discounts offered

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

Family Vs Individual Health Insurance

When compared to individual health policy, a family health policy offers several advantages. A family health plan ensures that no person from your family misses medical insurance coverage. It also proves much budget-friendly when it comes to paying the insurance premium. Also, when all your family members are covered under the same plan, there is no issue on compromising on the quality of healthcare purchased for any member of your family.

How To Buy a Health Insurance Online

Most insurance providers offer online platforms to buy a family health insurance plan. You can apply for an online family policy with these easy steps-

  • Step 1:

Choose your health insurance coverage

  • Step 2:

Fill the family health policy form online submitting the details of you and your family members along with the respective medical history

  • Step 3:

Get your family insurance request assessed by the insurance executive

  • Step 4:

Complete the premium payment on the selected insurance plan to activate the family health policy.

Alternately, you can also download the insurance app by Finserv MARKETS to buy your health policy at the tap of a button.

Health Insurance Calculator

For better financial planning, it is important to calculate the premium you would be paying on your health policy, especially if it would be offering health coverage for your entire family. To help make these calculations simple, many insurance providers provide the facility of online health insurance calculators.

An insurance calculator can help in better planning of your financials. You can estimate the approximate premium to be paid on your family health plan, based on the desired coverage and sum assured amount.

Steps to use an online health insurance calculator-

  • Step 1: Select the family health policy from the different types of health policy options available on the insurance provider’s website

  • Step 2: Enter details such as the number of family members to be covered under the insurance plan, family history of any disease, expected cover, the sum assured amount and other relevant details.

  • Step 3: Click ‘enter’ to submit these details and get a quote on the premium amount for your family health insurance plan.

Frequently Asked Questions

Q. Is there a limit on the number of members added to a family health insurance plan?

A. Typically, a family health policy covers 4 members of a family. However, some insurance providers offer custom-made health policies that can help make provisions for more family members.

Q. What factors affect the premium of my family health insurance policy?

A. The following factors can affect the premium amount on your health insurance-

  • Mortality rate

  • Personal/ family medical history

  • Annual family income

  • The Coverage chosen

Q. How can I benefit from network hospitals?

A. Network hospitals have tie-ups with most of the insurance providers. In case of any medical emergency, a policyholder can be admitted in any of the network hospitals registered with his/her insurance provider. Apart from getting instant medical attention, the policyholder can also avail instant cash settlement on his/her health insurance plan.

Q. Can I get reimbursement if I am admitted in non-network hospitals?

A. The reimbursement process for getting medical aid in non-network hospitals may vary from one insurance provider to another. In most cases, insurance providers would ask for medical bills and receipts on your treatment plan and provide reimbursements as per the terms stated under the health insurance policy.

Best Health Insurance Plans Available at Finserv MARKETS

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