Family Health Insurance Plan: Medical protection for the entire family in one policy, know the benefits, coverage and tax saving benefits.

Family health insurance plan provides medical protection to your entire family in a single policy. Under this plan, all the family members like you, your spouse, children, parents, in-laws, in-laws and other relatives can be included. This policy works on a floater sum insured basis, i.e. a fixed sum insured is shared by the entire family.

But the question comes is this normal Health Insurance Plans How is it different from? What are its benefits, what is covered and should you take it?

What is Family Health Insurance Plan?

Family Health Insurance A medical insurance plan in which the entire family is covered under a single policy. The insurance amount decided in this plan is shared among all the family members. It is assumed that not everyone will fall ill at the same time, so a single cover is sufficient for the entire family.

Most family health insurance plans also offer you coverage for cashless hospitalization, maternity benefits, preventive health checkups, ambulance cover, day-care treatments, and pre- and post-hospitalization expenses. This policy is a safe and affordable option for your family’s medical needs, protecting you from huge unexpected medical expenses.

Benefits of family health insurance plan

There are many benefits of family health insurance plan, let us understand them one by one:

• Beneficial Option: Family health insurance plan covers your entire family in a single policy. With this, there is no need to take separate health insurance for each member and pay separate premiums. For this reason, taking family health insurance is a beneficial option, as it provides medical protection to all the family members simultaneously and the expenses are also less.
• Affordable Premium: The premium for a family health insurance plan is much cheaper than purchasing a separate health insurance policy for each member. Which can start at a price of around ₹150/month.
• Tax Savings: On paying the premium of this policy, you can get tax exemption of up to ₹ 75,000 under Section 80D of Income Tax.
• No Claim Bonus: If you do not make any claim in the family health insurance plan throughout the year, then the insurance company gives you a reward. This reward comes in the form of either a discount on next year’s premium or an increase in the amount of your insurance cover.
• Option to add new member: One advantage of a family health insurance plan is that you can easily include new members of your family in it. There is no need to take separate policies.

If you are adding parents, make sure that the insurance amount is sufficient so that everyone gets complete coverage. Even if the eldest member of the family is no longer eligible for coverage or passes away, the rest of the family members continue to enjoy health insurance benefits under this policy.

Why should you buy a family health insurance plan?

Considering today’s expensive treatments and fast-paced life, taking family health insurance has now become a necessity. Let us know why you should take a family health insurance plan:

• Protection from rising healthcare expenses: Nowadays, just one hospitalization can cost lakhs of rupees, which can cost you years of savings. In such a situation, a family health insurance plan acts as a shield for you.
• Protection from sudden diseases: Any sudden illness or accident in life can affect the entire family. Family health insurance reduces the financial burden in such emergencies.
• Low cost coverage: In some cases, the premium for family health insurance can start as low as Rs 18 per day, which is quite affordable and also provides better coverage.
• Flexible and Lifetime Renewable: You can add or remove new members as per the need in the family health insurance plan. Additionally, this policy can be renewed throughout your life.
• Safety of children and elderly: Young children and aging parents require more medical care, which is easily met with this insurance.

What is included in a family health insurance plan?

A family health insurance policy provides coverage for a wide range of medical facilities for your family. Let us know what it generally covers:

• Hospitalization Cost: Expenses incurred in case of hospital stay for more than 24 hours due to illness or accident are covered.
• Day-care treatment: The cost of minor operations or treatments that require hospitalization for less than 24 hours is also covered.
• Ambulance Facility: The cost of ambulance to take you to hospital in case of emergency is covered.
• Pre and post-hospitalization expenses: Cost of tests/medicines before admission and follow-up treatment after discharge is covered for a limited period.
• Maternity Cover: Medical expenses related to pregnancy and treatment of the newborn baby are also covered under it.
• Organ Donor Expenses: The cost of removing organs from the donor for organ transplant is also covered in the policy.
• Ayush Treatment: The cost of Ayurveda, Yoga, Homeopathy, Siddha and Unani treatment is also included in this.
• Treatment at home: Treatment done at home on the advice of a doctor is also covered.
• OPD Cover: OPD expenses like doctor consultation, medicines and diagnostic tests are also covered.
• Daily Cash Allowance: Daily cash allowance is given for minor expenses during hospitalization.
• Treatment of mental diseases: The cost of depression, anxiety and other mental illnesses are also covered in many policies.
• Cost of Consumables: The cost of non-medical items like syringes, cotton, gown, diapers are also included in some plans.
• Health check-ups: The cost of regular health check-ups at the network hospital of the insurance company is also covered.

What is not included in family health insurance

When you take a family health insurance plan, it is very important to read its terms and conditions carefully. Especially understand things like waiting period, coverage of chronic diseases and cashless hospitalization in advance. With this you will know which expenses will be eligible for claim and which expenses are not included in it.

Generally, health insurance policies in India do not cover these medical expenses:

• OPD treatment and routine checkup
• cosmetic or plastic surgery
• Cost of life support system
• Treatment done abroad (if not covered by the plan)
• Injury/illness caused by war, riots, nuclear radiation or illegal activities
• Pregnancy related expenses (if not covered by the policy), excluding ectopic pregnancy.
• Chronic diseases arising during waiting period

The well-being of every family is not only linked to laughter and time spent together, but also to their security and worry-free future. No one knows when and to whom a medical emergency will happen, but with the help of family health insurance, you can save your entire family from worry and financial crisis even in such times. It not only gives you financial support in every difficult time, but also gives you mental peace that you never have to compromise in treatment.