Family Health Insurance 101 for Beginners

With medical insurance for family, planning a single shield of healthcare for the whole family is now possible. Everyone hopes to provide the best medical facilities to their family, especially in today's time when health complications are becoming common. Due to the whopping medical inflation rate and expensive healthcare, it is sometimes tough for people to deal with long-term medical expenses. 

Seeking quality healthcare can be quite financially demanding. 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 is offered by Care Health Insurance. As a first-time buyer of family floater health insurance, it is crucial to know everything about the health plan before purchasing it. So, let's get started.

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. The sum insured amount can be used by anyone as per the requirement. 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 purchasing 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 an 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:

Types of Care Family Health Insurance

At Care Health Insurance, you get a range of affordable family health insurance to choose from. It is best to first 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 lakhs 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 lakhs to ₹10 lakhs. 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 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 is Covered under a Family Health Insurance Plan?

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

Exclusions of Family Floater Health Insurance

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 Coverage

Add-ons are the additional coverage that you 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:

1. 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.
2. 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.
3. 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
4. OPD Care: OPD can cost you significantly. Having an OPD Care cover offers up to ₹50,000 sum insured for OPD expenses which can be claimed 2 times annually.
5. Room Rent Modification: With the Room Rent Modification add-on, the insured/patient can pay for a single private room during hospitalisation.
6. Smart Select: At one of the Smart Select network hospitals, the insured can avail of a 15% discount with Smart Select add-on cover.
7. Protect Plus: The Protect Plus add-on is available for medical insurance for families above & 25 lakh sum insured options. It offers medical treatment coverage for planned hospitalisation outside India.
8. Air Ambulance Cover: With air ambulance add-on cover, the patient gets the coverage for the air ambulance required to shift the patient from one place to another.
9. Wellness Benefit: Wellness benefits reward you for achieving healthy goals and staying fit up to 30% of discount in health insurance premiums during the renewals.

Summing Up

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.