Health Insurance Plans for Family

Square Insurance 23 Feb 2022
Health Insurance Plans for Family

To be able to afford medical care today, your family's financial security is imperative. An individual health insurance policy provides coverage to your entire family against medical expenses incurred during a medical emergency.

Family Health Insurance: What is it?

A family policy, also known as group health insurance, protects the entire family under one policy. In the event that everyone does not fall ill simultaneously, the family will share a fixed amount of insurance. In addition to cashless hospitalization, maternity benefits, pre- and post-hospitalization coverage, families with health insurance have access to a range of benefits.

Best Health Insurance Plans for Family in India 2022

Our objective at Square Insurance is to make the process of purchasing an affordable family health insurance policy as easy as possible. Below are a few of the best plans offered by leading health insurance companies in India. Check them out

Aditya Birla Activ Health Platinum Plan
Bajaj Allianz Health Guard Plan
Bharti AXA Smart Super Health Insurance Policy
Care Health Insurance Plan
Cholamandalam Healthline Insurance Policy
Digit Health Care Plus Policy
Edelweiss Health Insurance Policy
Future Generali Future Health Suraksha Plan
IFFCO Tokio Family Health Protector Policy
Kotak Mahindra Health Care Policy
Liberty Secure Health Connect Policy
ManipalCigna ProHealth Insurance Plan
Niva Bupa (Formerly known as Max Bupa) Heartbeat Health Insurance Plan
National Parivar Mediclaim Policy (Floater Policy)
New India Assurance Floater Mediclaim Policy
Oriental Happy Family Floater Policy
Raheja Health QuBE Insurance Policy
Reliance HealthWise Policy
Royal Sundaram Lifeline Insurance Policy
SBI Arogya Premier Health Insurance Policy
Star Family Health Optima Insurance Plan
Tata AIG MediCare Policy
United India Family Medicare Policy
Universal Sompo Complete Healthcare Insurance Policy

*Square Insurance does not endorse, rate, or recommend any insurance provider or insurance product.

Benefits of Buying Health Insurance Plans for Family

With family floater insurance plans, insured family members are able to benefit from several benefits. You can get coverage under one policy for all your family members, regardless of their ages. Here are some of the major benefits of purchasing health insurance for your family

Stress-free Hospitalization Expense Cover

As with individual health plans, the insured family member can receive cashless treatment at a network hospital of the insurer in case of hospitalization. In fact, all family members are able to receive medical treatment without compromising their well-being.

Get your parents covered under the same plan

Several insurance companies offer family health plans that cover both parents and parents-in-law without charging additional premiums. Your health plan can also cover the health of your spouse's parents.

Affordable Premium

Unlike individual health insurance plans, family health insurance plans allow you to cover your spouse, children, and parents under the same plan for an affordable premium. Due to the age-related health issues of your parents, it is suggested that you purchase individual health insurance.

Insure New Family Members Easily

A new family member may be added to your health insurance plan with the payment of an additional premium. When your family grows, you don't have to take out a new policy as you do with individual coverage. It is advisable to increase your family health insurance plan's coverage if you add your parents.

COVID Health Insurance for Family

To financially protect yourself and your family from COVID-19, you can buy health insurance for Coronavirus. While all insurance providers provide coverage for coronavirus treatment under their core health insurance plans, a coronavirus-specific plan called Corona Kavach, which covers hospitalized costs associated with coronavirus treatment on a floater basis, has also been launched.

Option to Avail Additional Benefits

Families can choose from a variety of add-on benefits, including critical illness coverage and maternity coverage. When purchasing the best family health insurance plan, make sure to read the policy terms carefully to learn about any waiting periods that may apply to any add-on coverage.

Tax Benefits on Health Insurance Premium

The health insurance premium is tax-exempt under Section 80D of the Income Tax Act. Tax benefits are available to individuals who pay for the health insurance premiums of their family and parents. Health Insurance Companies For Your Family

An insurance plan for family health is covered by what?

Below are the most common types of coverage provided by family health insurance plans

Hospitalization expenses - Medical expenses incurred during hospitalization of more than 24 hours as a result of illness or accident are covered.

