Family Medical Insurance: What Does it Mean to You?

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Unforeseen events like medical emergencies can sometimes hamper a family’s financial stability. It is necessary to plan our finances so that we can manage such situations calmly. Opting for health insurance keeps one stress-free when it comes to payment of medical bills. A family medical insurance policy is highly beneficial as it covers all the members of a family under a single policy. It eliminates the hassle of managing individual health policies for each member. 

Having a health cover is of utmost importance. It is because the healthcare costs in India have increased significantly. Many families spend on medical care from their own pockets, which has led them to poverty.

There are numerous benefits you receive when you buy mediclaim policy for family. We shall discuss them in this article.

Features and Benefits of Family Floater Plans

Family floater policies offer comprehensive health coverage for the entire family at a single premium, the cost of which will mainly depend on the age of the eldest member. The sum insured will be available to all the members. 

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The following are key features that make this policy highly beneficial. 

  • Cashless Hospitalisation: You can opt for cashless treatment at any of the network hospitals listed by your insurer. Based on the policy terms and conditions, the insurer will settle the medical bills directly with the hospital.
  • Comprehensive Health Cover: All the family medical insurance plans offer coverage for various medical expenses such as in-patient care, daycare, pre-and-post hospitalisation medical expenses, ambulance costs, etc. Family health policies would also cover maternity expenses and pre-existing diseases, subject to the waiting period.
  • Option to increase Sum Insured: Since healthcare costs are rising, this feature of increasing the coverage amount proves beneficial. Moreover, such policies include ‘no claim bonus’ wherein the policyholders get the benefit of the increased sum insured, for spending a claim-free year. 
  • Lifelong Renewability: The IRDAI mandates that health insurers must offer health coverage to people with entry age up to 65 years. Many health policies now offer the feature of lifelong renewability that ensures policy benefits are available at an age when a person would need it the most.
  • Option to add New Members: Many health insurers provide the choice to include members of the extended family such as parents-in-law in family health insurance plans. This feature may be available at an additional premium cost. 
  • Tax Benefits: Those who buy mediclaim policy for family, they can look forward to saving taxes on the premium they pay, under Section 80D of the Income Tax Act. One gets tax deduction of up to Rs 25,000 for a policy that covers self, spouse, and dependent children all under 60 years of age. An additional deduction of Rs 50,000 is also available if the plan includes senior citizen parents. 
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Conclusion

You can buy family medical insurance online wherein you can pay your premium digitally. One of the benefits of buying policies online is the convenience of comparing and reviewing the various health plans. Many health insurers also offer coverage for AYUSH treatments in their family health insurance plans. Alternative medicine is gaining popularity and help in treating severe lifestyle diseases. Do remember to check features like alternative treatment cover, annual health check-ups, etc. in the policy you are selecting.

When you decide to buy mediclaim policy for family, make sure you read the policy documents carefully. It will give you a clear idea about the waiting period, co-payment clause, sub-limits, etc. You would also find a list of exclusions that will help you understand the scenarios where you cannot get a claim under the family floater policy. Go for a health policy that has minimum exclusions.