What is Family Health Insurance?
Family Health Insurance covers medical expenses for illnesses, injuries and other health conditions and treated in a hospital for you and your family. Unlike individual health insurance plans, Family Health Insurance offers coverage for the family at much lower premiums. It is not only a money saver but also protector of your healthcare needs.
Why is it important?
Family Health Insurance provides risk coverage against expenditure caused by any unforeseen medical emergencies to the family members covered by the policy. An earning member of the family can take Family Health Insurance to cover his or her parents and also his or her children who may not be earning. By doing so, you will be taking of their health needs for premiums which may be lower. As medical bills are high, Family Health Insurance comes as a major support.
1. Insured family members receive better and timely healthcare 2. Family Health Insurance benefits the people with discounted medical prices. 3. Better health outcome
How to claim?
You can make a claim under a Health insurance policy in two ways: 1. Cashless basis 2. Reimbursement basis
Advantages of a family health insurance policy
There are numerous advantages to having a family insurance plan 1) The best family health insurance policy allows all members of your family to enjoy the benefits of the sum assured and not a floating sum. 2) When you compare family health insurance plans with other insurance policies you discover it allows you to make savings as the premiums paid are considerably less. 3) The best family health insurance cover offers medical coverage for up to 15 members of the family. 4) For an annual premium, all members of the family get to enjoy health insurance for a fixed assured sum. 5) Hassle-free insurance cover for large families as it is easy to track policy payments without compromising on the family health. 6) By paying for your family health insurance policy in any mode except cash, you get to enjoy tax benefits. 7) You can easily add new members to the health insurance cover when needed and also allows for continued cover if one member dies without losing the benefits. 8) It has attractive features that appeal to young families such as provision for maternity and newborn cover. 9) An online family health insurance application is hassle-free and convenient. It allows you to compare the various options available without the misinformation of an insurance agent. 10) For a selected term, a family can enjoy continuous health insurance coverage without an increase in premium payments. There are however some key point that one should remember to enquire before making a health insurance purchase that includes – Compare family health insurance plans provided by different insurance providers. This will ensure that the basic covers that are important to you and your family are included. – Where parents and in-laws are part of the health insurance plan, inquire on the maximum renewal age as some insurance companies have age restrictions. – As you seek family health insurance quotes ensure you understand an insurance provider’s claims settlement policy to avoid hassle during an emergency. – Compare family health insurance quotes and ensure seamless cashless hospitalization for your choice of hospital. The network of hospitals under an insurance plan may differ from one insurance firm to the other.
No Claim Bonus
This is very important. If you or your family members do not claim any insurance during the policy period, you will get a discount on the premium when your next renewal comes up. That is also indicative of the fact that you and your family members have keeping yourself fit and healthy. If you do not make any insurance claim during your policy period, insurance companies give ‘No Claim Bonus’. Insurance companies reward you for staying healthy and fit. The discount can keep increasing every year depending upon on your health records.
Why buy insurance on Insuremile online platform?
1. Because enquiry about insurance quotes, buying of insurance and other transactions are simple, transparent and competitive on InsureMile platform. 2. Because InsureMile does not ask you for your phone number or email details, thus you are not harassed by unwanted calls or mail. 3. Because InsureMile will guide you, whenever you need any assistance.
The most important differentiator is InsureMile’s ‘Buy A Policy, Feed A Child’ mission For every policy you buy, InsureMile on your behalf contributes 10 meals to a child. You are thus becoming part of a Social Movement to eradicate hunger among children in India. There is no additional amount to be paid for the social cause. It is part of the premium. You can claim tax benefits for the donation you have made.
Advantages of a family health insurance policy
Health insurance is an ideal way to protect your loved ones and yourself from financial ruin due to illness. It ensures that your expenses are reimbursed or better yet you get to enjoy cashless treatment when the need arises. A family health insurance policy covers members of a family i.e. spouses, children, in-laws and parents. Although it covers your family from the ever-rising cost of medical attention, there are limitations and exemptions to your policy. It is therefore advisable to ensure that you compare your family health insurance policy to avoid disappointments when you need it the most.
Comparison of family health insurance and individual health insurance plans
– Family health insurance covers the whole family while an individual health insurance plan only covers the individual. – Family health insurance plan is cheaper as it is a combination of many individuals for one premium payment as compared to individual health coverage. This allows families to make savings. – An individual health insurance plan covers critical illness which is not covered by a family health plan. – An individual health insurance plan does not have age restrictions while some insurance providers have age restrictions for family health insurance coverage. In all ensure to compare the various family health offers in the market as the cheapest is not always the best and neither is the most expensive always necessary.
Updated on Oct 26