Day Care Procedures– This plan pays for day care procedures that do not require more than 24 hours in the hospital.

Ambulance costs - For emergency medical visits, travel expenses to the hospital are covered by the insurance.

Pre and Post-Hospitalization Expenses Up to a certain number of days, you will also be covered for medical expenses that you incur before you enter the hospital (medical examinations, laboratory tests, etc.).

Maternity Cover– Most family health insurance plans offer maternity coverage for expenses related to pregnancy and the birth of a baby.

Organ Donor Expenses– This covers the costs related to the harvesting of an organ and the transplantation of that organ.

AYUSH Treatment– These treatments are covered regardless of whether it is Ayurvedic, Homeopathic, Yoga, Siddha or Unani.

Domiciliary Treatment– Pays for medical expenses incurred on the advice of a doctor while undergoing treatment at home.

Daily Cash Allowance– Policyholders are entitled to a daily hospital cash allowance to cover incidental costs incurred while hospitalized.

Coverage for Mental Illnesses - There are many family health insurance plans that cover mental illnesses such as anxiety, depression, schizophrenia, etc.

*Insurance plan approved by IRDA provides all savings. Terms and conditions apply.

How does a Family Health Insurance Plan differ from other health insurance plans?

To understand the policy exclusions in depth, you must thoroughly read the policy documents when purchasing family health insurance. In addition, you should know whether the policy has a waiting period. Most Indian family health insurance plans do not cover the following medical expenses

  • Routine medical checkups and treatments for OPD
  • Aesthetic treatments, plastic surgery, or other cosmetic procedures
  • The cost of life-sustaining equipment
  • If the plan does not include overseas treatment
  • War conditions, nuclear reactions, rebellions, acts by foreign enemies, etc., can cause illness or injury.
  • Participating in unethical or criminal activities can result in injury or illness
  • Childbirth or pregnancy-related complications (unless specified in the plan) like miscarriage, abortion, or pregnancy termination.
  • There is a waiting period before pre-existing medical conditions are covered

Eligibility Criteria to Buy a Family Health Insurance Plan

There are eligibility requirements for every family health insurance plan. There are different eligibility criteria for family health insurance plans in India, but the following table shows the most common ones

Categories Specifications
Age requirement to enter 18 years of age or older The 90-day period for children
The maximum age of entry is A 65-year-old adult Children under the age of 25
Members of the family covered You, your spouse, your dependent children, your parents and your in-laws
Sustainability Lifetime

Prior to deciding to purchase a family health insurance plan, you need to be aware of several key points. Here are those points

  • Additional premiums apply to family health plans that allow you to add new members.um.
  • In the case of a family policy, it expires once the eldest family member reaches the maximum covered age of the policy.
  • Adding new family members to a policy will require an increase in the sum assured to ensure adequate coverage for each family member.
  • As soon as a child reaches the age limit on the policy, the policy no longer covers him/her.
  • Avoid adding your elderly parents to your existing family health plan, as it will significantly increase your premium. Additionally, their health needs will not be met by the coverage.

As per the IRDA approved insurance plan, all savings are provided by the insurer. Standard terms and conditions apply.

What are the benefits of buying health insurance online for your family?

It is difficult to choose the best family mediclaim policy in India due to the number of plans available. At websites like Square Insurance, you can compare quotes of different family health insurance plans online to save time. Here are a few reasons why it might make sense to purchase family health insurance online

More Convenient

It is convenient to purchase a health insurance plan online for your family. Various plans can easily be compared or expert advice can be obtained wherever and whenever you like. Moreover, when buying the plan, there is no need to submit multiple forms or wait in a long queue.

Instant Quotes

You can obtain quotes from various insurance companies instantly, making the process of buying family health insurance very easy. You can compare the quotes to find the one that fits your budget the best.

Safe Payment Modes

To reduce the risk of fraud, people prefer to make online payments instead of using cash or a check. When the family health plan is purchased online, digital payment options, such as debit cards, net banking, and credit cards, are available with safe payment gateways.

Instant Policy Issuance

Getting your policy document doesn't have to take weeks anymore. We will issue your insurance policy as soon as you purchase it online.

