With the increasing uncertainties that you face every day, every family needs a family health insurance that offers financial assistance in case of adversity. Most people think health insurance as a tax-saving tool, but they never consider ita solution to any medical emergency. Considering the high treatment costs, you need health insurance for your family that covers all the family members under a single cover. As the financial needs of each family differ,health insurers like Care Health Insurance (Formerly known as Religare Health Insurance), Max Bupa Health Insurance, and HDFC Ergo are offering customized plans that cater to the various needs of families.
It is advisable to opt for health insurance that offers maximum coverage at the time of need. If you are thinking to buy family health insurance, there are some facts that you must know.
1. Who are all covered under this plan?
Family health insurance is a comprehensive insurance plan that covers more than one individual in your family. This type of policy covers you, your spouse, children, and parents. You can also include your in-laws at an extra premium cost.
2. What does this health insurance cover?
The coverage under the family health insurance plan is based on the sum insured you select. This plan covers various expenses such as pre and post hospitalization medical expenses, ambulance cover, and day-care treatment. You must opt for a policy that provides you comprehensive hospitalization coverage.
3. How family floater health insurance works?
Family floater health insurance offers coverage for medical treatment for more than one family member. If one family member is hospitalized because of illness, the entire sum insured can be availed for the treatment. Let us understand this with the help of an example. A family floater health insurance covering four members has a sum insured of 7 lakhs. One member gets sick, and the claim is made for Rs. 2 lakhs. The health insurer can claim the total expense against the family floater.
For the remaining term, there remains a cover of Rs. 5 lakhs that can be availed by all members.
4. How premium is calculated?
You can opt for sum insured as per your needs as per the maximum limit allowed in this policy. The premium is calculated onthe chosen sum insured and the age ofthe eldest family member. The premium is also based on the number of family members covered and their age.
5. How much should I invest?
It is advisable to take your age, income, and add-on covers into consideration while opting for how much you must invest in your health cover. You must opt for maximum coverage so that it can protect you in case of an emergency. At the same time, be sure that the premium should not be too high.
Now that you know how health insurance works, you can buy family health insurance as per your requirements. It is now time for you to go through the policy wordings and make yourself aware of its inclusions and exclusions. Due to the increase in lifestyle diseases and medical inflation,you need to secure your family with the right health cover.
Many health insurers offer family health insurance plans with various features and benefits. Before opting for the one you must look for multiple clauses such as co-payment, waiting period, and sub-limits.
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