Investing in comprehensive family health insurance plans goes a long way in protecting the health and wealth of the people who are most important to you. It can be difficult for you to finance your increased healthcare costs on your own, especially if it is for an extended hospital stay.

Family health insurance covers insured members for medical expenses incurred due to accident or illness up to the sum insured and as per the terms of the policy.

In this article, we will learn more about family health insurance plans with floating amount insurance, the advantages of these plans as well as important features to look for before finalizing the best health insurance plans for families that are meant to serve you, and your loved ones. them for life.

What is family health insurance?

Family health insurance plans It is perhaps the most popular and most sought after healthcare coverage policy in India. It covers all family members insured under one plan for a lump sum or “floating” insured amount.

In fact, spouse, children, parents, parents of spouses, etc. are generally covered by all family health insurance while some insurance companies allow the inclusion of extended family members like siblings, cousins, aunts and uncles also with immediate family members. Financially savvy families are notorious for using health insurance to save money.

Floating sum insured

Family health insurance plans offer an insured floating amount intended for all members covered by a single policy. This means that the amount applies to each person who can benefit from coverage up to the sum insured individually with the remaining balance (if any) to be distributed among the other members.

One obvious limitation of this type of plan (floating sum insurance) is that if any member undergoes hospital treatment, the differential sum insured is all that will be available to other members. Let’s understand this with an example.

Bhatia’s is covered under a family health insurance plan worth Rs. 5 Lax sum insured. Ms. Bhatia was hospitalized for 5 days due to pneumonia and high temperature. The total hospital bill came to Rs. 90,000. Next, Mr. Bhatia had to undergo surgery to remove his appendix, which was performed on Rs. 75,000. As a result of these two cases, the net insured amount remaining for Bhatia (including their two children) will be Rs. 3.35 lac (5 lac minus 1.65 lac).

Compared to individual health insurance plans where every insured individual can benefit from treatment up to the individual sum insured, family health insurance has a slight drawback as the total sum insured is reduced by the number of medical expenses incurred when any individual undergoes treatment. However, there are many advantages to buying family health insurance plans that different families should be aware of.

Advantages of investing in family health insurance plans

  1. Affordable premium: Since all family members are insured under the same plan, the annual premium payable is more economical compared to individual premiums.
  2. Easy to manage: Family health insurance plans are hassle free, as you only have to renew and pay premiums for one policy for the whole family once a year.
  3. Convenient addition for new family members: You can easily add new family members under the same family plan (provided that adding relationships are allowed) without having to take a separate policy each time.
  4. Additional covers: Family floater plans come with multiple additional options or passengers that can be chosen as per personal preference for an additional premium. Therefore, coverage for critical illness, maternity, international travel, etc. can be availed according to the needs of your family.
  5. Tax advantages: Section 80d of the Income Tax Act allows up to Rs. 50,000 tax exemption from paying health insurance premiums for non-old people.

Important features to consider in family health insurance

Listed below are some critical policy features to look for to help you decide on the best Medilime policy for your family:

  1. Remember that the premium is calculated based on the age of the insured oldest member. Therefore, you are advised not to include your elderly parents or relatives in the family health insurance. Instead, opt for Senior Citizen Policies for them.
  2. Ensure that the age at entry is equal to or greater than the older member who will be insured on the flotation policy.
  3. Choose an adequate insured amount that is good enough for the joint family. Also look for features that allow the sum insured to be boosted, such as take back or reclaim feature, no-claim bonus, etc.
  4. Check to ensure that there are enough network hospitals near your location for timely and cashless access to medical facilities.
  5. Make sure all daycare procedures are covered. This is important because health insurance can be very expensive.
  6. Choose a plan with a low waiting period.
  7. Carefully review the list of exclusions and terms and conditions in the policy wording to make sure your specific medical needs are not excluded.
  8. Choose an insurance company that keeps the claims settlement process fast and hassle-free.

There are many options for health insurance plans in India for families with multiple benefits and complex circumstances, which makes it difficult to make the final choice. This is where a website looks like insurance It can be very useful – Here, you can easily select up to 3 plans to compare with more than 45 key policy features, and easily buy your own shortened policy online. If you need any assistance along the way, the health insurance expert at SANA Insure can guide you with the right inputs to select the best family health insurance plans in India. Feel free to reach us via WhatsApp (+918278271818) or phone call (18002028118).

I wish you a healthy and happy life!

About the author

Nayan Ananda Goswami is the Head of Business, Retail Sales and Services at SANA Insurance Brokers Pvt. Ltd. (SANA Insurance). He has over 20 years of experience in the insurance sector having successfully managed retail distribution and alternative sales channels with insurance companies as well as insurance brokers. Nayan has pioneered the electronic distribution model of insurance through an e-governance platform in India, and has won national and international awards and accolades. The views presented in this article are his own.

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