family health insurance is necessary ...? | Soontalks

Tuesday, August 4, 2020

family health insurance is necessary ...?

Health insurance is a type of insurance that provides coverage for medical expenses to the policy holder. Depending on the chosen health insurance plan, the policy holder may obtain coverage for critical illness expenses, surgical expenses, hospital expenses, etc.

What is family health insurance ?

A family health insurance plan is comprehensive financial risk insurance coverage for more than one individual in a family, during a medical emergency. Offers a specific coverage amount for a single premium payable annually. Family members generally covered in this plan include individuals, spouses, and children. Dependent parents may also be included in family health insurance plans. Sometimes siblings and extended family members, such as in-laws, may also be included in such health insurance plans at an additional premium cost. Family health insurance plans offer coverage for various medical expenses, including pre and post hospitalization, inpatient hospitalization, ambulance costs, etc.

How Important is Health Insurance for your Family?

We look to our family when we need encouragement, love and support. The family makes us feel safe. Therefore, it is our responsibility to our family members when it comes to ensuring a secure future. Proper planning of family home expenses is of utmost importance to avoid a financial crisis. However, unexpected expenses in times of medical emergency can greatly hamper a family's budget. Therefore, opting for family health insurance plans is absolutely necessary to safeguard the family budget. This is particularly true given the rising costs of quality medical care in our country.

Family health insurance plans are designed to provide complete coverage for the medical treatment of more than one member of a family. If a family member is hospitalized due to illness or injury, the lump sum insured under this family health plan can be used for treatment.

Advantages of Family Health insurance Plans

When it comes to protecting your family, a comprehensive family health insurance plan is best, as it provides health coverage for the entire family under one policy. Additionally, there are a number of other benefits, as mentioned below:

High Sum Insured - The plan offers a higher sum insured under a single policy compared   to the individual health plan.
Cashless Hospitalization: Like individual health plans, family health insurance plans     also offer cashless treatment at insurer's network hospitals.
Affordable: Under a single premium paid once a year, a family health insurance plan covers     the medical expenses of all family members.
Option to add members: policyholders have the option to add or change family members in the same plan, also increase the sum insured, rather than taking advantage of a separate plan for the new member.
Tax benefits: Policyholders of family health insurance plans can enjoy tax deductions, under Section 80D of the Income Tax Act, on the premium they pay.

Difference Between Individual and Family Health Insurance Plans

All health insurance plans offer emergency medical coverage, ensuring that there is a financial cushion. Such plans benefit greatly when one aims to avoid the out-of-pocket expenses that often come with medical treatment.

Individual health insurance plans and family health insurance plans are similar in the way that both plans offer coverage for medical expenses. However, there is a clear difference between these two plans. Affordability is a defining factor that gives family health insurance plans an advantage over individual health plans. Buying individual policies separately for each family member can be quite expensive when it comes to paying premiums. Family health insurance plans are effective when you focus on minimal spending. That is, with a single premium, you can get high insurance coverage for your family members, including you, your spouse, children, and dependent parents.

The full amount of coverage can be spent by any or all family members. The value of the sum insured is accordingly reduced when you make a claim for a member. However, the amount of plan coverage is not limited to a single member as in the case of individual health insurance. Additionally, premiums for family health insurance plans are decided on the basis of the oldest member of the family, while they are decided on the basis of a member only in the individual plans.

How to Claim your Family Health Insurance?

Here are the two ways you can claim your family health insurance:

In the case of Cashless Facility:

.  Obtain the pre-authorization form at the TPA counter at the network hospital and complete all              required details.
2.   Share all medical bills, diagnoses, and prescriptions.
3.   Send us all the required documents along with the policy claims.
4.   Once we verify your documents, you will receive an approval letter from our claims management         team.

In the case of Refund:

1.    Fill out the claim form and attach all required documents along with the form.
2.    Send us the required form and documents.
3.    The claims management team can raise the query.
4.    Once the team verifies and verifies the documents, you will receive an approval letter from the           claims management team.
5.    After approval, your hospitalization expenses will be reimbursed up to the insured amount.

How to buy family health insurance plans online?

