Family Health Insurance
In today’s fast-paced era, ensuring the well-being of our loved ones and others is important. While illness is not planned and health issues can arise unexpectedly, people will need medical treatment at some point. Thus, having health insurance coverage is essential for the entire family to mitigate the financial burden of medical costs by ensuring access to necessary care when required. If people buy health insurance, they feel at ease during illness and primarily focus on their health without worrying about hefty bills associated with medical treatments and procedures. Information regarding pet insurance plans is also available.
What is family health insurance?
Family health insurance is a type of medical insurance that provides coverage against all health emergencies to you and all your family members in a single health insurance policy. It implies you do not need to pay separately for each covered family member. Under this plan, a fixed insurance sum is allocated among all family members, assuming that not everyone will fall ill simultaneously. Most family health insurance plans offer comprehensive healthcare benefits, including coverage for hospitalization facilities, doctor visits, prescription medications, diagnostic tests, preventive care services, and pre and post-hospitalization.
Benefits of Family Health Insurance
Family health insurance offers numerous advantages, safeguarding their health and well-being against unforeseen medical expenses. Some of the major advantages are as follows:
1. Comprehensive Coverage
Family health insurance provides comprehensive coverage, including hospital bills, prescription medications, and specialty treatments in case of a medical emergency. It ensures the eligibility of all the insured family members to get necessary medical attention without worrying about affordability.
2. Peace of Mind
Having healthcare insurance for all family members makes you feel at ease because they all have access to quality healthcare services when required without any compromise due to lack of funds.
3. Financial Protection
Financial protection against unforeseen medical costs is one of the key benefits of family health insurance plans. In case of illness or injury, insurance helps cover many healthcare costs without disturbing your financial budget.
4. Tax Benefits
Paying the health insurance premium for all your family members helps families save money on their annual tax liabilities by meeting the eligibility criteria for tax exemption under Section 80D of the Income Tax Act in India.Â
5. Easy Insurance for New Family Members
Family health insurance offers maternity benefits as well. You can easily add new family members to an existing healthcare policy by providing required documents such as marriage and birth certificates. Rather than taking a fresh policy every time, as in an individual health cover policy, there is an addition to your family member.
6. Pocket-friendly Premium
In family health insurance plans, you can easily cover all your family members, including spouse, child, and parents, under the same plan at an affordable premium because there is no need to pay individual premiums.
7. Coverage For Pre-existing Diseases
Family health insurance typically provides coverage against medical expenses for pre-existing diseases so that family members with ongoing health issues receive treatment and support as required.
8. Access to Quality Medical Care
Family health insurance plans come up with a cashless treatment in a network hospital, clinic and healthcare provider, allowing family members to receive quality medical care for proper diagnosis, treatment and recovery.
Coverage Offered by Family Health Insurance Plan
A family health insurance plan provides comprehensive coverage for all family members, including spouses, children, parents and parents-in-law in case of a medical emergency under a single policy. Here are the most common coverages provided in a family health insurance plan.
1. Hospitalization Costs
Any medical expenses incurred while hospitalized are covered, including room charges, medical procedures, investigations, surgery and doctor consultations.
2. Maternity and Childbirth Coverage
Family health insurance plans offer maternity coverage benefits by covering pregnancy-related expenses and newborn baby expenses.
3. Preventive Care Services
Preventive care services, such as routine check-ups, vaccinations and screenings, are included in a family health insurance plan to prevent illness, disease or injury before it occurs or reaches the more severe stage. Thus, it promotes overall health and well-being.
4. Pre and Post-Hospitalization Expenses
Family health insurance covers the expenses incurred before hospitalization, i.e., up to 60 days before admission to the hospital, such as medical investigation, tests, etc, and post-hospitalization costs, i.e., up to 180 days after discharge.
5. Mental Health Services
As psychological well-being is as important as physical health, the majority of family health insurance plans come with coverage for mental health illnesses and psychiatric treatment, including depression and anxiety.
Apart from the abovementioned coverages, family health insurance covers daycare procedures, ambulance charges, organ donor expenses, AYUSH, and domiciliary treatment.
As the cost of medical treatment is surging, it is essential to have a robust family health insurance plan. While buying a health insurance plan for the family, it is important to understand the policy terms, coverage details and premiums to select a plan that best suits their financial budget and medical requirements.