Health is Wealth. Nobody wants to fall sick. Regular exercise and maintaining a healthy diet help stay healthy. You may have witnessed newborn babies suffering from severe illnesses like cancer, cerebral palsy, autism spectrum disorders and so on.
This shows that age is not the only factor impacting health. At the same time, we cannot ignore the age factor completely.
Families face the same problem. Families with multiple earning members can manage medical emergencies easily, but families with a single earning member face financial problems. The solution for such families is getting a family floater health insurance policy.
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A family health insurance policy covers entire family under the plan. Let’s assume you have a family of 4 members, including yourself, spouse and 2 children. Your spouse is diagnosed with a critical illness. In this case, you can claim the medical expenses through the family health insurance policy.
Not all family health insurance policies are the same. Some insurers permit you to include parents, while others allow you add in-laws at an extra cost. Family health insurance plans may be recommended to families with a good medical history. They are classified into 2 categories:
See Also: Health Insurance Benefits
Nitesh, who is a mechanical engineer from Bangalore, denied availing a family health insurance policy 4 months ago when an insurance broker contacted him. He declined the plan saying, ‘Health insurance is not for me and even my family is healthy.’
Just after a week, an incident occurred and Nitesh was regretting for not buying the insurance policy then. Actually, Aashika, the daughter of Nitesh, was diagnosed with dengue. He took her the nearest hospital where she was hospitalized for 10 days. Nitesh was happy to see a recovery in his daughter’s health. He had to pay a total medical bill of Rs.50,000 from his pocket. If he had bought a family floater plan, it would have been helpful for him.
Do not be the next Nitesh!
Understand the importance of a family health insurance policy to protect the health of your family. A family floater is a health insurance policy that provides the coverage to the whole family rather than just a single person. It brings all the family members under a single cover. Such a policy takes care of the treatment in case of serious medical conditions and critical illnesses. Purchasing a family floater plan is cheaper than an individual health insurance policy. Insurance companies in India provide tailor-made health insurance schemes for the benefit of people. Based on the medical history of your family, you can choose the plan you want.
1.The premium for a family floater plan is decided on the basis of the age of the eldest family member. It is quite higher for families with senior citizens.
2.Family floater plans include children up to a certain age. After that age, they are considered adults.
3.They can be renewed up to a certain age, for example, 60 or 65 years.
Family floater plans are classified into two categories, which include medical insurance and critical illness insurance. A medical insurance plan will reimburse the hospitalization expenses in the form of reimbursement or cashless treatment. On the other hand, critical illness, as its name indicates, covers chronic diseases such as kidney failure, heart attack, stroke, diabetes, etc. The insurance provider pays the whole sum assured subject to the policy coverage.
Health insurance is required today for your family since health issues are increasing day by day. It is a must for middle-income group families. There are a few tips to be considered prior to availing a family floater policy. Firstly, it is very important to create a list of basic health cover provided under the plan.
All family floater plans provide daycare overheads, ambulance charges, in-hospitalization overheads, etc. If you are anticipating for a kid, you must choose the plan that includes insurance for newborns. Make sure you ask for the maximum renewal age and the plan you choose should be flexible enough to revise the sum assured. Try to avail seamless cashless hospitalization. More importantly, disclose the medical history of your family honestly to the insurer at the time of purchase.
You can enjoy the following benefits if you buy family health insurance plans:
See Also: Health Insurance for Minors
The plan offers a network of 5,000 hospitals. There is no cap in terms of illness-specific sub-limits, consultation fees, room rent and others. The policy covers Day Care procedures, pre and post-hospitalization expenses, in-patient hospitalization expenses, ambulance expenses and so on.
Adults above the age of 18 years and children above the age of 91 days are covered. At least 2 family members must be covered under family health insurance. There are no restrictions on the maximum number of family members covered under the plan.
The sum assured ranges from Rs 1.5 Lakh to Rs 50 Lakh. Pre and post-hospitalization expenses are covered. The plan has a network of more than 6,000 hospitals across India and is issued for one year or 2 years or even 3 years. The company offers a discount of 2% for 2 years and 8% for 3 years and collects zone-wise premiums. The policy also covers ambulance charges up to a certain extent.
Family health insurance plans are important as standalone policies do not cover all family members. They offer financial protection when your children or spouse or parents or in-laws get hospitalized. In a nutshell, you can say that your family’s health is secured with a family health insurance plan.
See Also: Health Insurance for Parents
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