Family takes the utmost precedence in life for most people. Their well-being comes first in terms of physical or financial security. While physical safety can be achieved by taking care of things like safe driving, staying away from potentially dangerous objects, and using safety equipment, financial health security comes from having a family health insurance plan. This article gives you an overview of family health insurance plans and why you should update your coverage and review it regularly.
What is family health insurance?
Family health insurance in India provides coverage for the policyholder and their family members. The person who buys the insurance policy becomes the policyholder and the family members are referred to as insured members.
The coverage of the family floater plan is shared between the family and the policybuyer. This means that in the event of a medical problem, the coverage amount can be used by several family members. *
Features of health insurance
Here are a few features that most insurance companies include in their family health insurance policies.
Room Rent: The rent is usually included in the coverage.
ICU costs: When a person suffers from a serious illness, ICU or intensive care may be required. The cost of ICU is higher than the basic hospital costs. Health insurance can coverthese costs to a certain extent.
Doctor visits: Several types of doctors may see the patients during their hospital stay. For example, general practitioners, specialists, anaesthesiologists, nutritionists, paediatricians, etc. The fees for these are covered under health insurance.
Operating room fees: These fees are applied if the patient needs surgery.The hospital often charges a separate amount as the fee for using the operating room. This fee can be covered under family health insurance.
AYUSH treatments: Treatments like Ayurveda, Yoga, naturopathy, Unani, Siddhas, and homeopathy are classified as AYUSH treatments. Such treatments are becoming mainstream. Your insurance company may cover costs if you seek such treatments. It is better to check for these inclusions beforehand.
Day-care Procedures: Minor surgeries that do not require a long hospital stay are eligible for day-care. For example, cataract surgery, tonsillectomy, etc.
Ambulance costs: The insurance company covers the cost of hiring one or two ambulances per claim.
You can check your family floater health insurance coverage by reading the policy statement. This document is available online. If in doubt, you can consult a customer service representative.
* Standard T&C Apply
Benefits of buying family health insurance:
An insurance policy may protect you financially against conditions covered by your plan. Buying family health insurance gets you:
- Insurance coverage for medical issues
Medical emergencies are financially and physically stressful events for patients and their families. By purchasing health insurance, different problems that arise due tothe medical emergency are covered. Hospitalization, examinations, ambulance fees, outpatient visits, medicines, etc. for all your family members are covered by health insurance. *
- Financial support when needed
You can ensure that quality care is provided to patients in a timely manner with a health insurance plan. When the insured is treated at a network hospital, the policyholder does not have to be concerned about the economic aspect of the treatment. Most hospitals settle the bills with the insurance company directly if they are in their network, so the policyholder would only have to pay a minimum amount based on the deductible. *
- Peace of mind about family’s health
Health insurance can give you financial peace of mind when it comes to medical issues. You can be sure that the insurance company can support you in case of an emergency. To ensure this, you ought to keep your insurance plan active even if you don’t raise a claim. All you have todo is pay premium every year. To check whether it is affordable for you to pay the premium every year, you can use a health insurance premium calculator. *
* Standard T&C Apply
Eligibility for family health insurance
A family health insurance plan can be purchased by anyone who wants to have financial support for medical emergencies for themselves as well as their family members. Most insurance companies set the age of entry to purchase a plan at 18 years. However, dependents may be between 91 days and 65 to 75 years of age, depending on the insurance company’s terms.
Here are the documents required for you to purchase family health insurance:
- Identification proof
- Address proof
- Past medical documents
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.