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Health Insurance Plan for Family

Find more about affordable health insurance plans to give you and your family coverage and protection. Learn more about family health insurance here.

  • Jan 12, 2021

Through good times and bad, your family will support you. They are the ones that will go out of their way to help you. You can secure their future by getting health insurance plans for family.

Medical emergencies come out of nowhere. You can save your family from facing the brunt of rising medical costs by providing them with financial coverage. A family floater health insurance plan for family policy will cover all your family members under a single policy.

What is Family Health Insurance?

Every member of your family is covered by a single-family health insurance policy under the category of medical insurance known as a family health insurance plan. This plan accounts for the likelihood that not every family member will become ill at the same time by dividing a specific sum insured among all members. Most family health insurance plans offer pre- and post-hospitalization coverage, cashless hospitalisation choices, and maternity benefits.

What are Family Floater Health Plans?

A family floater plan is health insurance for family policy which provides coverage to the entire family rather than a single individual. These floater plans will bring all the family members under a single policy.

For instance, if any family member gets ill, they can use the coverage provided by this policy. The premiums rate for this policy will depend on the number of members included, the age of the oldest member and the sum assured. They offer an affordable policy for your family’s safety. If there is a newborn in the family, they can easily be added to the plan. However, adding members to the plan will depend on your chosen plan.

Family health plans come with several benefits, and you can compare and select a plan that offers the most features and will benefit your family.

Who can be Covered Under a Family Health Plan?

The number of covered family members will depend on the policy you opt for.

  • Spouses and children are automatically added to all family floater plans.
  • Sons can generally be included in the plan up to the age of 18 or 25 (varies per plan).
  • They can be covered beyond that in extraordinary circumstances
  • Daughters can be part of the plan until they are married. After that, however, widowed, single or dependent daughters can be part of the plan, irrespective of age.
  • Parents can be a part of the plan if they do not have separate health insurance plans for family policy
  • In some family floater plans, dependent in-laws can also be included in the coverage.
  • A few family health plans also allow dependent siblings to be a part of the plan.

Advantages of a Family Health Insurance Plan

Umbrella health cover for the family: A family health plan offers the necessary health Insurance coverage for the entire family under a single plan.

Wide coverage for the family: Family floater health plans offer a range of benefits, including doctor consultation, cashless hospitalisation, pre- and post-hospitalisation coverage, pre-existing illnesses coverage, and so much more.

Ease of maintaining the policy: A family floater plan eliminates the hassles of maintaining separate policies for every family member. You only need to track a single health plan and pay a single premium for the coverage of all members.

Continued coverage despite the death of one member: The policy remains active even if one of the insured family members dies, and the rest of the family can continue availing of the policy coverage.

Tax benefits: You can avail of tax deductions under Section 80D of the Indian Income Tax Act for the premiums paid for a family floater plan in a year. You are also entitled to an additional tax benefit if you pay for an individual health plan for your parents.

How to choose health insurance plans for your family?

Policy coverage

Decide on a policy which covers a vast range of illnesses, hospitalisation costs, ambulance charges, etc. Specifically, look out for the coverage of pre-existing illnesses in the family.

Waiting period clause

Check the waiting period for coverage of all illnesses and procedures. Choose a low waiting period policy for primary diseases and medical procedures.

Adding new members

When buying a health plan, you must ensure that you can add family members to the plan. In the event a senior member of the family has passed away, someone else can be added to the policy. If a new child is born into the family, they can be directly added.

Lifetime renewability

Lifetime renewability will ensure you can get the policy’s benefits in your old age. This will help you save yourself from finding a new policy. An age-specific limitation on health insurance plans for a family can leave you stranded looking for a new policy at that age.

Network hospitals

Health insurance plans for family providers tie up with hospitals to help you avail good quality cashless treatments. Therefore, you should select the policy that has renowned hospitals from your locality in its network. Going to a network hospital makes the process of claiming your insurance accessible.

Buy Health Insurance Now

Why Buy Health Insurance Plans for Family Online?

It can be difficult to choose the finest family medical insurance plan in India because there are so many options available. By comparing the prices of several family health insurance policies online sites, you may save time. Here are some elements to consider before making an online family health insurance plan purchase:

Instant Quotes

The process of buying family health insurance is quite short because quotes from different insurance providers are instantly available. Compare the prices to determine which one best suits your requirements and spending plan.

Safe Payment Modes

Now that the world is digital, people prefer making payments online to using cash or cheques since there is less danger of fraud. Family health plan purchases can be made online using safe payment gateways and electronic payment options, including debit cards, net banking, credit cards, etc.

More Convenient

It is easy to buy a family health insurance plan online. When necessary, you can rapidly compare several options or get expert advice. Additionally, you don’t have to wait in line to submit them or do a ton of paperwork when buying the plan.

Online Access to Policy Services

Once you’ve bought a family health insurance plan, you can quickly access your policy documentation online or by downloading the mobile application, and you can also take advantage of after-sales services. Health insurance for family claims can also be submitted online.

Summing Up

Buying a family health insurance policy is a great way to save your family from medical costs and provide them with coverage during emergencies. Family floater health plans provide coverage to every member of your family. When choosing a policy for the family, you must read up on the different plans available. Ensure you have your and your family’s requirements from the policy clear.

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Ref. No. KLI/22-23/E-BB/492


- A Consumer Education Initiative series by Kotak Life

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