Family Health Insurance

Choose a health plan that comes with a wide range of health benefits, including cashless treatment, pre- and post-hospitalization, ambulance charges, critical illness cover and expectant mother benefits. Make sure family cover also meets individual requirements.

Research the features and potential restrictions, such as sub-limits and waiting times in the policy, as per your and your family’s requirements. Check and compare different health insurance policies which can easily be done online. To protect you and your family from claims-related issues, read the policy specifics carefully.

Make sure the family health insurance plan you purchase allows for easy inclusion of other family members. This way, other family members can easily keep the same plan and retain its benefits in case the primary policyholder passes away or becomes ineligible for coverage.

Pre-existing conditions, pregnancy, and certain procedures, such as a hernia or varicose veins, are often covered by health insurance after a waiting period of 1 to 2 years, depending on the plan. Make sure you go through the pre-existing waiting period in your health insurance plan and select the one with the lowest waiting period.

A deductible is the portion of your hospitalization costs that you are required to pay out of pocket while your insurance company pays the rest. For example, if you have a 10% deductible on a claim for Rs. 1 lakh, you pay Rs. 10,000, and the insurance provider would pay Rs. 90,000. Try to purchase insurance policies with no deductibles, as it reduces the amount of coverage that you can avail. Going with a co-payment can be a better option in most of the cases to reduce the premium amount, without compromising on the sum insured of your health insurance.

A critical aspect that is often overlooked in policies is easy renewability feature. Make sure you check the terms of your policy to see if it allows for unlimited lifetime renewals. This is critical because your health plan will be most useful in your later years. Choose a family health plan with unlimited renewals to avoid the hassle and higher costs of buying new insurance once you reach the age limit.

For example, if your health insurance plan only allows renewal until age 45, you'll end up having to buy a more expensive one. Choosing a lifetime renewable plan ensures hassle-free continuity.

The type of accommodation you get at the hospital – private, semi-private or shared – depends on the insurance plan you choose. To reduce your out-of-pocket costs, we recommend choosing cover with a higher rent limit.

It is important to note that the amount of health insurance you receive may vary depending on the premiums you pay. When choosing the best family health insurance plan, taking the time to calculate your health insurance premiums can help you make an informed decision.

Choose a reasonable sum insured and make sure that the premium payable aligns with your budget. You can also think about getting additional top-up plans if needed.

See whether the list of network hospitals associated with a health insurance plan provides cashless payment options. It can prove to be very useful in circumstances where unexpected medical bills during crises leave you reeling.

Your entire family, including your spouse and children, is covered under family health insurance for one year's premium. It offers benefits to every family member, even during numerous hospital stays, as long as the expenses stay within the maximum total insured amount.

Additionally, Section 80D of the Income Tax Act allows you to avail a tax deduction of Rs. 25,000 per year on health insurance premiums. With the ability to cover all medical expenses of a family member, this insurance clause gives you access to a range of benefits in one plan, reducing your worries.

If you pay an additional fee, health insurance providers will offer additional coverage or additional coverage benefits. These add-ons are available for selection when purchasing or renewing insurance. Your health insurance coverage can be extended with additional benefits at a low cost.

A cost-effective way to improve coverage is through riders. Before choosing a family health plan, review the different riders and then choose the ones that best suit your comprehensive insurance needs.