Family Health Plans

Family Health Plan

A family health plan is a type of health insurance, which covers more than one member of a family for a fixed sum assured in exchange for a single annual premium. Such a policy provides assured coverage to two or more members of a family at the same time, in case they get hospitalized or an ailment is diagnosed. A family health plan is recommended to a family with a good medical history.

A family health plan generally covers a family (you and your spouse along with up to 4 children) while some insurance companies allow you to include your parents in your existing health insurance policy. You might also be allowed to include your in-laws (extended family members) in your existing family floater health insurance policy at a cost of additional premium. Protect your complete family.

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Types of Family Health Plan

A family health plan offers coverage to all family members subject to the policy terms. Based on the types of health coverage offered, a health insurance plan can be broadly classified into two categories mentioned below:

  • Medical Insurance: A medical insurance policy typically reimburses the hospitalization cost subject to healthcare treatment. The insurance company bears the expense in the form of cashless treatment or reimbursement.
  • Critical Illness Insurance: This type of policy covers a policyholder against chronic diseases like heart attack, stroke, kidney failure etc. Subject to policy coverage, the insurance company pays the entire sum assured to the policyholder in the form of a lump-sum. However, critical illness insurance cannot be purchased as a single policy for the entire family.

Advantages of a Family Health Plan

This family health plan is a comprehensive one wherein under one plan you can cover the complete family. This plan is suited for huge families where members vary hugely in age like a child and a grandparent. You can put all the members, irrespective of their age, under one plan umbrella.

  • Hassle-free : A family health plan in India is the best way to safeguard the health of your loved ones. Since it is a single policy that covers the entire family, it relieves you from the task of maintaining and keeping track of different health policies. By choosing family floater health plan, you can get rid of the need of paying premium separately for every family member. In this way, you can get all your family members eligible to get medical attention without compromising on the treatment.
  • Avail Discounts on Family Health Plan : Under the family floater, you can avail discounts and incentives that policies usually offer. Based on certain parameters it allows a person to enjoy discounts accordingly. Family health plan is an easy way to plan for a secure future.
  • Easy To Add New family Members : In this mediclaim plan, it is easy to add a new family member whenever there is any such need. With an individual cover, a fresh policy needs to be taken each time when there is an addition of a new member to the family. If you add your parents to an existing family health plan, make sure to opt for a higher sum assured. Also, in case of the unfortunate demise of the senior most member of the family, other family members can continue with the floater without losing any benefit. This is one of the biggest benefits that a family floater health plan provides.
  • Includes Parents Insurance and In-Laws too : Many of the insurers provide an option to include parents-in-law with little extra cost, making it the best health insurance for parents of both sides of a family.
  • Continuous Policy Cover : Many insurers have now give an option of 2 years policy cover. This allows a continuous hassle free coverage without any increase in premium for the selected tenure.
  • Attractive Features : Features like maternity and new born baby cover make it an attractive option for young couples. These features generally come with a waiting period.
  • Tax Benefits : Insurance premium paid in any mode other than cash is eligible to get relief under Section 80D of the Income Tax Act. Now you can avail a total of Rs 55,000 as tax benefit which includes Rs25,000 for yourself and Rs 30,00 for parents or senior citizens in your family.

@Invest India Online