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.
