Family health insurance is a kind of health insurance that covers the entire family under a single sum. It involves single annual premium payments and typically includes two or more members. Some plans have a maximum number of members they cover. Some plans allow you to add new members to the family plan by paying an additional sum and higher premiums. Therefore, health plans for a family usually cover you, your spouse and your children. Some policies offer coverage for parents and parents-in-law also. These are all aspects to consider before buying a family health plan.
Why is there a need for such plans in the insurance industry? Well, for three main reasons.
Cover 360’s expert analysts understand the benefits of a family health plan. Therefore, based on your family’s needs, they find you the ideal family health insurance!
Family health insurance covers the entire family instead of only an individual. A single sum assured and a single premium is paid annually. For families with a good medical history, this is a great way to tackle any medical emergencies.Health plans for your family covering a wide range of people means that they can also be added to. And this all happens under a single policy.
As we stated earlier, a family health insurance or a family floater plan covers all the members of a family. Even with a stellar medical history, there is a possibility of tragedy striking. Being prepared for a medical emergency is not an option. It is a necessity. And a family floater plan caters to this necessity by offering a sum that covers the entire family. It also covers a wide variety of illnesses for all ages. Buying a family floater plan, therefore, is a brilliant way of ensuring coverage at a reasonable price.
Buying individual insurance plans for everyone can be a huge headache. Managing different insurance policies means managing multiple claim processes, multiple renewals etc. These are all difficult to keep track of and make individual insurances very irritating. A family plan puts all these aspects under one policy. You only need to renew once; the claim process is always the same and, if you want additional benefits such as maternity, they can be added to the existing family floater plan.
A lot of family health plan providers offer cashless hospitalisation. This means that you do not need to worry about documentation and receipts for reimbursements. Simply get treated at a network hospital and contact your insurer. They transfer the money, and you're good to go.
Family health insurance is very flexible. Adding more members to your policy by increasing the sum assured, and the premium is easy. If you have more kids or if someone gets married, adding everyone on to the same plan is allowed. This makes the entire experience much more efficient.
Although not the primary benefit, the fact that the premiums paid are tax-deductible is an incentive. Premium payments are deductible under Section 80D of the Income Tax Act. This makes the family insurance an even better investment than it previously was.
The ultimate point of this is financial security - something we discussed in the previous points. Family insurance helps because medical emergencies are, by definition, unexpected. Therefore, it provides a form of income cover and prevents your savings from running out.
Our insurance experts at Cover 360 understand all these necessities for family floater plans. This is why we bring you together with the most beneficial plan for you!
Family health insurance has become one of the staples of Indian families. It makes life so much easier for the family member handling the insurance. This is because it puts everyone under the same plan. You can add new members as and when needed and you only need to make one annual premium payment. This is much easier than handling multiple individual policies. And the best part is that all family plans have add-ons! So, if you need senior citizens or maternity care covered, you can do that all under a single plan.
There are two main types of health plans for family:
Under this policy, you either undergo cashless hospitalisation or a reimbursement process. This is dependent on your provider and their specific policy. Trying to choose cashless hospitalisation is always better but, either way, you get coverage through these methods. Ensure you always know which method you are going for and plan your claim process accordingly.
Although you can find plans specifically for critical illness insurance, it is also offered under the family floater plan. In this case, the insurance provider gives you a list of critical illnesses they cover. Under this policy, you get a lump-sum payment at the time of diagnosis. There are a couple of things to keep in mind for this type: the survival clause, the sum assured, etc.
Cover 360 specialises in comparing and contrasting various family floater plans and finding you the best one possible!
Family health insurance is a type of insurance where the entire family is covered under a single plan. There is only one annual premium paid annually for the entire family. Purchasing this insurance is recommended if your family has had a good medical history. It allows you to be prepared for anything. Due to this and many other benefits, it has become one of the most popular types of insurance today.
Health plans for your family or family floater plans are far more affordable than buying individual health plans for every family member. Especially if the family has only one earning member, through this plan, that one member ensures their family's financial security regardless of who requires medical attention. This also means that you can grow your own savings while paying a small annual premium.
If you are the designated financial manager in your household, managing multiple individual insurance policies can be a huge hassle. Your spouse, your parents, and your in-laws all having their own insurance policies not only is a headache, but it also empties your pockets. Managing all their premiums, renewing their policies on time, and printing and submitting different claim forms every time is very tiresome. A family floater plan lets you avoid all this with zero hassle. It is very efficient.
