Why Family Health Insurance is Essential: Coverage, Benefits & How to Choose

Health insurance plans are essential in this era of rising medical costs. To get access to better medical procedures and hospitals, you need to have a heavy budget in your pocket. Health insurance helps you get these facilities without any pressure of high cost and paying out of your pocket at the time of crisis. Family health insurance covers two or more than two people under one policy. To understand this in detail, let’s have a look at this brief guide. 

Coverage Included In Family Health Insurance

Worrying about your loved ones’ well-being? You and your family can make small modifications to the investment and choose to buy health insurance plans for family. While buying such plans, ensure to look for better coverages and remember to check for inclusions and exclusions in the policy. Here are some essential coverage that a family health insurance plan offers: 

• Covers most of the medical expenses. 
• Covers the policyholder, spouse, and children under single policy. Dependent parents and even dependent parents-in-law can be covered under this policy as extended family. However, the premium will increase in such cases.  
• Comprehensive health insurance plan is offered with coverages for hospitalisation, surgeries, and maternity benefits.
• Critical illness covers are also available as an add-on cover. 
• In case of pre-existing medical conditions, waiting periods are there. Look for coverage that offers shorter waiting periods. 
• Quality medical attention is provided. 
• Preventive health check-ups can be scheduled.
• Provides financial assistance at times of need by adjusting inflation. 

Benefits Of Having Family Health Insurance

In case of a medical emergency, a health insurance plans for family can provide you with the necessary financial security. There are various benefits associated with such type of insurance plans. Here are some benefits that you can get: 

Covers your whole family

As specified, family health insurance provides extensive coverage for all of your family members including parents, spouse, and children. It is better to have a family health insurance than an individual plan, if you have the budget. 

Affordable premiums

For family health insurance plans, premiums are generally lower than those for individual plans. So, if you want to save a considerable amount and get maximum benefits of insurance, consider buying a family plan instead. 

High coverage

The sum insured for a family health insurance plan can be used for a single family member if the case arises. This flexibility allows you to give better medical assistance to your loved ones if there is any health emergency. Furthermore, each family member has the access to sum insured and can avail the benefits of high coverage according to the policy. 

Cashless claim Settlements

One of the best benefits of insurance plans are cashless claim settlements. Insurance companies have tie-ups with a network of hospitals and if you avail treatment in that hospital, you can avail treatment without paying anything. The hospitalisation bills and other medical expenses are settled directly by the insurers itself. However, in some cases, you are expected to pay a small fee to avail this benefit, in that case talk to your insurer and work accordingly. 

No-claim Bonus

Some health insurance policies offer rewards to policyholders as an annual bonus. This bonus is rewarded when you don’t raise any claim in a year. This reward is known as a no-claim bonus, which you will get if you do not avail any claims from your insurer in a given year. 

How to Choose The Right Family Health Insurance Plan?

When choosing health insurance plans for family, look for the essential factors like better coverage, low premiums, adequate sum insured, and other benefits. Following are some tips on how to choose the perfect financial shield for your family’s health. 

1. 1. Choose the adequate sum insured: Select the right amount as sum insured for maximum protection at time of crisis. Identify your needs, consider pre-existing conditions (if any), number of family members, and budget. 
   2. Understand the type of plan: Compare different plans based on premiums, deductibles, no claim settlement, cashless benefits, and others. 

• Look For added benefits: Wellness programmes, free health checkups, counselling on nutrition, and teleconsultation are some added benefits you should look for. 

1. Go through Terms and Conditions: Read all the terms and conditions carefully before making your decisions. Moreover, check for add-ons and no claim bonus terms in your policy. 

Conclusions 

Insuring your family is essential as it covers your parents, wife, and children’s health at an affordable premium. It is designed to offer maximum protection to you and your family. Health problems generally come uninformed, and you would never want to spend all your savings on treatment of health issues. Family health insurance plans come to your ease by securing your family against the unforeseen medical crisis. Chola MS is one such insurance provider that helps you save your hard-earned money, and assists you with best network hospitals and other health insurance benefits. Signup to email newsletter to be updated with insurance related posts.