Diseases, ailments, stress are a natural consequence of today’s lifestyle. It afflicts everyone in the family at some stage regardless of age and gender. Apart from the health-related consequences, medical problems can take a significant toll on the family’s finances. The family breadwinner may be forced to liquid assets or worse borrow money.
It is important for the family to take a comprehensive health insurance plan which can cover the family against medical emergencies.
Family health insurance plans prove more cost effective and useful compared to individual plans.
Let us first understand how the individual health plan works.
A family of four members opts for individual covers of Rs 1 lakh each. This means that each member can claim reimbursement for up to a maximum of Rs 1 lakh. If the expense towards an individual’s treatment exceeds Rs 1 lakh in a year, for instance let us say its Rs 1.5 lakhs, he can only claim Rs 1 lakh from the health policy and must pay the balance (Rs 50,000) out of his pocket. The Rs 3-lakh cover of the other three family members does not help the family since it still ends up paying Rs 50,000 out of the pocket.
This is obviously inconvenient and expensive for the family.
Fortunately there is an alternative.
Mediclaim policy for family does away with the limitations of the individual health plans.
Let’s understand how they work with the family from the above illustration.
The family buys a floater health insurance with Rs 4 lakh cover. This allows any family member to claim medical benefit for more than Rs 1 lakh so long as it is within the overall sum assured of Rs 4 lakhs. This way if two family members need medical treatment in a year amounting to Rs 4 lakhs, the family floater health plan with Rs 4 lakhs sum assured proves adequate.
The family floater health policy usually covers the individual, spouse and children. Some insurance companies also offer family health plans that cover dependent parents, siblings and parents-in-law.
The family floater health plan is particularly suitable for young families, since premiums are lower. If bought at the right stage and time, it is generally seen that a family floater plan can reduce the premium range by as much 55%.
What to look for in a family floater health plan?
The best family floater health insurance plan must provide for the following
- Day care benefit
- Pre and post-hospitalization cover
- In-patient hospitalization cover
- Ambulance cover
- Disease coverage that includes critical illnesses
- Minimal exclusions
Features you must look for while buying best family health insurance plans in india:
- Room Rent Enhancement:This option eliminates the sub-limit on room rent and provide more flexibility to choose room
- Restore Benefit Option: Under this option the sum insured is restored to the original level if basic sum insured & multiplier benefit is exhausted due to claims made.
- Premium guarantee: For three years even if you make a claim
- Cashless claim service: At specified network hospitals across India
- Hassle Free Claim Reimbursement Process
- Automatically doubles health cover after two claim free years
- Guaranteed lifetime renewability
- Health Insurance for Parents
- Family Health Insurance Comparison
- Health Insurance For Senior Citizen