Care Insurance
  • calendar_monthPublished on 22 Aug, 2024

    autorenewUpdated on 10 Jan, 2025

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Imagine a family spending quality time together when an unexpected medical emergency strikes in- it can drain their savings, leaving them mentally shattered. But the quiet hero enters into the scene and saves them all the trouble- family health insurance.

With medical insurance for family, planning a single shield of healthcare for the whole family is now possible. Seeking quality healthcare can be quite financially demanding.However, due to the whopping medical inflation rate and expensive healthcare, it is sometimes tough for people to deal with long-term medical expenses. 

In such times, when you have medical insurance for your family, you need not worry about expenses. In this article, we will explore the details of the best health insurance plans for families that are offered by Care Health Insurance. 

What is a Family Floater Health Insurance Plan?

A family floater health insurance is a health plan that covers the entire family under a single health plan. Unlike individual health insurance, which covers a single person, in the health insurance policy for a family, multiple family members can be covered. Anyone can use the sum insured amount as required.   Here is an illustration for better understanding: Ramesh, a 33-year-old working professional, has corporate health insurance offered by his company. However, considering the uncertainties of life, he has also invested in a separate health insurance plan for his entire family.

His family consists of 5 people, including his 32-year-old wife, two children aged 6 and 4 years and his 68-year-old father-in-law. Ramesh has purchased medical insurance for his family from Care Health Insurance. The plan has a sum insured amount of ₹25 lakhs. After 6 months of buying the plan, his father-in-law fell sick, and ₹5 lakhs was used from the sum insured limit. A month later, one of his kids fell from the stairs and got his leg broken, which was another ₹50,000 medical expense.

Both expenses were managed hassle-free since Ramesh had invested in affordable family health insurance. Ramesh still has ₹19.5 lakhs left in his sum insured limit, which can be utilised by any insured member if needed during the policy year.

Family Health Insurance Policy: Key Highlights

As a first-time buyer, you may have a lot of queries at the time of buying health insurance for your family. So, before moving any further, have a look at the table given below to get a quick insight into the plan’s features offered by Care Health Insurance:

Particulars Details
Suited for Families
Number of insured members 5-6 persons (depending on the chosen plan)
Sum insured ₹3 lakhs to ₹6 crore (as per the chosen plan)
Minimum entry age 90-91 days for infants and 18 years for adults
Maximum entry May differ with each plan (usually 99 years/lifelong)
Renewability Usually Lifelong
Waiting period Yes (ranging from 30 days to 36 months)
Add-ons Yes (Optional)
Grace period 30 days from the policy expiry date
Cashless treatment Yes (24800+ network healthcare providers)
Daycare treatment Yes (541+ daycare treatments covered)
Tax benefits Yes, under Section 80D of the Income Tax Act of 1961

Types of Care Family Health Insurance

At Care Health Insurance, you get a range of affordable family health insurance. It is advised to analyse your needs and then compare the health insurance plans to choose the best one. Some of the medical insurance for families offered by Care are:

Care Supreme Health Insurance

With comprehensive and unique coverages under Care Supreme, the whole family can avail the benefit. The policy has no sub-limits on essential features. The sum insured options are ₹7 lakh to ₹1 crore. Unlimited recharge, cumulative bonus, cumulative bonus super, 30% renewal discount, unlimited e-consultations, wellness benefit, no claim waiting period for same person same illness etc. are some of the USPs of this plan.

Care Senior Health Insurance

Care Senior Plan is especially designed for a family's senior citizens. This policy can be purchased without any prior medical check-up. The sum insured ranges from ₹3 lakh to ₹10 lakh. Zone-based premium, no pre-policy medical check-up, annual health check-up, AYUSH coverage, 150% increase in SI with NCB super (optional), smart select, cataract coverage etc. are some of the unique features of this plan.

Care Advantage Health Insurance

Yet another popular family floater health insurance plan, the Care Advantage plan, is a high-sum insured plan. This comprehensive health plan covers all your family members and has a sum insured, ranging between ₹25 lakh and ₹6 crores.

What are the Benefits of Family Health Insurance?

A sedentary lifestyle, stress, and unhealthy eating habits have become the norm today. This amplifies the demand for medical attention, worsening healthcare costs. Then, family health insurance policies come as saviours. The best family health plans provide several advantages to the policyholders, a few of which are mentioned below-

  • Comprehensive Coverage: You don’t need to find multiple individual insurance policies for your spouse or kids. All the family members can be covered under one family health insurance policy. 
  • Affordable Premiums: You need to pay lower premiums for family health insurance than individual insurance policies. 
  • High Coverage to All: Irrespective of age, or disease, all insured members can use the Sum Insured (SI) under the family floater policy. Everyone can avail themselves of high coverage and have complete access to the SI.
  • Ease of Policy Amendments: You can add new members to the policy without hassle by buying good medical insurance for family, like Care Health Insurance. Just inform the insurance company and pay the extra premium. The new member can be added as per the respective terms and conditions.
  • Tax Benefits: Under Section 80D of the Income Tax Act 1961, insured individuals can claim tax deductions for the premiums paid for the medical insurance policy.

What is Covered under a Family Health Insurance Plan?

