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Why a Health Insurance Plan Sounds Like the Best Solution to Safeguard Your Family’s Future?

The rising cost of medical care, coupled with increasing lifestyle-related diseases, stress, etc has made health insurance more a necessity than a choice. The scary situation created by the current COVID-19 pandemic has further reinforced the need for families to have a health insurance policy. Health insurance acts as a protective shield for all members. Thus, it is the best option to safeguard your family against medical emergencies and the consequent financial uncertainties.

Let’s understand the concept of family health insurance and its importance.

What is a family health insurance plan?

A family health insurance plan is a comprehensive insurance policy that covers your family against financial setbacks during a medical emergency. It offers a specified coverage in return for premiums. Generally, a family health insurance plan covers:

  • Self
  • Spouse
  • Dependent children
  • Dependent parents

However, there are some family plans that also provide financial security for siblings, parents-in-law and other specified relatives at additional premium costs. Most policies offer benefits like hospitalisation expenses, pre-and post-hospitalisation costs, day-care expenses, ambulance, health check-ups and more. 

How important is a family health insurance plan?

Your family is your backbone. Their safety is your priority. However, your savings might not be enough to provide top-notch treatment and healthcare to all the members as and when the need arises. Thus, you must invest in a family health insurance plan. Such policies offer financial support during medical emergencies and health-related uncertainties. They help your loved ones effectively face a monetarily-challenging situation caused by health problems. This is particularly important given the rising healthcare costs in the country. 

Benefits of a family health insurance plan

Family health insurance plans that cover all your loved ones under one policy offer the following benefits:

  • High sum insured: A family health plan offers a higher sum assured under a single policy as compared to individual insurance plans.
  • Affordable: For a single annual premium paid, it covers medical costs for every member of the family on a floater basis, which is more practical.
  • Exhaustive coverage: Such a plan offers comprehensive benefits like hospitalisation costs, day-care expenses, pre- and post-hospitalisation fees and much more.
  • Additional cover: The policy can be modified to add or exclude members in the same plan. You can also increase the sum assured under the plan rather than getting a new insurance plan for additional members.
  • Cashless claims: All health insurance companies have tie-ups with various network hospitals. With a family health policy, you can get cashless treatment in the insurer’s network of hospitals.
  • Tax benefits: Premiums paid for family health insurance policies are eligible for tax benefits under Section 80D of the Income Tax Act, 1961. 

How to choose the appropriate health insurance for your family?

Investing in a health plan for your family and loved ones is a wise decision. But choosing the right plan for them is of the utmost importance. Use these tips to select the ideal family health insurance policy:

  • Look for maximum cover: Take a plan that offers maximum benefits like diagnostic costs, pre-and post-hospitalisation expenses, in-hospitalisation charges, modern treatment costs, annual health check-ups, and more. 
  • Seek affordable premiums: Choose a plan that offers an adequate balance of benefits and premiums. Do not overburden your pocket but also do not purchase a plan merely because of low premiums.
  • Understand exclusions: Read all the terms and conditions of health insurance plans carefully. It is called the fine print of the insurance contract. Understand the exclusions under which your family cannot file a claim. Opt for a cover that offers minimum exclusions.
  • Check the hospital network: Cashless claims are any day better than filing for reimbursements. Choose an insurer with a large hospital network to have better opportunities for cashless claim settlement. 
  • Be careful of the co-payment clause: A co-payment clause implies that a specific percentage of the claim is paid by the family. The rest of the claim is borne by the insurer. The co-payment percentage can vary between 5% and 30%. Choose a plan with no co-payment clause or a minimum percentage of the same, if it lowers your premiums considerably.
  • Check the Claim Settlement Ratio (CSR): CSR refers to the number of claims paid out by the insurer in a financial year. A claim settlement ratio is expressed in percentage against the total number of insurance claims made. Pick an insurer with a high claims settlement ratio. This will imply that the provider is reliable in terms of claims settlement. 

How to buy family health insurance online

These steps will help you buy a comprehensive insurance plan for your family. 

  • Identify your family’s healthcare needs
  • Check IIFL for a detailed comparison of different insurance plans
  • Shortlist the insurer and the type of family healthcare plan
  • Fill in the required details
  • Get the quote from your insurer after due research
  • Submit necessary documents
  • Make an online payment for the premium
  • Get insurance policy documents on your registered email id

You can take help from professional insurance advisors to find a health insurance plan that perfectly suits your family’s healthcare requirements. 

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