Family Health Insurance Policy
- What is Family Health Insurance Policy?
- Benefits of Having a Family Health Insurance Policy
- Types of Family Health Insurance Policies
- How to Choose the Right Family Health Insurance Policy
- Factors to Consider When Buying a Family Health Insurance Policy
- What Does a Family Health Insurance Policy Cover?
- Exclusions in a Family Health Insurance Policy
- How to Claim on Your Family Health Insurance Policy
- Tips to Lower Your Family Health Insurance Premium
- How to Renew Your Family Health Insurance Policy
Family Health Insurance Policy: Everything You Need to Know
As the head of the family, ensuring your loved ones' health and well-being is your top priority. However, medical emergencies can be expensive and financially draining, especially if they occur frequently. This is where a family health insurance policy comes in handy.
What is Family Health Insurance Policy?
A family health insurance policy is an insurance plan that covers the medical expenses of all members of a family. It is a single policy that provides coverage for the entire family and includes parents, spouse, and children. The policyholder pays an annual premium, and in return, the insurance company bears the financial burden of medical expenses incurred by any member of the family during the policy period.
Benefits of Having a Family Health Insurance Policy
Having a family health insurance policy has several benefits. Firstly, it provides financial protection in case of medical emergencies, which can otherwise drain your savings. Secondly, it ensures that every member of the family receives timely and quality healthcare without worrying about the cost. Thirdly, most family health insurance policies offer cashless treatment facilities, which means that the insured can receive treatment at any network hospital without having to pay upfront. Lastly, it also provides tax benefits under Section 80D of the Income Tax Act.
Types of Family Health Insurance Policies
There are two types of family health insurance policies: individual policy and floater policy. An individual policy covers only one person, while a floater policy covers the entire family under one policy with a single premium payment. In a floater policy, the sum insured is shared among all members of the family, and any member can use the entire sum insured in case of a medical emergency.
How to Choose the Right Family Health Insurance Policy
Choosing the right family health insurance policy can be a daunting task. Here are a few factors to consider when selecting a policy:
- Sum Insured: The sum insured should be adequate to cover the medical expenses of the entire family.
- Network Hospitals: The policy should have a wide network of hospitals where cashless treatment is available.
- Waiting Period: The waiting period for pre-existing illnesses and specific ailments should be reasonable.
- Co-payment: Check if there is any co-payment clause in the policy. Co-payment means that the insured has to bear a certain percentage of the medical expenses.
- Claim Settlement Ratio: The claim settlement ratio of the insurance company should be high. It indicates the number of claims settled by the insurer out of the total claims received.
Factors to Consider When Buying a Family Health Insurance Policy
When buying a family health insurance policy, keep the following factors in mind:
- Age: The premium of the policy increases with age. So, it is advisable to buy a policy at a young age.
- Medical History: If any member of the family has a pre-existing illness, choose a policy that covers the illness after the waiting period.
- Lifestyle Habits: Disclose any lifestyle habits such as smoking or alcohol consumption, as it may affect the premium.
- Claim Process: Understand the claim process of the insurance company before buying the policy.
What Does a Family Health Insurance Policy Cover?
A family health insurance policy covers the following:
- In-patient Hospitalization Expenses: Room rent, doctor's fees, nursing charges, and ICU charges are covered.
- Pre and Post-hospitalization Expenses: Medical expenses incurred before and after hospitalization are covered for a specific period.
- Day-care Procedures: Medical procedures that do not require hospitalization for more than 24 hours are covered.
- Domiciliary Hospitalization: Medical treatment taken at home due to the non-availability of a hospital bed is covered.
- Ambulance Charges: The cost of ambulance service in case of an emergency is covered.
Exclusions in a Family Health Insurance Policy
A family health insurance policy does not cover the following:
- Pre-existing Diseases: Any illness or condition that existed before buying the policy is not covered for a specific waiting period.
- Alternative Treatment: Treatment taken through alternative medicine such as Ayurveda, Homeopathy, and Unani is not covered.
- Cosmetic Surgery: Any surgery done for cosmetic purposes is not covered.
- Self-inflicted Injury: Any injury caused intentionally is not covered.
- Non-medical Expenses: Expenses incurred due to non-medical reasons such as visiting charges, telephone charges, and food bills are not covered.
How to Claim on Your Family Health Insurance Policy
There are two ways to claim on your family health insurance policy: cashless and reimbursement. In the cashless method, the insured can receive treatment at any network hospital without paying upfront. The hospital sends the bills directly to the insurance company for settlement. In the reimbursement method, the insured pays the medical bills and then claims reimbursement from the insurance company by submitting the bills and necessary documents.
Tips to Lower Your Family Health Insurance Premium
Here are a few tips to lower your family health insurance premium:
- Choose a higher voluntary deductible, which is the amount you agree to pay before the insurer pays the balance.
- Opt for a longer policy tenure, such as a two-year policy, as it may attract a discount.
- Choose a floater policy instead of an individual policy, as the premium is lower.
- Lead a healthy lifestyle and quit smoking to reduce the risk of illnesses and get discounts on the premium.
How to Renew Your Family Health Insurance Policy
Renewing your family health insurance policy is easy. You can either renew it online or offline by visiting the insurance company's branch office. Make sure to renew the policy before the due date to avoid any lapse in coverage. Also, review the policy terms and conditions before renewing to ensure that it meets your current requirements.
In conclusion, a family health insurance policy is a must-have for every family. It provides financial protection and ensures timely and quality healthcare for all members of the family. Choose a policy that meets your requirements and budget, and remember to renew it on time to enjoy uninterrupted coverage.
Frequently Asked Questions about Family Health Insurance Policy
What is a family health insurance policy?
A family health insurance policy is a type of health insurance plan that covers all members of a family under one policy. This includes the primary policyholder, their spouse, and their dependent children.
What does a family health insurance policy cover?
The coverage provided by a family health insurance policy can vary depending on the plan chosen. Generally, it will include coverage for hospitalization, doctor visits, prescription drugs, and preventive care. Some plans may also include coverage for dental and vision care.
How much does a family health insurance policy cost?
The cost of a family health insurance policy can vary depending on factors such as the number of people covered, the level of coverage selected, and the location of the policyholder. On average, a family health insurance policy can cost anywhere from $500 to $1500 per month.
Can I add new members to my family health insurance policy?
Yes, you can usually add new members to your family health insurance policy. This includes new children, a spouse, or other eligible dependents. However, you may need to wait until the next open enrollment period or provide proof of a qualifying life event to make changes to your policy.
What happens if I lose my job and my family health insurance policy?
If you lose your job and your family health insurance policy, you may be eligible for COBRA continuation coverage. This allows you to continue your current health insurance coverage for a limited time, but usually at a higher cost. You may also be able to enroll in a new health insurance plan through the Health Insurance Marketplace.
