Top Benefits To Look Out For In Family Health Insurance Plan

A family health insurance plan covers all the members of your family under one policy. The best family health insurance plan can provide complete coverage for your whole family at a substantial cost. And when you opt for a family floater policy, you can offer medical insurance for parents, spouses, children (under the dependent age), and in-laws. Meaning, it is all-in-one insurance, fit for all emergency hospitalization, and even COVID-19 expenses

A family health insurance plan is a great way to secure yourself and your loved ones from any unforeseen expenses but making sure that you have the right coverage at an appropriate price is essential too.

Are you looking to buy a comprehensive health insurance plan for your family? Here are the top benefits that should be included in your family floater policy.

Top Benefits of Family Health Insurance Plan

There are many benefits of a family floater policy, but in short, a family health insurance plan comes with high coverage, maternity benefits, coverage for senior citizens, and more. It is a hassle-free way of protecting your entire family with a one-stop solution. Let’s cover one by one below.

Adequate Coverage & Minimal Restrictions

Considering that a family cover is meant to insure multiple members, you need to make sure that your health insurance has a high sum insured that would sufficiently cover all kinds of medical emergencies. Not to mention, in today’s time, one needs to have a cover that actually goes beyond just a regular insurance plan and offers coverage for primary healthcare. 

Our plans at Vital, for example, offer up to 50L health insurance cover with no capping on room rent or diseases and also covers regular health expenses like doctor consultations, preventive health checkups, COVID Antibody Test, medicines, and much more.

Low Premiums That Don’t Eat Into Your Monthly Expenses

Since you will be needing a higher cover amount to secure all the members of your family, the premiums would also consequently shoot up. You might even face some expensive premiums because of the different age bands of the various members insured. Always remember that a premium increases directly with two things – age and the coverage amount.

So what do you do to combat this? Assess your family’s health risk and if you think it is negligible, opt for a deductible in your plan which would reduce your premiums drastically.

Coverage for Maternity Expenses

If you have a baby on the way or are planning to have one, it would be ideal to ensure that you include maternity benefits in your family floater. Pregnancy expenses have become tenfold over the years and maternity benefits can help cover tests, emergency hospitalization, or medications as well. In fact, if the mother is a working professional, it can help cover the expenses in the absence of services during the third trimester and delivery.

Senior Citizens’ Coverage in the Same Plan

Not all family floater policies will help you cover your parents or parents-in-law. For a truly hassle-free experience, look for a policy that would cover them too (unless of course, they have a pre-existing disease, in which case they would need to take a separate policy). Be wary though that including your parents in the same policy would increase the premiums significantly because of their age.

A good health cover for your family will ensure that they have the right protection and give you peace of mind as you don’t have to worry about being prepared for medical events that are outside your control. Then, of course, there are tax benefits under Section 80D which you can claim. But the most significant job of the health insurance policy would be to save your savings by keeping you financially prepared for anything and everything.

What do you think are essential coverage features that should be included in a family health insurance plan?