Things to Know About Family Health Insurance Cover Family is your first and most important asset. Risks to health and accidents can cause a great deal of mental trauma. At that time, you do not want to be stressed about how to arrange the necessary finances to cope with the situation.
You want your family members to receive appropriate treatment. However, with the escalating medical costs, it becomes a nightmare to afford these costly services on your own. Here's where a good family health insurance policy can help. No wonder health insurance takes a paramount position in a person's financial planning.
You can also opt for riders that cover for critical illnesses and urgent hospitalization. Moreover, the option of cashless settlements also makes it very convenient for the insured.
Features of a Good Family Health Insurance Plan
Different insurers have health insurance policies with different features. Plans with lifelong renewals are available with ease. As the insurance industry has evolved, policy issuance and claim settlement have become faster over the years. Here are some features that you may wish to consider when choosing an appropriate health insurance plan for your family.
Benefits of family health insurance
A good insurer would offer the benefits such as floater sums up to a fixed value and cashless hospitalization at a large network of hospitals all over the country. Health plans should be flexible and the insurer should allow it to be customized according to your specific requirements. The benefits that a good plan can offer you are no claims bonus that may be as high as 50%, daily cash for any minors that accompany you, benefits of general check-ups and examinations and emergency ambulance. Certain versions of family health plans offer specialized treatments like Ayurveda and boarding and nursing expenses.
What does health insurance cover?
The hospitalization expenses that a standard policy covers you for are room and boarding, doctors' fees, physical therapy, ICU expenses, drugs and medicines, tests and other hospital services, dressing, splints, plasters, prosthetic devices, and the organ transplantation process. Expenses up to a few months are provided pre and post hospitalization, along with emergency ambulance costs.
What is not covered in health insurance?
Even though family health insurance plans are very comprehensive, they might exclude certain illnesses for a short while after the commencement of the policy. You should also note that benefits for any pre-existing ailments would be available only after a fixed timeframe after the start of the policy.
Remember, the premium of your health insurance policy is decided according to the age of the senior most covered member of the family. The premium will include a 12.36% of service tax. If you offer a certain percentage of copayment, usually a discount is available.