Generally, a family floater health insurance covers the following health conditions:

Health Conditions Covered Under Family Floater Health Insurance Plans
In-patient hospitalisation Domiciliary hospitalisation
Pre hospitalisation (up to 30/60 days) Ambulance cover
Post hospitalisation (up to 60/180 days) Air ambulance cover
Daycare treatment (541+ treatments covered) Automatic recharge
Organ donor cover (may differ with each plan) Second opinion
Alternate treatment (may vary with each plan) Annual health check-up
No claim bonus Tenure
Room rent Unlimited e-consultations
ICU charges AYUSH treatment

Exclusions of Medical Insurance for Family

Some of the health conditions remain uncovered. These are termed exclusions of the plan. In a family floater health insurance, the following conditions are usually not covered:

  • Self-injury like suicide or attempt to suicide
  • Physical injury due to drug addiction
  • Wars, riots, and mutiny effects
  • Treatment cost of clinically unproven tests
  • Sex change/transformation expenses
  • Infertility or sterility treatments
  • Congenital diseases.

Add-ons to Expand the Family Health Insurance Coverage

Add-ons are the additional coverage you can purchase along with  a health insurance plan. It is optional, so you may or may not choose to invest in it. Following are the common add-ons with medical insurance for families available with Care Family Health Insurance:

  • Reduction in PED Waiting Period: PED refers to pre-existing diseases. This add-on reduces the 36-month waiting period to 12 and 24 months.
  • No Claim Bonus Super: With this add-on, the No Claim Bonus Super, you can increase the sum insured. Up to 50% of the sum insured can be increased for each claim-free year.
  • Co-payment Waiver: In a family health insurance plan, if there is an insured member above 61 years of age, 20% of the co-payment can be waived with the co-payment waiver
  • OPD Care: OPD can cost you significantly. Having an OPD Care cover offers up to ₹500 for each OPD consultation from 14 specified specialists, which can be claimed 2 times annually.
  • Room Rent Modification: With the Room Rent Modification add-on, the insured/patient can pay for a single private room during hospitalisation.
  • Smart Select: With Smart Select add-on cover, the insured can receive a 15% discount at one of the Smart Select network hospitals of Care Health Insurance. .
  • Protect Plus: The Protect Plus add-on is available for 25 lakh & above sum insured options. It offers medical treatment coverage for planned hospitalisation outside India.
  • Air Ambulance Cover: With an air ambulance add-on cover, the patient gets the coverage for the air ambulance required to shift the patient from one place to another.
  • Wellness Benefit: Wellness benefits reward you for achieving healthy goals and staying fit with up to a 30% discount on health insurance premiums during the renewals.

Difference between Family and Individual Health Insurance?

Which one to buy? A family medical insurance policy or an individual health insurance? Make it easier for you with the below-given information:

Feature Family Health Insurance Individual Health Insurance
Who’s covered? 2 Adults + 2 Children Single person separately
Sum Insured Benefits Entire family can avail SI, per policy Insured individual can avail SI benefits
Premium Calculation Per age & health profile of the oldest member Per age, health condition, and individual risk profile of each insured person
Coverage for Dependants May also cover dependant parents Coverage only for insured individual
Premium Single premium for all members which is lower than an individual health insurance A bit higher premium (as per policy)
When to choose? You want to cover your immediate family members into one policy and pay a single premium When you want a dedicated and comprehensive coverage for yourself and avail higher SI individually

How to Choose a Good Health Insurance Plan for Family in India?

When it comes to choosing the best family health insurance plan, there are multiple options available in the market. You should have a sound knowledge of the aspects of an insurance plan to fulfill your family’s medical needs. We are quoting a few factors that you can consider before buying one for your loved ones-

  • High claim settlement ratio: A credible insurance company will have a good ratio of claims settled to total claim requests received. Research about the best ones. 
  • Easy claim process: Claim settlement process must be very convenient. So, look for the history before you pick your insurer. 
  • Vast network: Many insurance companies offer cashless mediclaim policy for family in network hospitals, so, the higher the number of network hospitals, the better assistance you can get during the medical emergency.
  • Comprehensive coverage: A wide range of plan options, and extensive coverage like AYUSH (Ayurvedic, Yoga, Unani, Siddha, Homeopathy) treatment, domiciliary care, etc. are helpful. To make an informed decision, enquire about these treatments. 
  • Minimum Waiting Period: If you or your loved ones have any pre-existing diseases, or a slow growing ailment, then look for an option that has the lowest waiting period.
  • Bonuses and Rewards: Ask for additional perks on claim-free years and get higher family coverage.

Secure Your Family with Care Health Insurance

The health and safety of the family is of utmost concern for any individual. To get one of the best healthcare shields for your family, you may choose Care Health Insurance. With 24800+ network healthcare providers, Care Health Insurance offers quick and easy claim settlement procedures. The affordable family health insurance of Care has benefitted many families so far. Get yourself and your family covered today under medical insurance for your family to have the much-needed mental peace.

>> Also Read: Benefits of Buying a Family Floater Health Insurance Plan

Disclaimers: The above information is for reference purposes only. For more details about the health insurance plans and their benefits please refer to the sales prospectus, policy terms, and conditions.

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