Family Health Insurance

What is Family Health Insurance and How Does it Work?

Family health insurance is an insurance plan that covers and compensates the medical expenses of the entire family. The insurance plan offers coverage and compensation to family members of different age groups that include maternity care, organ transplantation, cardiovascular ailments, etc.

Family health insurance is an umbrella that takes care of medical treatments and emergencies making it a profitable deal in comparison to individual health insurance plans. The policyholder can also add new members of their family to the plan with a minimal hike in the premium amount. 

Best Health Insurance Plans for Family in India on Bajaj Markets in 2022

Family floater health insurance plans at Bajaj Markets are highly flexible. Here are the best family health insurance plans from leading insurance companies on our platform: 

Disclaimer: Premium rates mentioned for the above family floater health insurance plans are not constant and subject to change over time. 

Buy/Renew Family Health Insurance Plans Online 

Most insurance companies have now moved online. While you can still buy insurance policies by visiting the insurer’s office, the online process is more streamlined and quick. Here’s how you can purchase or renew the best family health insurance plans in India online: 

1. Steps to Buy Family Health Insurance Online 

• Step 1: Scroll up to the top of this page and click on ‘Check Plans’

• Step 2: Provide the necessary details about the family members you wish to insure and your personal information.

• Step 3: Pick from the list of available health insurance plans for families. You can also select add-on covers to enhance your coverage.

• Step 4: Finally, upload the required documents and make the health insurance premium payment online.

• Step 5: And voila! Your insurer will send the policy document via email shortly.

Benefits of Family Health Insurance

Here are a few benefits of buying a family health insurance plan:

• Cost-Effective Premium -Your entire family is covered under a single health insurance plan. It saves you from paying separate premiums against individual health plans for each family member. Family health insurance plans are much more feasible as compared to buying individual plans for your loved ones.

• No Need to Manage Multiple Plans - Handling the premiums and insurance claims made against individual healthcare plans for your family members can be daunting. However, with a family floater plan, you only have to manage one plan.

• Flexibility to Add More Members - Under individual plans, you are compelled to buy a new health insurance policy every time you want to include a new member. However, family health insurance plans allow you to include new members under the same plan in a jiffy.

• Income Tax Deductions -Health insurance is one of the most effective tax-saving instruments. Family health insurance and individual plans allow tax deductions under Section 80D. You can also claim an annual deduction of up to ₹5,000 for expenses incurred on regular health check-ups. It includes check-up expenses for the entire family, including self, spouse, children, and parents. 

• Cashless Treatment Facility - Insurance companies tie up with hospitals and laboratories  to deliver cashless treatment and service facilities to the policyholders. Under the family health insurance policy plan, all the registered family members can avail of cashless treatment facilities at network hospitals without any financial stress.

• COVID Care - After the pandemic, insurance companies have included financial assistance for coronavirus as well.  ‘Corona Kavach Policy’ is a specific insurance plan launched to provide monetary assistance during the pandemic, however, the family health insurance plan covers general hospitalisation and treatment expenses under the COVID care feature for all family members.

• Additional Benefits – The policyholder can include add-on benefits with a minimal hike in the premium commonly termed as riders. Some of the popular riders that one can include in the family health insurance are maternity cover, critical illness cover, etc.

Inclusions & Exclusions Under Family Health Insurance

Choosing an appropriate family health insurance plan is an overwhelming task. You must double-check factors like ‘what is covered’ and ‘what is not covered’. Medical insurance for families must include multiple factors like pre-hospitalisation expenses, maternity coverage, ayurvedic treatments, and more. Here are a few things that your family health insurance plan should cover -

Points to Consider While Purchasing Family Health Insurance 

Before purchasing a family health insurance plan, there are certain pointers that one must take into consideration -

• Policy Coverage - Every family health insurance plan covers hospitalisation expenses, ambulance charges, etc. however, there are certain terms and conditions about coverage limit that people fail to read before purchasing the plan. Therefore, it is advisable to learn about policy coverage before opting for any family health insurance plan.

• Insured Sum Enhancement Option - Due to inflation, there is a hike in medical treatment and service expenses every year. In such a scenario, the insured sum enhancement option allows the policyholder to increase the insured amount during policy renewals. Some insurance companies offer a 100% appreciation in the insured amount as a cumulative bonus for claim-free years.

• Network Hospitals - Insurance companies claim a wide network of hospitals where policyholders can avail of cashless treatment facilities to eliminate financial stress, especially during medical emergencies. However, one must locate and evaluate the services of the nearest network hospital before purchasing the family health insurance plan.

