Policy Harbour's Family Health Insurance

Benefits of Investing in Family Health Insurance Policies

Family floater health insurance plans offer numerous advantages for insured family members. Notably, they provide coverage for all family members, regardless of age, within a single policy. Here's a summary of the key benefits associated with purchasing a family health insurance plan:

• Hospitalization expenses covered without stress.:

  If a family member covered by the insurance is hospitalized, they can access cashless treatment at any of the insurer's network hospitals, similar to individual health plans. This ensures that all family members can receive necessary medical attention without any compromise on their treatment.

• Reasonable Premium Cost:

  Family health insurance plans offer the advantage of covering your spouse, children, and parents under a single plan with an affordable premium, as individual premiums for each family member are not required. Nevertheless, it's advisable to obtain separate health coverage for your parents, taking into account their age-related health concerns.

• Acquire Parental Health Insurance through the Same Plan:

  Many health insurance providers offer the option to include both parents and parents-in-law in a family health plan without any extra premium. This allows you to safeguard the health of both your parents and your spouse's parents under a single plan.

• Easily Add New Family Members to the Insurance Coverage:

  Adding a new family member to a family health insurance plan is simple and only requires paying an extra fee. Unlike individual coverage, there's no need to acquire a new policy for each family member. It's important to increase your sum insured if you include your parents in an existing family health insurance plan.

• COVID Health Insurance for Family:

  To safeguard your family's financial well-being against COVID-19, you have the option to invest in coronavirus health insurance. While traditional health insurance policies offered by various insurers include coverage for coronavirus treatment, a specialized plan known as the "Corona Kavach policy" has been introduced. This policy offers floater coverage for inpatient expenses associated with COVID-19 treatment.

• Opportunity to Access Supplementary benefits:

  Numerous additional benefits are offered within family health plans, such as critical illness cover, maternity cover, and more. It's crucial to carefully review the policy terms to understand any waiting periods associated with these add-on covers before selecting the most suitable health insurance plan for your family.

• Tax Benefits on Health Insurance Premium:

  According to Section 80D of the Income Tax Act, health insurance premiums are eligible for tax exemption. If you are paying the health insurance premium for your family and parents, you qualify for tax benefits.

What does a Family Health Insurance Plan typically cover?

• In-patient Hospitalization Expenses:

  Medical expenses resulting from hospitalization lasting over 24 hours due to illness or accidental injury are covered.

• Day Care Procedures:

  It covers the cost of day care procedures that require hospitalization of less than 24 hours.

What does a Family Health Insurance Plan generally not cover?

When purchasing health insurance for your family, it's essential to carefully review the policy documents to comprehend the exclusions thoroughly. Additionally, it's important to check the waiting periods outlined in the policy. Typically, family health insurance plans in India do not cover the following medical expenses:

• Outpatient treatments and routine medical check-ups

• Expenses incurred on any aesthetic treatment or plastic surgeries

• Expenses incurred on life-support machines

• Treatment that was taken overseas unless it is included in the plan

• Any illness or injury resulting due to war conditions, nuclear reaction, rebellion, acts of foreign enemies, etc.

• Injury or illness due to participation in unethical or criminal activities

• Pregnancy or childbirth-related complications (unless mentioned in the plan) like voluntary termination of pregnancy, miscarriage or abortion, etc.

• Any pre-existing medical condition is not covered until the completion of the waiting period

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