Answering Your Questions On Family Health Insurance Plans. Health insurance for a family is a policy that provides overall coverage to the entire family under one plan. This includes a couple, their children, and their parents. Like any other plan, it can also be customized according to your needs and requirements. When talking about family medical insurance plans there might be some questions that might bother some people. Here we are answering some of the questions related to a health insurance policy.
How much health coverage does it provide?
A health insurance plan provides a minimum coverage of 3-5 lakhs depending upon the premium. The health coverage can be increased by either paying a higher premium or various add-ons according to the needs that you want your policy to fulfill.
Is the family insurance plan affordable?
The family health insurance plans are very affordable when compared to the health insurance plan for an individual. As it covers the entire family members under one plan the cost of the policy eventually decreases. Also, the coverage can be shared between the family members for various medical expenses during the policy period.
Can my parents be included in the family insurance plan?
One of the major benefits of health insurance plans for family is that your parents can also be included in the same plan. By paying an extra premium you can include your dependent parents in the same family policy.
What are the services provided in a family insurance plan?
Like any other health insurance plan, it provides cashless hospitalization, pre, and post-hospitalization expenses, cashless claims, tax benefits, etc. The day-care treatments are also covered under this policy.
Are there any additional benefits available?
There are various additional benefits available in a family insurance policy. It provides coverage against critical illness, maternity coverage, etc. One thing that should be kept in mind is that these add-ons come with a waiting period.
What is the waiting period in a family insurance policy?
While buying a policy one must always look for a waiting period clause. It varies from one insurer to the other insurer. In a family insurance plan, most of the insurers have a waiting period of 2-4 years. Always go for a policy with the lowest waiting period.
Benefits of Family Health insurance plan:
- Provides coverage to the entire family in one policy.
- It can be customized with various add-ons and based on your requirements.
- Provides cashless claims, cashless hospitalization, medical expenses, etc. for the entire family.
- Tax exemption can be availed under Section 80D of Income Tax.
- Some insurance companies provide treatment against coronavirus in the family health insurance plan. It includes room rent, medical expenses, etc.
There is always a question on whether a family insurance plan is better than an individual health insurance plan. When you look at all the aspects, it is quite difficult to say which one is better. But, comparing the premium, it is lower for a family insurance plan rather than an individual health insurance plan.