Since you are covering a higher number of people, your insurer offers a greater assured sum. This means that you and your family are adequately covered in case of a medical emergency. Depending on your policy, you may even get ambulance coverage. All these factors ensure that you do not fall into financial trouble if you need hospitalisation.
The great thing about health plans for a family is that you can add more people to them. If you get married or have a child, they can be added to your existing plan. So you can cover yourself, your partner, your children, and your parents under a single policy. You just need to opt for a higher sum assured. Additionally, if one of your family members, unfortunately, passes away, the plan and its benefits continue.
A primary reason people choose family health insurance is that they have no limits. As soon as your child is born, they can join the plan. And the policy can be renewed endlessly.
Many insurers offer an option of buying a health cover for 2 or 3 years with minor differences of premium. This makes the policy even more desirable.
Finally, there are tax benefits under Section 80D of the Income Tax Act. The premiums are tax-deductible up to Rs. 25,000 for yourself and Rs. 30,000 for senior citizens. This brings the total benefits to a whopping Rs. 55,000!
With all these benefits in mind, we at Cover 360 strive to bring you the policy you and your family deserve!
Family health insurance is a very popular health plan with good reason. It reduces the headache of trying to manage multiple insurance policies simultaneously. Instead, every family member is placed under one roof. Everyone is covered under one sum, there is only one annual premium to be paid, and the sum assured is higher. Multiple add-ons can be purchased onto this base policy, such as senior citizen insurance and maternity care. New members can also be added whenever necessary.
But this also means that insurers have to cater to multiple needs under health plans for a family. Therefore, there are bound to be some exclusions. You must note that the exclusions we are going to list are subject to change. You need to look at your policy carefully and see what exclusions are present. Then, based on family history, make your decision about purchasing the plan.
Keeping these exclusions in mind, Cover 360 brings you the ideal family health insurance that meets your needs!
Family health insurance is a type of health insurance that covers an entire family. New members can be added, and the policy does not end in the unfortunate event of one member's death. The sums assured are higher, but it is very efficient. Only one annual premium payment is needed under this plan. There are also the options of adding senior citizen care and maternity care to the existing policy. This makes the overall plan a good idea.
As with any insurance plan, coverage comes first. What are the inclusions? What are the exclusions? Look at your family history and decide what you are likely to contract? Are you and your spouse planning for a child? Then you need a plan with maternity cover. Almost all policies cover daycare expenses, hospitalization charges, etc. but checking coverage is still vital to making a decision.
This way, you can account for everything and choose the policy best suited to your needs!
This is primarily in reference to adding new people on your plan. How flexible is the sum assured? Can you easily increase it if you want to add your parents? What about your spouse’s parents? And can you get a newborn child on the plan or does your child need to attain a certain age first? These are all questions you need to ask before choosing your plan. These determine how all-encompassing your plan truly is.
A no-claim bonus is when you do not claim insurance during your policy term and, as a reward, your insurer increases your assured sum. Does your family health insurance have this? What other benefits do they provide? What kind of incentives do they give you? How do they reward you for timely renewal and premium payment?
Some health plans for a family offer renewals only until the age of 60-65. After this, you need to purchase a separate and far more expensive senior citizen health policy. What about your plan? Does it have this clause? Or does it offer lifelong renewability? Lifelong renewability is preferable since you do not have to worry about anything except renewing your policy on time. And, even for that, there is usually a grace period.
Claiming insurance can be daunting. Even though every process is basically the same, it is still a lot of documents. Going through the claim procedure thoroughly is a good idea. Also, choose an insurer with a high claim settlement rate. This guarantees that whether you get cashless hospitalisation or have a reimbursement process, your claim will definitely be settled.
Availing a policy that offers cashless hospitalisation makes your experience much better. Cashless hospitalisation simply means that your insurer pays the hospital directly. Therefore, you do not lose any money in the process. You just give them the documents, and they transfer the money to the network hospital. This is much easier than the reimbursement process where you lose money and then have to wait for your claim to be settled.
Most health plans for a family have a waiting period of 30 days. However, in some cases, they can go on for 90 days. There may also be a separate waiting period for pre-existing diseases. And waiting periods for certain conditions could be even longer. You need to account for all these factors before choosing your health plan.
Cover 360’s highly qualified analysts take all these aspects into account while they help you choose the perfect policy that meets all your needs!
