Health Insurance Plans for Family

Get Best Insurance Quotes For

Table of Contents

What is Health Insurance?

Health insurance, often referred to as Mediclaim, is a type of insurance coverage that helps you pay for medical expenses, especially those that require hospitalization. It is designed to provide financial support when you face unexpected medical bills, offering peace of mind in times of health crises.

A health insurance policy covers a variety of medical costs, including:

Hospitalization Expenses: This includes the cost of staying in the hospital, surgery, treatment, and doctor’s fees for procedures that require an overnight stay or more.
Daycare Procedures: Some treatments, like cataract surgery, do not require overnight hospitalization but still involve significant costs. Health insurance covers these procedures too.

By having health insurance, you can ensure that you won’t have to bear the full burden of medical expenses out-of-pocket, especially for expensive treatments or emergencies. It provides you with much-needed financial relief, helping you focus on recovery rather than worrying about costs.

At Finvaid, we make it easy for you to find the best health insurance plans tailored to your needs. With simple tools and expert advice, you can secure your health and enjoy financial peace of mind.

Family Health Insurance Plans

A family health insurance plan is a policy designed to cover the healthcare needs of your entire family under one single plan. It allows you to include your spouse, children, parents, parents-in-law, and even dependent siblings. With a family health insurance plan, you only need to pay one premium, and the total coverage amount (sum assured) is shared among all the family members included in the policy. These plans typically cover up to six family members. It’s a convenient and cost-effective way to ensure that all your loved ones are protected from unexpected medical expenses.

Types of Health Insurance Plans for Your Family

When buying health insurance for your family, you can choose from two main types of plans:
1. Individual Family Health Insurance Policy: This type of policy covers each family member separately. Each person has their own coverage, and you pay individual premiums for every member.
2. Family Floater Health Insurance Policy: In this plan, the entire family is covered under one policy. The sum assured is shared among all members, and you only pay a single premium for the entire family.
While individual policies can be more expensive as you pay premiums separately for each family member, a family floater policy is generally more affordable and simpler to manage since there’s only one premium and one policy for the whole family.

Health Insurance Coverage Calculator

When choosing health insurance, it’s important to know the features of the plan, the benefits it offers, and the premium you’ll need to pay. In the past, people relied solely on insurance agents to find out these details. However, today, you can easily check all this information online.

With a Health Insurance Premium Calculator, you can enter your details (like age, family size, etc.) and find out exactly how much the policy will cost you. It also shows you the benefits and features of the plan. This tool is very helpful and allows you to compare different policies to choose the one that best fits your needs and budget.

Using a premium calculator is a quick and transparent way to understand the cost of your health insurance and make an informed decision.

Health Insurance for Parents

When it comes to health insurance for your parents, you have two options:

Include Your Parents in the Family Health Insurance Plan: You can add your parents to your family health insurance policy. However, keep in mind that most health insurance plans have a maximum entry age limit of 65. If your parents are older than this, they might not be eligible for regular family floater plans.
Buy a Separate Health Insurance Plan for Your Parents: If your parents are senior citizens, there are specially designed health insurance policies that cater to their needs. These plans are customized to provide coverage for older individuals and often include additional benefits like pre and post-hospitalization coverage, health check-ups, and more.

Important to Remember: The premium for your health insurance increases with the age of the eldest member covered. So, if your parents are older, it may be more cost-effective to buy a separate plan for them instead of adding them to a family floater policy. This way, you can ensure the best coverage at a more affordable cost.

Benefits of Family Health Insurance

Investing in a family health insurance plan comes with several advantages. Here’s why it can be a great choice for you and your loved ones:

Covers All Family Members: A family health insurance plan allows you to cover everyone under one policy, from your spouse to children, parents, and even parents-in-law. Adding a new member to the plan is easy, and you won’t have to deal with multiple premiums for each family member.
Cashless Hospitalization: With family health insurance, all members can enjoy cashless hospitalization at network hospitals. This means you don’t have to pay upfront for medical bills, as the insurance company settles the payment directly with the hospital.
Save Money: A family floater policy is usually more affordable than buying separate policies for each family member. You save money while ensuring that everyone in your family has coverage.
Claim Tax Benefit: The premium you pay for your family health insurance plan is eligible for tax deductions under Section 80D of the Income Tax Act. This helps reduce your tax liability.
Restore Coverage: Many family health insurance plans offer a restore benefit. If one family member exhausts the entire sum insured, the insurance company restores the sum, keeping the coverage active for other members or the same member for future claims (unrelated to the current claim).
Increase Coverage at Renewal: A flexible family health insurance plan allows you to enhance the sum insured during policy renewal, ensuring better coverage as your family’s healthcare needs grow.
Higher Coverage for Each Member: Here’s how a family health plan provides more coverage for each member:
- Scenario 1: If you buy individual policies with a sum insured of ₹1 lakh per person for 4 family members, each member is only covered up to ₹1 lakh. If one member’s hospitalization costs ₹1.5 lakh, you’ll have to pay the extra ₹50,000 yourself.
- Scenario 2: If you buy a family health plan with a sum insured of ₹4 lakh, the total coverage for your entire family is ₹4 lakh. If one member is hospitalized for ₹1.5 lakh, the full amount will be covered by the insurance company (as long as no other claims have been made in the same policy year).

