Your family is your most important asset, and you want to ensure that they live comfortably. However, illnesses and health-related ailments can strike an individual at any time. And when that happens, you have to be prepared financially to deal with the medical bills.
Today the cost of medical treatments is exorbitant. This is why you need to consider family health insurance plans. And in this guide, we are sharing all the vital information that you need to know about this insurance policy.
Family Health Insurance Plans: An Overview
Family health insurance plans are policies that cover your family under a single plan. The medical insurance plan has a single sum as well as a single premium. All the members covered under this plan can use the sum individually and jointly. These insurance plans are also known as family floater plans.
Along with the policyholder, it covers the spouse and dependent children. Moreover, some insurance plans also cover dependent parents under this policy. And some family health insurance plans also provide coverage to a relative that is directly dependent on you.
You can select any insured sum under this medical insurance as per your needs under the maximum limit allowed. Thereafter, the premium is calculated on the sum insured along with the age of the eldest member of your family who is covered under this health insurance plan. Additionally, the premium also relies on the members and their ages covered under medical insurance.
What Are The Exclusions Under Family Health Insurance Plans?
When assessing family health insurance plans, you have to be mindful of certain exclusions that include –
- Participation in hazardous activities
- Self-inflicted injuries
- Cosmetic treatments
When buying a medical insurance policy for your family, it is imperative to understand its exclusions and inclusion prior to buying the same. During the claim, the insurance company first verify whether your health issue comes under the inclusion. Therefore, make sure to be extremely clear about what all is covered and what’s not.
What Is The Advantage Of A Family Medical Insurance Plan?
Following are the benefits of family health insurance:
- It allows your family to get high-quality treatment without having to worry about the rising expenses in the hospital. The cover encompasses pre and post hospitalization expenses, ambulance cover, doctor consultation, etc.
- These plans are more cost-effective than individual health insurance policies. If one member falls ill, the entire sum is available for that member to get the best treatment.
- Additionally, the rest of the family members will also continue to use the insured sum until exhausted.
- Family health insurance plans allow you to get Tax benefits under section 80D of the Income Tax Act. Moreover, if you are paying a premium for senior citizen parents, then you can gain more tax benefits.
There you have it; all the important things that you need to know about a health insurance plan for your family. Make sure you choose a reliable health care provider and read through the fine print properly before finalizing the plan.