Financial security for the whole family is essential in the case of any medical emergencies. To ensure that family members get the medical assistance they need without having to dip into their savings, people choose to get family health insurance plans.
Family health insurances offer coverage for the whole family. People can include their parents, siblings, spouse, in-laws, dependent siblings and children under this policy. Usually, a single premium is paid and the entire sum is shared with all the members under the plan. Generally, this plan covers up to six members. The best mediclaim policy for a family is one that offers features suited to your specific needs.
[Also read: health insurance tax benefits]
What is a Family Mediclaim Policy
Family mediclaim policies are a type of family health insurance policy that provides coverage for your whole family. This type of mediclaim requires less premium and offers higher coverage for each family member when compared to other types of mediclaim policies.
The premium for this type of insurance policy is often calculated based on the age of the eldest insured family member. Policyholders can also make an unlimited number of claims until the sum insured is completely exhausted.
The eligibility parameters of who qualifies for family health insurance can vary depending on the insurer. However there are a few common specifications like,
- Members Who Can Be Covered
- The Insured Sum
- Policy Period
- Age Limits
Mediclaim policies are perfect for people that are only looking to claim in-patient expenses like doctor’s fees, nursing charges, oxygen, etc. Furthermore, mediclaim policies are also offered in different types to suit specific requirements.
Types of Mediclaim policies in India
Individual Mediclaim Policy
Individual policies, as their name suggests, offer coverage for a single person for a specific amount. It offers mediclaim and medical assistance to the insured individual where they can claim the full amount when required.
Family Floater Mediclaim Policy
Under a family mediclaim policy, the whole family is insured for a fixed amount. The total sum insured is shared among the members under this policy. So it can either be used by the whole family or by a single person. This is often the best mediclaim insurance for a family.
Senior Citizen Mediclaim Policy
This is great for individuals who are currently about to retire or are near retirement age. In case of medical emergencies, it gives them the proper support so they won’t have to dip into their savings and get stuck in a financial crisis.
Critical Illness Mediclaim Policy
People afflicted with critical medical conditions opt for this if their illness is covered under this policy. The sum insured to them is paid as a lump sum. Critical illness policies usually provide higher claimable amounts when compared to other types of insurance policies.
Group mediclaim policy
This type of health policy is used by employers or by a person in charge of a group of people. It is used to provide remuneration benefits of cashless claims and hospitalisation expenses to those insured under this plan.
What to Look for When Buying a Family Mediclaim Policy
A good mediclaim policy for your family should be cost-effective, cover the expenses for your required medical expenses (for hospitals and domciliary treatement), have cashless claims and adequate pre- and post-hospitalisation coverage. These are a few important factors to look for when looking into family health insurance policies.
Coverage
A good family mediclaim policy provides adequate coverage for all necessary medical expenses. A higher sum might result in a higher premium. So, carefully assessing your needs and choosing the right coverage can help you in the long run in the event of any medical emergencies.
Co-Payment
The insured individual is required to pay a predetermined portion of the claims in the case of a co-payment clause. Co-payment benefits on a family health insurance plan are often substantially more affordable.
Sub-Limits
Before you should pay close attention to any sub-limits included under the policy. As some companies have specific limits on specific illnesses and treatments.
Network Hospitals
Cashless claims are only available to network hospitals included under the insurance policy. So mediclaim insurance having a vast network of hospitals across different locations will be beneficial to the insured.
Waiting Period
Claims can not be made during the waiting period, except for hospitalisation during accidents. Furthermore, insurers also have a waiting period for pre-existing illnesses and health conditions. So checking the exclusions under the waiting period can help you reach a better decision.
Add-Ons
Usually, mediclaim insurance policies don’t offer add-ons, but certain companies may provide them. If they do, they are always worth looking into if you want to enhance your health policy. However, you should note that adding unnecessary add-ons can increase the premium amount and offer no relevant benefits.
Exclusions
Being aware of the exclusions under a policy is often more important than the inclusions. It can prevent any future issues when filing a claim.
Free Look Period
A free look period allows the individual to return the health policy and avail of a refund if they are not happy with the plan. This period allows the person plenty of time to go through the policy details and features. Taking advantage of this feature can prevent you from buying into a bad deal.
Conclusion
Medical emergencies can happen at any time and anywhere. Coupled with rising medical costs, having a health insurance policy for you and your family members in place can help lessen any anxiety regarding having to pay out of pocket for medical expenses.