In short, family health insurance gives you more coverage for each member at a lower overall premium, even with affordable plans.

Importance of Family Health Insurance

Medical emergencies can strike at any time, and the increasing prevalence of lifestyle diseases, along with the rising cost of healthcare, makes having a family health insurance plan essential. While many employers provide health insurance for their employees, the coverage is often limited and may not be sufficient to cover the healthcare needs of your entire family.

That’s why it’s important to invest in a personal family health insurance plan that is tailored to your family’s specific needs. This ensures that every family member, from children to elderly parents, is adequately protected in case of medical emergencies, without the financial burden of unexpected healthcare expenses. Having the right coverage can bring peace of mind, knowing that your family’s health is in safe hands, no matter what happens.

Eligibility Criteria for Family Health Insurance

To purchase family health insurance, you must meet certain eligibility criteria set by the insurance provider. While specific eligibility requirements may vary depending on the insurance plan, here are the common parameters:

Members Who Can Be Covered

Most family health insurance plans cover the policyholder, spouse, and dependent children (both biological and adopted). Coverage for dependent parents may vary depending on the plan. Some plans also include coverage for dependent parents, siblings, grandparents, parents-in-law, and other relatives.

Sum Insured

The sum insured in family health insurance plans typically ranges from ₹1 lakh to ₹6 crores. You can choose the amount based on your family’s healthcare needs. However, if a family member has a serious pre-existing medical condition, the insurer might impose a limit on the maximum sum insured available.

Policy Tenure

Family health insurance policies usually have a tenure of one year, but some plans offer multi-year coverage if the premium is paid upfront for two or three years.

Age Limits

Adults: The policyholder (adult proposer) must be at least 18 years old. The maximum entry age is usually 65 years, although some plans do not have an upper age limit.
Dependent Children: Children can be covered starting at 91 days of age. They can remain under the family floater plan until they reach 23 or 25 years of age, depending on the policy. After that, they must get individual coverage.

Claim Process for Family Health Insurance

If you need to make a claim under a family health insurance policy, follow these steps:

Inform the Insurer: Notify the insurance company as soon as possible about the claim.
Cashless Treatment: If you are admitted to a network hospital, you can avail cashless treatment by filling out and submitting a pre-authorization form. For planned hospitalizations, submit the form 3-4 days in advance; for emergencies, within 24 hours.
Claim Approval: Once the insurer approves your claim, you can receive cashless treatment.
Post-Hospitalization: After discharge, submit the claim form and all relevant medical documents to the insurer.
Reimbursement Claims: If you were treated in a non-network hospital, you’ll need to pay the medical expenses upfront and file a claim for reimbursement with the insurer. Submit all original bills and medical documents for verification and reimbursement.

Things to Consider Before Buying a Family Health Insurance Plan

Before choosing a family health insurance plan, keep these important factors in mind:

Buy Early: It’s best to buy health insurance at an early age to benefit from lower premiums. A younger age helps reduce insurance costs while providing coverage for future medical needs.
Coverage Requirements: Ensure the plan meets your family’s healthcare needs. Consider the coverage amount, daycare procedures, room rent limits, and other specific requirements before finalizing the plan.
Premium Amount: The premium is based on factors like the sum insured, policy term, and the age of the eldest family member. Compare different plans to find one that fits your budget and provides adequate coverage.
Insurance Provider: Research the insurer’s reputation, claim settlement ratio, customer reviews, and ratings before making your decision. Choose a company known for its reliable service and smooth claim process.

How to Buy Family Health Insurance Plans from Finvaid

Buying family health insurance has never been easier. Finvaid makes the entire process smooth, quick, and hassle-free.

Step-by-Step Guide to Buying Family Health Insurance:

Explore and Compare Plans: Visit the Finvaid website to browse through various family health insurance plans from top providers. Compare the features, benefits, and premiums of different plans to choose the best one for your family.
Estimate Premiums: Use the free premium calculator on the website to calculate your premium based on your family’s details. This helps you understand the cost and find a plan within your budget.
Fill in Your Details: Once you’ve chosen a plan, fill in your basic personal and health details on the website. Our experts will then get in touch with you for further assistance.
Finalize and Buy: After reviewing all the details, proceed with your purchase. You can also contact Finvaid’s team to answer any questions or clarify doubts before finalizing the plan.

Why Choose Finvaid?

Finvaid simplifies your entire decision-making process when it comes to buying the best family health insurance plan. Here’s why you should choose Finvaid:

Compare Plans: Compare family health insurance plans from top providers in just a few clicks.
Estimate Premiums: Use the premium calculator to know how much your family health insurance will cost.
Expert Assistance: Get help from Finvaid’s experts via online chat or over the phone.
Easy Documentation: Download all policy documents and brochures in one place.
Quick and Convenient: Once you’ve chosen the right plan, you can quickly buy and renew your family health insurance.

Make the smart choice for your family’s health today with Finvaid!