The
family health insurance plan covers every member of the family under a single
policy. You can also add new family members to the same policy by additional
premium payment. It gives you simplicity to administer single health policy
instead of maintaining multiple individual policies. Below are the points to
consider to avail best health insurance plan for your family.
Renewal Options
Many
family floater insurance policies come with age limitations. The company may
not insure you beyond a certain age. Make sure you do not remain uninsured when
you need the health cover the most in old age. If there is a clause that does
not allow you to renew your health insurance policy, consider to check another
option.
Add New Family Members
Blessed
with a new baby in the family? Enroll
him or her to the same family insurance plan. The only change will be the
additional premium for a new member. You don’t have to undergo the process of
buying new health insurance for an additional member. You are also allowed to
include your parents or in-laws in the same family health insurance plan.
Cost Effective
If
you buy the individual health insurance for every family member, the total sum
of the premium payment is much higher as you compare it with the premium of a
family floater insurance plan. Hence, family insurance plan is much cheaper
than individual health plan for the same amount of sum assured.
Exclusion of Pre-existing diseases
In
most family floater policy, the pre-existing disease is excluded from the
policy. If included, it will be with a waiting period of two to four years.
During the waiting period, you will not be reimbursed for any claim made
against exclusions. There are other common exclusions like dental surgery,
eyeglasses, and weight loss surgery.
Pre Hospitalization and Post Hospitalization
Coverage
The
medical expense is not limited to hospitalization only. Before hospitalization,
there could be several diagnosis and treatments. After you get discharged from
the hospital, you will have to spend on post-treatment expenses, medicines,
follow-up diagnosis, and similar other expenses. For example, the reputed
insurance company Bajaj Finserv allows 60 days pre-hospitalization expenses and
another 60 days post hospitalization expenses under family health plans.
No Claim Bonus
With
each claim-free year of family health insurance plan, the insurance company
offers you “No Claim Bonus,” so that your next premium liability reduces by the
amount of No Claim Bonus. Many insurance companies increase your sum assured in
the policy instead of paying No Claim Bonus in a claim free year. This way you
are eligible for a higher claim amount with the same premium amount as earlier.
Cashless Hospitalization
Every
good family health insurance policy comes with cashless facility. In such a
case, you do not need to pay to the hospital. Instead, the hospital will get
the expenses directly from the insurance company. This facility gives you lots
of relief as you don’t have to spend money out of your pocket. In the absence
of cashless hospitalization, initially, you have to arrange the finance at your
own to pay to the hospital. After the treatment, you have to lodge the claim
with the insurance company. Hence, it is advisable to avail the insurance from
the company that has maximum hospitals to its network for cashless treatment.
