A Complete Guide on How to Choose Family Health Insurance in India
Family Health Insurance in India: Everything you need to know
In the market for a comprehensive Health Insurance plan for the family? Many health insurance policies are available that offer adequate coverage to each family member. Under the family Health Insurance plan, a fixed amount of money is insured and shared by all the family members, assuming everyone will not fall sick simultaneously.
Read ahead to know everything about family Health Insurance plans and make the best and most informed decision regarding the same.
Treatments covered under the Health Insurance Plans for a family.
The health insurance plans for the family usually offer coverages for:
- All medical expenses incurred during hospitalization of more than 24 hours due to accidents or injuries
- Costs incurred during day-care and outpatient procedures requiring hospitalization of less than a day
- The expenses associated with utilizing ambulance services during any medical emergency
- Any medical expenses incurred before hospitalization – tests and diagnosis, and expenses incurred after discharge – follow-up consultations and tests
- Some health insurance plans offers maternity coverage. This coverage includes pregnancy-related expenses and costs of a new born baby
- For cases that require organ transplant, the expenses relating to harvesting an organ and other organ donor-related expenses are covered
- Treatment under Ayurveda, Unani, Siddha, and Yoga are covered
- Most health insurance plans for family also covers mental diseases like anxiety, schizophrenia, and depression
Treatments not covered under a Family Health Insurance Plan
Health insurance plan do not generally offer coverage for the following medical expenses:
- Routine medical check-ups
- OPD treatments
- Costs relating to plastic surgeries or aesthetic treatments
- Costs relating to life support machines
- Medical treatments taken overseas, unless mentioned in the health insurance plan
- Illness or accidents caused by war, rebellion, or nuclear power plants
- Any complications relating to childbirth or pregnancy, unless specified in the health insurance plan
Eligibility criteria:
To buy health insurance plans for a family, there are certain eligibility criteria that must be fulfilled. The criteria for eligibility vary from plan to plan, but the basic and standard criteria are:
- Minimum entry age for adults must be 18 years and 90 days for children
- Maximum entry age for adults is 64 years, and 25 years for children
- The health insurance plan covers self, spouse, dependents – parents, children, and parents-in-law
- New members can be included in the existing family health insurance policy on the payment of an additional premium
- The sum insured must also increase, when a new family member is included
- As soon as the eldest member of the family reaches 65, the policy expires
Benefits of Family Health Insurance Plans:-
It is beneficial to insure your family under a health insurance plan, and the entire family can be covered under a single policy. The basic benefits of a family health insurance are:
- The health insurance plan provides cashless treatment in an empaneled hospital. The family member can avail medical treatment, without burdening the family, and without any worry of immediate payment of the expenses.
- Most insurance plans allow the inclusion of parents and parents-in-law under the health insurance plan, with no additional premium.
- A single premium payment covers the entire family. Individual premiums are not required; however, it is recommended to buy individual health coverage for ageing parents.
- New family members can easily be added to a health insurance plan for a family, with the payment of an extra premium.
- Various add-on benefits can be availed under the family health insurance plan. Maternity cover, critical illness cover, and other health related issues are covered under the insurance.
- The health insurance premium is exempt from tax payment. Under section 80D of the Income Tax Act, if you pay the insurance premium, you are eligible for tax benefits.
How to choose the right Health Insurance Plan for the family?
To make the correct choice of the health insurance plan, consider the following points:
- Consider the sum insured. The sum should be sufficient to cover the remaining insured members of the family, even after one member uses a large part of it for any medical treatment.
- Including an older person in the plan increases the premium amount. It is better to take out a separate individual health policy for such family members.
- Read the policy’s terms and conditions carefully, and with due deliberation.
If you are looking to insure your entire family, select a health insurance plan that suits your needs. Hassle and stress free, the entire family can enjoy medical benefits under the umbrella of this insurance.
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