Family health insurance policy is also popularly known as family floater health plans. They are one of the most common types of health insurance plans available in the Indian insurance market. The purpose of the plan is to cover each and every member of your family under a single policy.
Family medical insurance provides cover in the form of the sum insured, which is divided on the basis of the number of family members or as a whole amount for the entire family. The cover is available in the form of financial aid utilized to pay off hospital bills, treat illness, doctor’s fees, cost of medical treatment, and accidental emergency injury.
Under a mediclaim policy for family, you can include yourself, your spouse, dependent children, parents, and in some cases, even parents-in-law. Each member of your family can make a claim of up to the total sum insured. In addition to the basic cover, family health insurance policies also include cover for expenses/hospitalization bills related to COVID-19.
Why Buy a Family Health Insurance Plan?
If you are a family guy, you must purchase a comprehensive health insurance plan for yourself and your family. Here are the key benefits of a family floater health care plan:
Covers Cost of Treatment
With a family insurance plan, you no longer need to worry about getting your loved ones hospitalized. A family cover comes at the cost of an affordable premium, payable as an annual installment. Besides, if you do not have sufficient balance at the time of your hospitalization, you can always avail of cashless hospitalization. You will be stress-free as the financial obligation will be borne by the health insurance provider.
Critical Illness Cover
This is a very important factor. Critical illnesses can take a complete toll on your family’s emotional, physical, mental, and financial well-being. Critical illnesses are life-threatening diseases that might leave you impaired or recovering for a prolonged period of time. Medcilaim policy for family provides critical illness cover to help you cope with financial losses.
Another important benefit of family medical insurance is that it can be purchased online. You no longer need to visit the bank branch or meet with an insurance agent. With Coverfox, you can easily buy, renew and compare the best family health insurance plans in India at a click of a button.
Due to the ongoing pandemic, existing insurers have included cover for expenses related to COVID-19, doctor’s fees, PPE kits. The Insurance Regulatory and Development Authority has directed all private and public general insurers to offer Corona Rakshak, and Corona Kavach Plans at a nominal premium.
Customize Health Policy
You can add a wide range of rider options to your existing or new healthcare policy at the cost of an affordable premium.
What is Covered in a Family Health Insurance Plan?
Private Health insurance plan for a family covers in-patient hospitalization, pre-hospitalization, post-hospitalization, day care, health check-up, emergency ambulance service, etc. Let’s see each in details:
All the medical expenses due to hospitalization are covered. In case, if any of the insured family members is hospitalized for more than 24 hours, the insurance company will pay the medical expenses.
Any medical expenses incurred before hospitalization are termed as pre-hospitalization expenses. For example, X-ray, MRI, blood test, urine tests, sonography results, etc. done before hospitalization are covered.
Any medical expenses incurred after the discharge from hospital are termed as post-hospitalization expenses. For example, medicines, or any medical tests done after the discharge to check the improvement.
Most of the insurance companies offering family health insurance plans cover emergency ambulance charges. The amount of the emergency ambulance charges varies from insurer to insurer.
The insurance company provides daily cash allowance. This hospital cash can be utilized to cover the cost of the transportation or other basic requirements of the person attending the patient.
Many health insurance companies offer restore benefit features under family health insurance plans. This feature helps to reinstate the basic plan cover in case the coverage gets exhausted. However, restore benefit is applicable only for unrelated claims.
Day care treatment
Day care treatments are the treatments that do not require 24 hours of hospitalization. For instance, medical expenses related to cataract which can be treated within a few hours.
What is not Covered in a Family Medical Insurance Plan?
Here is the list of few exclusions of a family health insurance plan:
- Any claim raised within the 30 days waiting period of the health insurance policy issuance wouldn’t be covered unless and until it arises due to the accident.
- Any sexually transmitted diseases.
- Any treatment related to fertility issues.
- Any treatment and expenses incurred due to routine medical check-ups.
- Any treatment/surgery done for gender reassignments or for gender change.
- Artificial life maintenance, including life support machine use, where recovery or restoration of the previous state of health is not possible.
- Any treatment undergone due to surgery or a plastic surgery, aesthetic treatment, or any further consequences due to such treatments.
- Treatment of stress, mental illness or any psychological disorders, or due to the abuse of stimulants or depressants.
- Any OPD Treatment.
- Any treatment undertaken abroad.
- Any Illness or Injury directly or indirectly causing or arising because of breach of any law by the insured who has a criminal intent, war, nuclear, chemical or biological attack or weapons, acts of foreign enemies, hostilities, civil war, rebellion, revolutions, insurrections, mutiny, military or usurped power, seizure, capture, arrest, restraints and detainment of all kinds.
- Illness or injury caused due to consumption or abuse of tobacco, intoxicating drugs and alcohol or hallucinogens.
- Any act of self-inflicted injury, suicide or attempted suicide while sane or insane.
- Any treatment related to pregnancy (including voluntary Termination), childbirth, maternity (Including caesarian section), miscarriage (unless due to an Accident), abortion or complications of any of these. However, this Exclusion will not apply to ectopic pregnancy.
That’s the list of few common exclusions of a health insurance policy for a family. However, one must refer and read policy wordings for the full list of exclusions.
Eligibility Criteria to Buy Health Insurance Plan for Family
Eligibility criteria for family health insurance policy is as follows:
The minimum entry age for adults is 18 years and the maximum age is 65 years. The minimum entry age for children is 90 days (this may vary depending on the insurer) and maximum age is 25 years in a mediclaim policy for family. However, the policy will no longer cover the dependent child as soon as he/she crosses the specified age limit.
Medical Tests under Family Health Insurance Plan
Few insurers ask for medical tests to be carried out at their nominated centers. While few insurers offer family health insurance policy up to a certain age, say, 45 years without any medical tests. In some instances, insurers may make medical check-ups mandatory.
Eligibility for Renewal of Family Health Insurance Plan
Almost all the insurance companies offer lifelong renewal. You need to renew your family health insurance policy every year to keep in force and renew before it expires. After the due date of renewal the insurance company gives a grace period of 30 days. If you want to keep the policy in force, you must renew it before the grace period ends or else the policy terminates.
Benefits to Buy Health Insurance Plans for Family Online
There are plenty of mediclaim policies for family in India which makes it a daunting task to choose the best plan. In order to make this simple and save your time, you can easily compare family health insurance plans online on Coverfox. Below are a few reasons to consider buying family medical insurance online.
Buying family health insurance online has become more convenient than ever due to websites like Coverfox. Simply compare various plans online and choose the policy that best suits your needs. You don’t need to fill out multiple forms and stand in long queues in order to buy the policy. Fill all the necessary details and get the policy emailed in just 5 minutes.
Get quotes from different insurance companies instantly while buying family health insurance online. You can compare the quotes and choose the plan that matches your budget.
Easy & Multiple Payment Modes
Coverfox offers easy to pay, multiple payment options like Debit Card, Credit Card or e-wallets according to your choice. These payment modes come with a secured payment gateway.
Instant Policy Issued
By buying health insurance for family online you get instant issuance of your policy. You don’t need to wait for weeks to get your policy documents.
Easily Accessible Services
After purchasing family medical insurance policy, you can easily access your documents and avail after-sales services online. All you have to do is download the mobile application. You can also make health insurance claims online.