Everything You Need To Know About Family Health Insurance Plan.

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Everything You Need To Know About Family Health
Insurance Plan.
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• Health insurance is a must-buy for everyone.
  Health-related issues may arise anytime and the
  severity of the disease can be unimaginable
  sometimes. Proper treatment and medication will
  cost you a lot. To reduce financial stress, you
  should definitely buy health insurance. To
  protect yourself and your family from medical
  expenses you can purchase family health
  insurance. 
• Although health insurance policies are underrated
  in India, insurance experts suggest that every
  individual should invest their hard-earned money
  in the right health insurance. Depending on your
  requirements you can either buy a standard health
  insurance policy or a family health insurance
  policy. 

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Understanding the Family Health Policy  

• A single health insurance plan which includes
  medi-claim for all the members of the family is
  called a Mediclaim For Family plan. The policy
  has one sum insured and one premium for all the
  members. The members mentioned in the policy can
  utilize the sum insured together or as
  individuals. 

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Types of health Insurance plans  

• Critical Illness -
• Chronic diseases like kidney failure, heart
  attack, stroke are covered under this plan.
  However, this plan cannot be bought as a single
  plan for the entire family. 
• Medical insurance -
• Any expenses incurred by the insured or the
  members covered under the policy will be borne by
  the insurer through cashless treatments or
  reimbursement. 

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Who is covered?

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• Insurance policies designed for the complete
  family is also known as family floater insurance
  plans. Some plans cover the whole family which
  includes your spouse and children (maximum 4
  children). There are plans which provide coverage
  for parents and in-laws too. It is necessary to
  note that both biological and adopted children
  are covered under the policy. You may extend this
  policy for covering your relatives as well but
  only if they are depending on you. 

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Premium Calculation

• A few levels of the sum insured will be offered
  by the insurance provider. Depending on your
  needs, you can choose the level of sum insured by
  considering the number of members covered under
  the policy. The premium rate for the selected
  Health Insurance Plans In India For Family policy
  will then be calculated by the insurer. While
  calculating the premium some insurers will also
  consider the age of the eldest family member. You
  will have to pay a greater premium depending on
  the total number of members covered under the
  policy.

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Working

• A single insurance policy is issued under which
  the sum insured is offered on a floater basis.
  Consider, you purchase a family health policy
  with the sum insured of Rs. 5 lac covering 5
  family members. If one of the family members
  falls ill during the policy tenure and claims Rs.
  3 lac and another family member also falls sick
  during the tenure then the claim will be
  calculated only for the remaining 2 lacs.
•  

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Coverage

• There are multiple plans under Medical Insurance
  For Family. The coverage of the policy depends on
  the plan you select. Different plans have
  multiple features and offer different benefits.
  Post and pre-hospitalization, daycare treatments,
  ambulance, organ donor, inpatient hospitalization
  are some of the features offered under the family
  health plan. For comprehensive coverage, you can
  select a plan with maximum benefits.  However,
  the cost of the premium will also increase with
  the number of features, members, and benefits. 
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Benefits

• Hassle-free process
• You can easily add new members to the plan
• You can avail discounts on family insurance plans
• Continuous coverage up to 2 years of time
• Provides tax benefits
• You can extend the plan to avail coverage for
  your in-laws
• Secures the whole  family under a lone plan
• Pay a single premium for all the members

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Exclusions

• Like any other insurance policy, a flatter
  insurance plan also has some limitations and
  exclusions. Self-made injuries, suicide attempts,
  any injury caused while attempting suicide,
  mental or psychiatric treatments, cosmetic
  surgeries, or treatments are a few exclusions of
  the policy.
• Always make it a point to read the wordings of
  the policy carefully so that you know the
  inclusions and the exclusions of the insurance
  policy. Purchase the one which offers better
  benefits at a lower premium and meets your
  requirements at the same time. Now that you have
  understood everything about the family healthcare
  plan, go ahead and purchase a policy and get all
  your family members covered. 

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For more details on Health insurance in India

• 5 Smart Tips to Lower Your Medical Insurance
  Premiums.

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