A family health plan is a category of health insurance policy that covers more than one person under a single policy. Like any other health insurance policy, this too, has only a sum assured, and only one premium has to be paid towards this policy. Such policies assure the treatment of two or more members at the same time, making it the best health insurance plans for all. However, keep in mind that a family health insurance policy is only given to families that have an excellent medical history collectively.
A family health plan allows you to include your spouse, parents and up to four children under one policy. At an additional cost, you can also add your in-laws to the policy.
What are the types of a medical plan?
A family health plan covers most family members subjected to the policy terms laid by them. Health insurance plans are broadly divided into two categories, which are:
Medical Insurance – This is the category of insurance that includes cashless health card treatments or reimbursement plans.
Critical Illness Policy – This category is illness-specific; it covers all major diseases like cancer, kidney failure, heart diseases etc. Depending on the category or intensity of the illness, if you are diagnosed with any critical condition, the insurance company pay a lump sum to cover the treatment cost.
What should your health plan include?
Coverage – Apart from basic coverage, it should have features like in-hospitalization, ambulance expenses etc. You must also check the waiting period and the restrictions on pre-existing diseases under this policy.
Renewal age – Regular renewal age goes up to 60 or 65 years of age. But nowadays, few companies also offer lifelong renewal facility.
Claim settlement – Before deciding on a policy or the insurance company, check the settlement ratio and how fast they honour claims. The word of mouth review is the best in this case.
Cashless treatment – Every hospital offers a cashless settlement. So, look for insurers that provide cashless facilities to ease out the hospitalisation expenses.
What are the advantages of a family health plan?
- You don’t have to juggle between policies to take care of every individual. All the family members are covered under one policy in one premium, which saves a lot of time and unnecessary paper-work.
- Because a single policy covers so many people. It is easy to avail discounts and other incentives. Family health plans make it easy to avail such discounts.
- You can easily add family members and extended family members in the policy. In case of the demise of any individual under the policy, the other members can still enjoy the benefit.
- Many policies give the option to take cover for two consecutive years. This allows smooth functioning of the policy without inflation affecting the premium amount.
- Maternity and new-born cover, encourage young couples to opt for this policy. However, there could be a waiting period.
- The best part of any policy is that it gives you tax exemption.
Therefore, if you are looking for a plan for your parents, it is best to go for a family health insurance plan as it is comprehensive in terms of coverage and offers easy access as well.
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