Why covering family members under health insurance is compulsory?

Medical emergencies don’t come knocking the door. Irrespective of our age, gender, or location - we are all prone to illnesses. And it is not just the old folks; it can happen to anyone of us, and any time!

A quick glance at the recent medical records of various hospitals will show you that there are so many people across the country that are nowhere close to the age of the illnesses that they currently are going through.

Therefore, it is highly essential to be ahead of the unexpected emergencies that come to shatter us, by keeping our family’s health financially secured.

We can start that by investing the earnings of our hard work to secure the health of our family too. A good family health insurance plan can take care of our financial health during a medical contingency.

It is time that we include family health insurance to our investment portfolio plan. Here’s how you can go about it. To cover our family members under a health insurance plan, there are two options available:

Pay individually to cover each member of the family

Buy a single family floater plan and cover all your family members

In the individual health insurance -- every individual has to be covered separately. This means the plan’s premium for each member is decided on the basis of every person’s age, existing and past medical history, and the medical risks that will follow on depending on their health situation.

However, the family floater health insurance plan is structured to cover your entire family, and the assured sum is divided among all the members of the family. For example: Say the total sum assured for the entire family is?. 6,00,000, If one family member falls ill and utilizes?. 1,00,000, then this amount would be deducted from the total sum insured of Rs.6,00.000. Thus, the balance amount of?. 5,00,000 will be available to be utilized by the family.

Confused about which plan to opt for? This will make it easier for you. Here’s a list of some of the key benefits of a family floater health insurance plan:

It covers most of your family members including your husband/wife, parents, children, and in many cases, your parents-in-law as well

Several family health insurance plans offer a discount if you get insured for a higher amount

You are also eligible for a no claim bonus in most cases, which in turn helps you to increase the insured sum every year

A family floater health insurance plan usually comes with a cashless claim settlement option, wherein you are eligible to get the treatment done from one of the network hospitals without paying anything

All the medical expenses incurred when a patient is admitted to the hospital for more than 24 hours are covered by the health insurance company

Covers all the medical expenses that occur before getting hospitalized and after getting discharged from the hospital such as X-ray, MRI, blood test, and all other tests

Any cash requirement at the hospital is also supported by the family floater health insurance. This is limited to the pre-decided daily cash allowance amount

In situations when the treatment does not require you to get admitted for more than 24 hours, you can utilize the daycare treatments option to get your medical expenses covered.

Most opted family health insurance plans

Max BUPA Heartbeat Family First (Gold)

Coverage of medical treatment costs during hospitalization

Coverage of pre and post hospitalization *

Not only do you receive the given maternity benefits but the newborn is also covered as an insured member of the family without any extra premium

Vaccination expenses for the new-born is also covered under this plan

There is no limitation to the age of the family member to be insured

Availability of cashless facility at any of the network hospitals

HDFC ERGO Health Suraksha

Lifelong renewability option available

Receive a bonus at the end of every claim-free year

A smoothh and effortless process that requires limited documentation to claim the fund

There are no sub-limits on factors like hospital room rents and expenses, doctor’s fee etc.

Option to get treated without paying anything across the 6000+ network hospitals

Avail tax benefits under Section 80(D) of the Income Tax Act

ICICI Lombard Complete Health Insurance

No maximum entry age limit

Medical tests are not required below 46 years age

All expenses covered including hospitalization, medicine costs, surgeon fees, accommodation charges, etc.

Option to get the pre and post hospitalization expenses covered

Availability to get treated using the cashless facility across the 4000 network hospitals

Apollo Munich Optima Restore

All hospitalization expenses covered including the medical expenses too

All pre and post hospitalization expenses covered

All daycare expenses incurred during hospitalization for less than 24 hours, will be covered

If an organ transplant is needed, the treatment of the same will also be covered

Ambulance charges for a limited amount will also be covered

In case, if you choose a shared accommodation in one of the network hospitals, a lump sum amount is covered

Oriental General Insurance Happy Family Floater

Get coverage for your entire family including your husband/ wife, kids, parents, and even parents-in-law

You are eligible to receive a daily hospital cash benefit of a limit of 0.1% of the sum assured or a maximum of 10 days

In case, if a child is admitted to the hospital, then the attendant will be provided with an allowance for a maximum of 10 days

You can also avail the ambulance services under both variants

All in all -- regardless of the financial stage you are in your life, your family’s health is your responsibility and must be covered. Give them the best gift they deserve, by financially securing their health.

sbi general insurance