Today, when medical inflation is rampant and treatment costs are skyrocketing, it is wise to take a comprehensive family health insurance plan. It not only covers your medical needs, but also supports you during the financial crisis. Now, it's easy to go for online family health insurance plans. Read below how you can buy it:

Enter the required details on the form on the Religare Health Insurance website.
Get the quote
Choose the one that best suits your needs.
Fill in the required details
Present the required documents
Make payment online
You will receive an insurance policy in your registered email and printed copy through a registered publication.

Tips to Choose the Right Health Insurance Plan for your Family

Investing in the right health insurance is a wise decision to protect yourself and your loved ones in the event of any medical emergency. But how to choose the right plan can be a daunting task. Here you can read these tips that help you choose the health insurance policy that best suits your family's medical needs.

Maximum coverage : The comprehensive family health insurance policy provides a maximum coverage that includes expenses before and after hospitalization, expenses for diagnosis, treatment, medications, organ donation coverage, chemotherapy and radiotherapy, and annual health checks.

Affordable Premium Calculate the premium with the help of online premium calculators available on the website and compare which plans, coverage and passengers cost you the least. Choose the plan accordingly that won't overburden your pocket.

Check exclusions: Check the exclusion list carefully before choosing a family health insurance policy. There are certain conditions when your family cannot obtain the claim. So go for the coverage that offers maximum coverage with minimal exclusions.

Check the co-payment clause: Before investing in family health insurance plans, it is also advisable to check the co-payment clause. It can range from 10 to 30% of the amount you must pay to settle medical bills. However, any amount that exceeds this amount will be paid by the insurer.

Network Hospitals : Verify that all network hospitals are associated with the insurance provider. It is advisable to search for hospitals that are close to your residence and that are famous for their health care services.

How to Claim Tax Benefits on Family Health Insurance Plans?

Claim on Premium:

If you are under 60 years of age, you can claim a tax deduction of up to INR 25,000 on the premium paid against health insurance, and if you are over 60 years of age, you can claim up to INR 30,000 per year.

Claim on Annual Preventive Health Check-ups:

In accordance with Section 80D, you can take advantage of the tax cut on annual health check-ups of up to INR 5000 per year.

Claim on Senior Citizen Policy:

If you buy health insurance for your parents over the age of 60, you can also take advantage of an additional deduction of up to INR 50,000.

Add On Covers with Family Health Insurance Plan

No Super Bonus Claim

By choosing an optional coverage, NCB Super, you can further increase your insured amount by 50% for each year without claims up to a maximum of 100%. Therefore, in total with NCB and NCB Super, one can increase their insured sum up to 150% in 5 years.

Daily care

Your family can avoid hospitalization for many years in a row. However, you should be very fortunate to avoid consulting the doctor even for a few months. For all visits for all routine hospital visits, we give you 1% of your insured sum for medical visits and diagnostic tests each. This can be used through a cashless health card and the additional premium paid to take advantage of this additional coverage is also applicable for the tax benefit under section 80D of the IT law.

Unlimited automatic recharge

There should never be a time when you run out of coverage, which is why selecting this add-on will cover the amount of your insured sum if it is reinstated on your policy each time your insured amount runs out. And this can be taken advantage of an unlimited number of times.

Air ambulance cover

The right cure can be miles away, but never out of reach with Air Ambulance Cover. For all those moments in which a treatment that is not in your city of stay can be recommended.

Personal accident coverage

Forget the hassles of keeping two separate policies, one for health insurance coverage and one for personal accident coverage. By selecting this additional coverage, you get Accidental Death and Permanent Total Disability coverage for up to 10 times the chosen insured amount.

Second international opinion

We believe that sometimes tranquility works better than the cure itself. Therefore, before continuing with the recommended treatment, we give you the option to consult the doctors and take a second opinion.

Global coverage

Quality health care can have no limits. Therefore, if you ever feel the need to receive treatment at a center abroad, you can be sure, since with this complementary coverage you will get Global Coverage also without cash in all the hospitals in the network.


Author & Editor

Myself Sudhakar Sharma and I am a mechanical engineer right now and I want to explore my knowledge through my blog.


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