Growing populations, lifestyle changes, and disease outbreaks have raised questions to many about their families’ future well-being, and family health insurance is the ultimate answer. A comprehensive family health plan refers to a single plan covering all family members for medical expenses.
Instead of separate policies, it provides coverage for the main policyholder, their spouse, and dependent children, along with the parents of the policyholders at times. This insurance simplifies healthcare management and saves money, bringing peace of mind.
Understanding Family Health Insurance
Health insurance plans for family give your family financial protection against unexpected medical issues. With this plan, policyholders can protect themselves along with their spouse, dependent children, parents and even elders, all by paying a standard premium. Any family member who is insured can use the covered amount, either fully or partly, to pay for hospital costs and other medical expenses.
As per a recent study, over 41% of India’s households have at least one insured individual. Among all, states that have the maximum proportion of households protected under health insurance are Rajasthan (88%) and Andhra Pradesh (80%).
Why Are Health Insurance Plans for Families Important?
A family health insurance plan is an excellent choice for those who support a family. It offers the same benefits as a standard plan but covers the entire family. Each family has different health needs, so it is important to choose a plan that fits yours. While offering comprehensive coverage, the family health insurance plan prices are affordable.
Undoubtedly, the main advantage of a family plan is its lower cost compared to individual plans since you only pay one premium for everyone. Another benefit is that if one family member needs medical treatment, the entire coverage amount can be used for their care. Just like individual plans, you can also get a tax rebate under Section 80D of the Income Tax Act.
Top Features of Cashless Health Insurance Plans for Family
Take a look at some of the top features of a health plan for the family, be it a cheap family health insurance or expensive alternatives:
- Extensive Coverage:
A cashless health insurance policy should cover medical expenses for you, your spouse, children, parents, and in-laws. Most insurance companies let you include up to 3 children in your Mediclaim Policy plan.
- Home Care Treatment:
The best family health insurance plans let you use up to 10% of the annual sum insured for home care treatment of specific illnesses or medical conditions. However, this benefit usually has a maximum limit of Rs. 5 Lakhs per policy year.
- Automatic Restoration of Sum Insured
This feature is in high demand from leading insurance companies. For example, if you get the Star Health Assure Insurance Policy, you can receive a full top-up or restoration of the insured amount several times within the same policy year. This benefit kicks in after you have partially or fully used the initial insured amount during the policy period.
- Wide Network Hospitals
A cashless policy often comes with a vast network of empanelled hospitals across the country for seamless treatment, offering easy access to quality healthcare without upfront payments. Star Health Insurance offers an extensive network of 14,000+ hospitals across India, allowing policyholders to receive hassle-free medical care with direct claim settlements, ensuring financial ease during emergencies.
- Optimum Flexibility:
You have flexibility when claiming compensation. You can pay for the expenses upfront and get reimbursed later or choose a cashless settlement if that works better for you.
- Mid-Term Inclusion:
A key part of good family health plans is the option to add a newly married spouse or a newborn/legally adopted child to your policy by paying an extra premium.
What is Covered Under Family Health Insurance?
Here are some of the top inclusions of a family health plan:
- Hospitalisation Expenses: Family health insurance plans cover hospital costs, including room charges, surgery fees, ICU costs, and doctor visits.
- Pre and Post-Hospitalisation: Your health insurance plan covers expenses before and after hospital stays. This includes doctor fees, treatments, medical bills, tests, and follow-up appointments.
- Daycare Treatment: Family health insurance pays for the costs of daycare procedures that require less than 24 hours of hospitalisation.
- Organ Donor Expenses: Health insurance covers expenses for organ donors when the insured person is the recipient.
- AYUSH Cover: Medical insurance includes coverage for inpatient treatment in systems other than Allopathic, such as Ayurveda, Siddha, Unani, and Homeopathy.
- Health Check-Up: Most insurance plans also cover health check-up costs in addition to hospitalisation fees.
What is Excluded from Family Health Insurance?
Family health insurance offers complete coverage for all members. However, some conditions are not included in our plans. The common exclusions are:
- Self-harm injuries, including suicide or attempts.
- Treatment for pregnancy, childbirth, miscarriage, abortion, and related issues.
- Illnesses, surgeries, or medical issues that happen within 30 days of starting the policy.
- Costs related to alcohol or drug use or abuse.
- Tests and treatments for infertility and in vitro fertilisation.
- Hospital stays due to war, riots, strikes, or nuclear weapons.
- External congenital diseases.
Top 3 Health Insurance Plans for Family
Here is a tabulated illustration of India’s most-preferred 3 health insurance plans for families:
- Super Star Plan
No matter how high your medical costs are, this plan has no financial limit. You can make unlimited claims for a lifetime, which is a unique feature of this health insurance. Besides the maximum coverage of Rs. 1 crore, the policy also offers an option for unlimited coverage.
- Star Health Assure Insurance Policy
The Star Health Assure Insurance Policy is a great choice for complete health coverage. It includes automatic restoration of the sum insured and covers various medical expenses. The plan applies to self, spouse, dependent children (maximum 3), parents and parents-in-law.
- Star Comprehensive Insurance Policy
The Star Comprehensive Health Insurance policy provides important financial help during a medical emergency. This policy has no sub-limits or caps and covers all family members under one sum insured, with the option for lifelong renewals.
Final Words
Family health insurance is a crucial investment that not only provides financial protection against the rising costs of healthcare but also ensures that your loved ones have access to the care they need when they need it most.
Whether it is for preventive care, emergency treatments, or specialised medical services, family health insurance offers peace of mind and security for your family’s health. By carefully considering your family’s needs and comparing available plans, you can make an informed decision that provides long-term benefits for both your finances and your loved ones’ well-being.