Here’s a Look at Who All You Can Include in Your Family Health Insurance Plan

Posted on: May 19, 2021 | | Written by:

Here’s a Look at Who All You Can Include in Your Family Health Insurance Plan

Published on May 14, 2021. EST READ TIME: 3 minutes

Coverage for Your Family – Know How Many Family Members a Family Health Insurance Plan Can Cover

The introduction of health insurance policies has undoubtedly relieved medical financing woes. A family health insurance plan is one such policy that is gaining prominence due to its widespread coverage. Keeping the policy in place ensures that your family can easily navigate medical emergencies. It relieves you of the financial burden of paying for your medical aid or for any covered member.

Without a doubt, several insurance providers have introduced these coverage policies with attractive benefits. Benefits like cashless home care, a cumulative bonus, and a high sum assured keep you worry-free as well. But you must also be aware of which family members are eligible for plan coverage benefits. Here is a detailed look at the family members who are eligible for insurance policy coverage benefits.

Inclusion of Family Members – Who All Can Be Covered?

A health insurance for family provides coverage for you and other members that can include –

Spouse
Child(ren)
Dependent mother
Dependent father
In-laws
Siblings

In most cases, the insurance policy only covers the parents in addition to the spouse and children. In-laws and siblings are included in exceptional cases or as per policy inclusions.

Many family health insurance policies have maximum age limits. Some of the best insurance aggregators, on the other hand, eliminate entry restrictions for the sake of customer convenience.

The cost of health insurance is reduced because it only requires a single premium payment for entire family. While keeping parents under the umbrella of a family health insurance policy is an option it is not advisable.

Reasons to Keep Parents Out of a Family Health Insurance Plan

Consider the following reasons why you should keep your parents outside the ambit of a family health insurance plan.

Premium amount for individuals over the age bracket of 40 is frequently high. Thus, including your parents over the age of 40 can increase your total premium payment.
Any pre-existing disease, which individuals in their advanced age are more likely to have, increases the premium load. It may also have an impact on the No-Claim Bonus benefits if the hospitalisation is due to a pre-existing disease.
As the number of members covered by the policy grows, so does the sum assured. It has a direct impact on the premium amount as well as your overall financial liability.
Frequent hospitalisations of parents may result in a reduction in the sum assured for other family members.

As a result, it is best to opt for an individual health insurance policy for parents. Such policies are tailored to the needs of individuals of people over the age of 40. You can also find dedicated individual health insurance policies that provide attractive coverage benefits for senior citizens if your parent(s) is/are above 60 years of age.

Important Considerations during Family Health Insurance Cover Selection

Consider the following critical aspects when availing health insurance for family to make an informed decision.

Clause for waiting period
Every health insurance policy includes a waiting period clause that dictates when you can file a claim. This period can extend anywhere from2 to 4 years and aids in determining the impact of any pre-existing disease. It is ideal to choose a family floater policy that has the shortest waiting period.
Ratio of premium to coverage
According the premium amount, the ratio determines the sum assured dedicated to family members. A low premium may appear to be an attractive proposition, but it comes with a limit of sum assured. A low premium also indicates several policy exclusions, which must be considered when selecting suitable coverage.
Availability of cashless hospitalisation benefit
Add-on benefits like cashless hospitalisation are a precise indicator of suitable family health coverage policies. Such facilities can belief savers during medical emergencies that require immediate funding while bypassing tedious paperwork.
Coverage for pre as well as post-hospitalisation expenses
Check the pre- and post-hospitalisation expenses coverage of a family floater policy as well.
Claim procedure and insurer’s claim settlement ratio

The policy must also include a straightforward claim procedure, preferably online and paperless. Such simplification ensures that claim are processed and reimbursement as quickly as possible. Alongside, look for an insurance provider with a high claim settlement ratio.

Conclusion

Choosing the right family health insurance plan provides essential financial security during medical emergencies. It not only keeps your finances from draining, but it also alleviates your worries about financing your family’s healthcare. During the application process, make sure to mention the desired family members for coverage benefits. Also, if necessary, check to see if market-leading coverage options are available for maximum benefits. Add-ons like AYUSH benefits and mental health only expands your family’s coverage.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospects before concluding the sales.

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Here's a Look at Who All You Can Include in Your Family Health Insurance Plan