Family health insurance is top-rated in India today. Indian families are known for being close, and this insurance policy was specially designed for such needs. There is typically one person who handles all the finances in the family, and this includes insurance policies. And with multiple individuals under one roof, have them all under one insurance cover also makes sense!
And this brings us to the first advantage of looking at health plans for your family:
Managing multiple premiums, renewal dates and claim settlements can be a huge hassle. Investing in a family plan cancels out these headaches. Instead, you have everything you need under a single plan and can deal with everything efficiently.
Part of giving you a hassle-free option is that you only pay one premium annually. This is for your whole family and keeps them covered should a medical emergency strike.
Choosing a family health plan is a financially sound decision. Individual health plans are very expensive, especially if you purchase one for each family member! With health plans for a family, you get a higher sum assured for a lower price and keep everyone covered. It is automatically a better decision that does not burn a hole in your pocket.
Several plans provide discounts on premiums or incentives of some sort. This is through clauses like the No-Claim Bonus. This bonus is given when you do not claim for insurance in a year. Your insurer then increases your assured sum as an incentive. Some discounts may be offered, making a family plan ideal for future financial security.
Another impressive feature is how new people can be added to the policy. If you get married or have a child, adding them to the policy is easy. Alternatively, you can add your parents or in-laws to the plan by purchasing a senior citizen benefit. Although this may be more expensive, the option for customising your family plan without needing a new plan is very attractive.
The final advantages of purchasing family insurance, like most other plans, are the tax benefits. All premiums are tax-deductible under Section 80D of the Income Tax Act. This is a major incentive for a lot of people considering this policy. Therefore, purchasing this policy is an attractive option.
At Cover 360, we believe in bringing you the ideal family health insurance policy that meets all your needs perfectly!
Family health insurance is the chosen insurance policy for many families across the world and in India. Its numerous benefits and advantages have made it a crowd favourite. The efficiency it promises by bringing all the family members under a single plan makes it highly desirable. This also means that there are several health plans for a family out there.
And today we decided to compile all these policies, and so you get an idea of your options while shopping for health plans for your family.
These plans are a good starting point for you to make comparisons between various family health insurance plans. These are just some of the parameters you need to use while comparing and contrasting. Be sure to note all the inclusions, exclusions and claim processes for your plan of choice.
Cover 360 looks at such health plans for families and evaluates them thoroughly. This way, we can choose the family health insurance most beneficial for you!
Family health insurance is sort of like a group insurance scheme. Instead of being for an individual, it applies to your whole family. Also known as a family floater plan, health plans for a family are known for their flexibility and their efficiency. Since every family member’s insurance is handled under a single plan, there is no need to keep track of multiple premiums or renewal dates. Instead, everything is done at once.
Although there are several things to keep in mind when buying family health insurance, eligibility is not necessarily one of them. The only thing you need to be eligible is a family. Other than that, every aspect differs from policy to policy.
Cover 360’s expert analysts evaluate various policies with all your details in mind. Then they bring you the perfect family floater plan for you!
Family health insurance or a family floater health plan is where one insurance plan covers your entire family. This has become a new favourite because of the immense efficiency it offers. Maintaining premium payments and renewal processes under one umbrella policy makes management much easier. But we have already spent a lot of time discussing the benefits of switching to a family floater plan.
Cover 360 is here to help guide you through this very process! Our seasoned specialists know the ins and outs of every insurance application and want to share that knowledge with you!
Family health insurance has several benefits and advantages. As we have previously discussed, even the claim process is easy. It also greatly reduces the headache that attempting to manage multiple insurance policies would cause. You would otherwise have to worry about managing and organising individual health insurance policies. Health plans for a family bring all the members under a single insurance plan. This means that there is a single premium and policy renewal only happens once.
Cover 360 understands the appeal of family health insurance. Therefore, we make it our duty to bring you the ideal plan for your family’s needs!
Family health insurance is one of the leading insurance choices for Indians with good reason. We have spent a significant amount of time discussing its appeal and why more and more families choose this plan. The benefits and advantages of placing an entire family under a single insurance policy are undeniable. And insurance providers have noticed these pros. This is why there are so many health plans for a family on the market today.
By taking such measures, we build relationships with our clients. These relationships are based on mutual trust and respect. We understand your wishes and execute them to the best of our ability.
Therefore, with Cover 360, you get a complete and fulfilling experience buying your family health insurance plan!