With rising costs for medical health care, families struggle to pay the expenses out of their own pocket. At such a time, family insurance plans come in handy and ease the burden a family faces while going through a medical crisis.

In this article, we will be looking at the types of health insurance plans in India for family and what are the elements to look for while searching for family insurance policies.

What are Family Healthcare Insurance Plans?

When you enter the workforce, it is time to start thinking about financially securing yourself as well as your family. A family insurance plan is a medical insurance policy which covers not just yourself but also other members of the family. These members can include your spouse, children, parents and in-laws. 

Depending on the plan, there is either an individual sum insured for each member of the family or a single cover for the entire family. Family insurance policies usually cover pre and post-hospitalisation charges, annual health check-ups, doctor visits, maternity benefits and more. Most insurers also offer Covid-19 coverage which is a huge help when multiple members of a family catch the virus at the same time.

What are the Types of Family Insurance Plans?

A variety of family healthcare insurance policies are offered by both private and public companies. The following are the main types of family health policies:

• Family floater plans: A family floater plan offers a single cover for the entire family. In this plan, a single sum insured can be used by any member of the family who has signed up for the insurance plan. This plan is best for people who want insurance with an affordable premium and a larger sum insured amount for the whole family. It is best to choose this plan if you want to cover your family while you are younger, as there are fewer chances of you availing the plan as well.
• Individual family plans: An individual family plan is a health care policy where you can buy individual plans for each member of the family. Here, there would be a separate sum insured for each member of the family so that you do not have to worry about exhausting your coverage amount. These plans are best for middle-aged working professionals who want to ease the financial burden on both their as well as their family’s medical care. Since each member will be covered separately, the premium will be higher compared to a family floater plan.
• Senior citizen plan: In case the family members you wish to cover are over the age of 60, opting for a senior citizen plan is beneficial. Having seniors in a family floater plan can be difficult as they will be needing medical care more often, and hence, there is a risk of exhausting the coverage amount. Hence, it is advisable to buy individual/family floater plans for members such as your spouse and children and then opt for a senior citizen plan to cover your parents, grandparents or in-laws.
• Critical illness plans: A critical illness plan covers the expenses incurred due to any critical illnesses such as cancer, kidney failure, heart disease etc. The insurer provides a lump-sum amount of the sum insured to the bearer once diagnosed with a critical illness.

What are the Inclusions And Exclusions in a Family Healthcare Insurance Policy?

When looking for the best health insurance policy for family, make sure you check the inclusions and exclusions of a policy. Some of the main inclusions of family insurance plans are:

• In-patient expenses: In the event of hospitalisation, the insurer covers the charges for the treatment and other expenses if the bearer is hospitalised for more than 24 hours.
• Pre and post-hospitalisation: Any check-ups, doctor visits, and laboratory tests that are supposed to be done before a planned hospitalisation or after are covered by the insurer.
• Day-care: If the hospitalisation is less than 24 hours, the insurer covers the cost of the treatment procedures.
• Ambulance: The cost of hiring an ambulance to transport the patient is covered by the insurance companies.
• Organ donor: In case the insured needs an organ transplant, the cost of securing an organ through donors will be covered by the insurer.

Some of the exclusions of family insurance plans are:

• Self-inflicted injuries: Expenses incurred in the event of self-harm or attempted suicide are not covered in the plan.
• Tobacco or drugs: Any medical emergency caused due to the intake of tobacco, drugs or hallucinogens is not included in the insurance plan.
• Plastic surgeries: Any expenses incurred due to plastic surgery or beauty treatments are not covered under the insurance plan.

In this age where medical expenses are through the roof, it is important to make sure you are financially secure to take care of your family. Hence, buying a family insurance plan is necessary. Check out Niva Bupa’s website for health insurance plans in India for family. You can find many plans with a good cashless network, affordable premiums and a good sum insured amount.