Online Access to Policy Services

If you are a new customer, you will be able to access your policy documents online or download the mobile application as soon as you purchase the plan. Online claim submission is also available.

Things to Consider Before Buying a Family Health Insurance Plan

The following are a few points that you should take into consideration before purchasing family health insurance India

Coverage of The Health Insurance Policy Before Buying

Checking the plan's coverage before buying is important before purchasing a family health insurance policy. There are almost all family health plans that offer coverage for day care, in-hospitalization expenses, ambulance charges, and pre- and post-hospitalization expenses, etc. Ensure your family health needs are covered appropriately within your budget by selecting a plan.

Consider a plan with sum insured enhancements

Inflation keeps increasing the cost of medical facilities. For this reason, you should choose a policy that allows you to increase your sum insured during renewals. If you do not raise a claim in the previous policy year, you can get a cumulative bonus that will increase your sum insured amount up to 100%.

Check if Cashless Hospitalization is Available

At all hospitals affiliated with Indian health insurance companies, family health insurance cashless hospitalization facilities are available. As a result, hospitalization is hassle-free and seamless. You should, however, cross-check the cashless hospital list before buying the plan to ensure that good hospitals are included.

Make sure you know the maximum renewal age

In India, some life insurance companies allow family health policies to be renewed until the eldest member of the family turns 60 or 65. In any case, you should choose a family health insurance plan that offers policy renewals for life.

Get a hassle-free settlement of your claim

Ensure you understand the claim settlement process of the insurance company before purchasing health insurance for your family. Choose a plan that offers a quick claims process. There are a number of companies that offer hassle-free cashless hospitalization services these days.

How to File a Claim for a Family Health Insurance Plan?

The two methods of submitting a health insurance claim are cashless claims and reimbursement claims. Below are the steps for both types of claims

Process for making cashless claims

  • In the event of an emergency, notify your insurance company
  • Complete the preauthorization form, which is available at the TPA or insurance desk of the network
  • Provide the pre-authorization form and other documents to the hospital, who will forward them to your insurer
  • In the event your insurance company approves the claim, it will send you an approval letter.
  • Your insurance company will contact your hospital if there is any question regarding your claim.
  • Then you must file a reimbursement claim if it was not approved.
  • Receiving treatment at the hospital and signing all the documents before being discharged is the next step once your approval has been granted.
  • Medical bills will be settled with your insurer by the hospital in your network.

Getting Reimbursed

  • Contact your insurance company in case of an emergency
  • Attend a hospital not in your network for treatment
  • Collect all documents and pay the hospital bills at the time of discharge
  • Provide your insurance provider with the completed claim form and other required documents
  • Your claim will be reviewed by the insurance company's claim management team.
  • Your claim will be reviewed by the insurance company's claim management team.

Square Insurance: How Do You Purchase a Family Health Insurance Plan Online?

On Square Insurance Broker Private Limited, you can easily buy a health insurance plan that covers your entire family. Using their online comparison tool, you can find the best family health insurance plan that fits your needs one within your budget. You can purchase a family health insurance plan online with Square Insurance by following the steps listed below

  • Go to the website of Square Insurance
  • On the homepage, click the 'Health Insurance' icon
  • Please enter your contact information, including your name, phone number, and gender
  • Input the age of the eldest member & the eldest child once you have selected the family members you wish to cover
  • Please describe any past medical conditions you have had
  • Multiple insurance companies' family health plans will be displayed
  • Select the plan that best fits your family's needs by comparing the plans
  • You can pay your premium online
  • Your family health insurance policy will be emailed to you shortly.

Call the Square Insurance toll-free number if you have any questions about insurance.

Would you like to calculate your family's health insurance premium?

You can calculate the premium for a particular policy using a family health insurance premium calculator. Comparing and analyzing health insurance policies of top insurers is possible with this free online tool.

For an accurate estimate, it takes into account your age, your gender, your residence, the amount insured, and so on. Changing various values will let you see how adding or removing family members will affect the premium amount.

In order to avoid the hassles of research, many people settle for any insurance policy. Premium calculators come in handy here. By using it, you can save money and get adequate coverage for your family at an affordable price.

