Today, with the rising cost of medical care, it is very challenging for a single earning person to cover the healthcare expenses of the whole family. Thus, it is important to invest in a health insurance policy, or more precisely, a family health insurance plan. Under this plan, all the family members are equally covered, and you do not have to pay much toward the premium.

A family health insurance, or simply family floater, is quite popular among families with several members. Let’s understand how this insurance is beneficial for your loved ones. 

What are the Benefits of Having a Family Health Insurance?

Here are the advantages of having family health insurance:

Coverage for the Entire Family

Family health insurance plans help cover all the members of the family under one plan. This includes your spouse, children, dependent parents, and even parents-in-law. 

Affordable Premiums

The premium that you need to pay toward a family health insurance plan is cheaper as compared to other health insurance. This is because all the members are insured under one plan. Hence, you have to pay the premium for only one policy. 

Maternity Coverage

Many general insurance companies offer maternity coverage under health insurance plans. This is great for young married couples, which allows maternity-related expenses. However, it is important to check with the insurer if they have such a policy. 

High Coverage for Each Member

The sum insured under this policy can be used by anyone who falls ill. Thus, all the members included have complete access to the insurance amount. This allows policyholders to achieve higher coverage. 

Can Opt for Add-Ons

The family floater plan comes with rider choices. You can choose the ones with broader coverage. Though you have to pay a little extra premium for the additional coverage, it will be worth the penny you are investing. 

New Members Can be Added Easily

You can add new members to the plan, depending on the terms and conditions of the policy. All you need to do is inform the insurance company about adding a new member, and you will have to pay an extra premium. The member will be added without any hassles.

Tax Benefits

Family health insurance allows you to enjoy tax benefits up to INR 25,000. This increases up to INR 50,000 if there is a senior citizen included in the policy. You must check with the insurance company about the age limit. 

Factors to Consider While Buying a Family Health Insurance

Here are some of the factors to consider while purchasing health insurance for your family.

Coverage

Ensure to check the coverage offered by the plan. Usually, health insurance covers you for expenses related to in-patient hospitalisation, daycare, ambulance, etc. You can find all the details in the inclusion section of the policy. Also, do not forget to check their exclusions to eliminate any false assumptions and expectations. 

Cashless Hospitalisation

This is one of the most important factors to check while buying a family health insurance plan. This ensures you a stress-free hospitalisation without worrying about the money. Though many general insurance companies in India have tie-ups with many hospitals, it is great to have prior knowledge of the names of the network hospitals near you. This way you can reach the nearest healthcare centre in case of an emergency. 

Maximum Renewal Age

Usually, insurance companies offer lifetime renewability on health insurance for families, but some may limit the renewability age to 60-65 years. Thus, it is important to know the renewability age beforehand to ensure you make a sound decision. 

Conclusion

Apart from all the aspects mentioned here, always check an insurance company’s claim settlement ratio (CSR). A company with a CSR above 90 is considered good, and anything above 95 is considered the best. So, always ensure to pick insurers with a CSR above 90 to ensure an easy claim settlement. If you have doubts about which insurance company to select, you can check the IRDA website. It lists all the general insurance companies in India. The best family health insurance can help you protect your family in a better way.