• Renewal Conditions - The policy premium and renewal of the family health insurance plan are influenced by the age of the eldest member of the family. Some insurance companies or vendors do not offer renewal facilities to policyholders if the eldest member of the family turns 60+. Therefore, one must check the renewal conditions and opt for a family health insurance plan offering a lifelong renewal facility.

• Claim Settlement Procedure - Insurance companies promise quick and hassle-free claim settlement procedures, however, one must check the claim settlement ratio and duration of the insurance companies before purchasing an insurance plan. 

Get to Know How You Can Save Tax on Family Health Insurance

Purchasing a family health insurance plan helps the policyholder to save a bit from their tax liabilities. Here are certain tax benefits that one avail on family health insurance -

• For single premium family health insurance plans, the policyholder can avail of annual tax benefits of up to ₹1 Lakh under the Income Tax Act of 1961.

• Purchasing family health insurance plans that include parents comes with tax deductions of ₹25,000 and in case, parents are senior citizens members the policyholder can avail of tax deductions of ₹30,000 every financial year.

• Annual health preventive check-ups have tax benefits of up to Rs. 5,000.

Why Choose Family Health Insurance via Bajaj Health Insurance

It is important to choose an insurance company where you can place your trust and faith during tough times. Bajaj Markets promises to deliver hassle-free services and seamless financial assistance to its policyholders so that they are not financially stressed during medical emergencies.  Here is a list of reasons why one must purchase family health insurance via Bajaj Markets - 

• Coverage on Medical Expenses - The hospitalisation expenses, ICU room rent, daycare costs, ambulance charges, etc. are all covered under Bajaj health insurance for a family policy. Bajaj Markets will directly settle the medical bills at their network hospitals eliminating financial hassles in the hospital.

• Coverage for AYUSH Treatments - Bajaj health insurance plans cover the expenses of Homeopathy, Naturopathy, Ayurvedic, Unani, Siddha, and various other treatments. 

• Wide Network of Hospitals - Bajaj Markets have merged with the best hospitals across the nation to ensure premium services and facilities to their policyholders during medical emergencies. The policyholder will no longer have to compromise with the medical facilities due to budget constraints.

• Health Check-ups - Bajaj health insurance offers coverage and compensation for a routine check-up that allows the policyholders to analyse their health and take precautionary measures.

• Insured Sum Enhancement - Policyholders can increase their insured sum amount to beat the inflation in the healthcare sector on policy renewal.

• Reduces Tax Liability - Bajaj health insurance offers all the tax benefits mentioned in Section 80D of the IT Act of 1961 to its policyholders.

• Discounts on Premium Payments - No-claim bonus points can be redeemed in the form of discounts on premium payments, which eventually reduces the overall price of the family health insurance.

Eligibility Criteria to Buy a Family Health Insurance Plan

Every family health insurance plan comes with eligibility criteria. Although the eligibility criteria vary from one plan to another, the following table shows the common eligibility criteria for family health insurance plans in India -

Family Health Insurance Claim Process 

Now that you have a family health insurance plan, how should you raise a claim during medical emergencies? There are two types of claim settlement processes–cashless and reimbursement claims. Here’s a complete guide on how to file health insurance claims.

1. How to File Cashless Claims

• Step 1: Inform your insurer about the situation and visit a partner hospital.

• Step 2: Submit family health insurance plan details and take the pre-authorisation form.

• Step 3: The insurer then verifies the form, and the hospital is notified about the policy details.

•  Step 4: Once discharged, the hospital will share documents like bills and discharge papers with the insurer.

•  Step 5: The claim will then be directly settled with the hospital after reducing the co-payment (if any).

2. How to Get a Claim Reimbursement

• Step 1: Share all original medical documents, hospital bills, and insurance claim forms with the insurer. 

• Step 2: The insurer evaluates the details and may ask for any additional information if required.

• Step 3: Your claim decision is made post-verification.

• Step 4: You will receive the claim amount based on the policy terms and conditions.

Documents Required for Filing an Insurance Claim 

Here’s a list of documents you need to submit for raising an insurance claim: 

• Duly filled claim form

• Original copy of hospital discharge summary or card

• Prescription and cash invoices from pharmacies and the hospital

• An investigation report by the doctor

• Medical Certificate

• Family health insurance policy document

• In case of an accident, FIR or Medico Legal Certificate (MLC)

Best Health Insurance Plans Available at Bajaj Markets