How to Use the Family Health Insurance Premium Calculator?

Calculate a family's health insurance premium by following these steps

1. Specify how many family members you want covered by the family policy. In this category, you'll find your spouse, your son(s), your daughter(s), your father, your mother, and yourself.

2. Enter each family member's date of birth and gender next.

3. PIN code and city must be entered.

4. Your family's required coverage amount should be entered.

5. Enter your personal information such as your full name (as it appears on your PAN card), mobile number, etc.

6. You can calculate the premium by clicking the 'Calculate Premium' button.

7. Based on your search criteria, you will see a list of family health plans.

FAQs

Q.1 How do family health insurance plans work?

Under family floater health insurance, all insured family members share a fixed sum of insurance coverage. Any time a family member uses a medical service and files a claim, the sum insured amount is depleted. As long as the amount for one or more family members' claims is exhausted during the policy term, none of them can make a claim until the policy is renewed at the end of the term. Upon exhaustion, your sum insured will be restored to 100% if you have selected the restore benefit.

Q.2 What documentation is needed to make a family health insurance reimbursement claim?

In order to submit a claim for family health insurance, you will need the following documents

  • Form for submitting health insurance claims
  • Document outlining policy
  • Discharge summary from the hospital
  • Results of the consultation and investigation
  • Bills from hospitals
  • Recipients of bill payments

A copy of your policy document contains a list of all the documents you need.

Q.3 Is it possible to add additional family members to my current family health insurance plan?

When you renew your family health insurance plan, you will be able to add family members to it. A newborn baby is the only exception; that child can be added to the policy at any time. An additional premium may be required for adding family members to your policy.

Q.4 Is it necessary to purchase a separate health plan if my family and I are already covered as part of our company's health plan?

Whether you are covered under a corporate health plan or not, we strongly recommend that you buy a standalone health policy. You might not receive adequate coverage for yourself and your family. In addition, your employer will cover your medical expenses as long as you are employed by that company. Your corporate insurance will cease to exist if you change jobs, retire, or start your own business. Unless you have other health coverage insurance, family members will be stranded if there is an emergency. An additional health insurance policy can help you in this situation.

Q.5 In the event that the primary insured person passes away, what happens? Does anyone who survives the family floater policy have the option of renewing it?

An adult member can continue with the policy if the primary insured dies or reaches the maximum age of renewability if the primary insured dies or reaches the maximum age of renewability. If the proposer of a policy needs to be changed, the insurer must be notified.

Q.6 Are family health insurance plans superior to individual health insurance plans?

You should buy a family health insurance plan if you need health insurance for your entire family. The health insurance policy will cover all of your family members for one insured sum, and you will only have to pay one premium to the insurance company. Individual health plans, on the other hand, cover only one individual. Therefore, you will need to purchase separate health plans with separate premiums for each member of your family. Multi-policy premiums are significantly higher than those for family plans.

Q.7 Does family health insurance cover a cashless facility?

A family health insurance plan offered by any health insurance company in India includes cashless hospitalization. Check the website of Square Insurance or your insurer for a list of cashless hospitals.

Q.8 Does family health insurance come with a waiting period?

Health insurance policies for families may include several waiting periods based on the plan. Here they are

  • A waiting period of two to four years applies to pre-existing diseases
  • A 30-day waiting period is required at first.
  • For certain diseases or procedures, there is a one-year or two-year waiting period.
  • A 9-month to 2-year waiting period for maternity coverage
  • There is a 90-day waiting period for critical illnesses.

Q.9 How long will my child be covered by my family's health insurance?

Children under the age of 25 are typically covered by family health insurance plans. Each plan may have a different cut-off age. Furthermore, the child will not be eligible for coverage if he/she gets married or starts earning before the age of 25.

POS SUPPORT : +91-97833 91777 RENEWAL SUPPORT : +91-97833 09475, +91-97833 41333 INSPECTION SUPPORT : +91-89468 04006 ENDORSEMENTS SUPPORT : +91-97833 91999 IT SUPPORT : +91-97833 96333, 97833 88555 CLAIM SUPPORT : +91-97822 22209