Compare & Purchase best family insurance in april 2024
What Is A Family Health Insurance Plan?
Choosing family health coverage means the insurance company pays for your family's medical bills. You pay a yearly fee called the 'premium,' which you can split into monthly payments. The coverage varies depending on the policy. The best family medical insurance covers medical treatments, hospital stays, ambulance rides, lab tests, and related costs. Some plans even give you money if you can't work due to illness or injury.
Benefits of Availing Health Insurance Plans for Family
Family floater health insurance plans offer numerous benefits to insured family members. For example, you can cover all family members, regardless of age, under one policy. Here are the key benefits:
What Is Covered In A Family Health Insurance Plan?
In-patient Hospitalization Expenses: Covers medical costs for hospital stays exceeding 24 hours due to illness or accidental injury.
Day Care Procedures: Includes expenses for procedures requiring less than 24-hour hospitalization.
Ambulance Charges: Covers expenses for ambulance services during medical emergencies.
Pre and Post-Hospitalization Expenses: Covers medical expenses before hospitalization (such as tests) and after discharge (like follow-up consultations) for a specified number of days.
Maternity Cover: Typically includes expenses related to pregnancy and newborn care.
Organ Donor Expenses: Covers costs associated with organ harvesting and donor-related expenses for transplants..
AYUSH Treatment: Covers hospitalization expenses for treatment through alternative systems like Ayurveda, Homeopathy, Yoga, Siddha, and Unani.
Domiciliary Treatment: Pays for medical expenses for home-based treatment recommended by a doctor.
Daily Cash Allowance: Provides a daily allowance to cover incidental expenses during hospitalization.
Mental Illness Cover: Offers coverage for mental health conditions like depression, anxiety, and schizophrenia, among others.
Types Of Policies That Cover The Entire Family ?
Health insurance plans for families are generally of two types - Family Floater Plans and Multi-Individual Plans.
1. Family Floater Plans: This option proposes a shared sum insured for your entire family. These plans are comparatively resilient and affordable than individual plans and provide flexibility as any family member can utilize this amount. But, as you know, a major claim by one individual member in the family can deplete the sum insured by a considerable margin, leaving deficient coverage for other members. Here’s where the Multi-Individual Policies are significantly important.
2. Multi-Individual Policies: Multi-individual plans offer distinguished coverage amounts for each family member under a single insurance policy. Hence, each person is covered under their own sum insured and premium. Multi-individual plans are more beneficial for families as it prevents the depletion or reduction of the total sum insured by a single major claim. However, multi-individual plans are expected to be more expensive than a family floater policy because of the separate sum assured approached for..
Do You want To Opt For A Family Health Insurance Policy?
1. Cost-Effective Premiums: Family floater plans are often more cost-effective compared to individual policies for each member, especially when trying to buy comprehensive coverage at affordable premiums.
2. Convenience: A single policy for the entire family simplifies tracking renewals, reduces paperwork, and makes it easier to manage claims and premiums.
3. Comprehensive Coverage Option: Family health insurance plans often include additional benefits like maternity coverage and newborn care, ensuring all healthcare needs are met.
4. Tax Benefits: Premiums recompensed for family health insurance policies, tax deductions under Section 80D of Income Tax Act. This helps you to save on taxes and secure your family's health and finances, both at the same time.
5. Inclusion Of Children: Most family health insurance plans cover dependent children, ensuring their healthcare needs are met without the need for separate policies.
How To Finalize And Determine The Best Health Insurance Plans For Your Family?
Restoration Benefits: Restoration in health insurance is a kind of dividend or bonus that bolsters the sum insurance coverage by a pre-specified % age once the policyholder has raised a claim. Restoration benefit is an additional feature included in the health insurance policies that offer an additional sum insured amount after the primary sum insured is exhausted in a policy year. This feature may be convenient for policyholders likely to use their original sum insured because of recurring illnesses or hospitalisations.
Important Poins To Check
Minimum Waiting Period:- Waiting period in a health insurance plan is the time span for which a policyholder has to wait before he/she can utilize the sum insured. If the policyholder has to be hospitalized during the waiting period, the insurance plan doesn’t cover the treatment expenses. And if the policyowner raises a claim for these treatment costs, the claim is anyway rejected. But, there’s always an exception. With most of the policies offered by the best health insurance providers across India, treatments caused due to accidents are covered from Day 1. Types of waiting period are as follows:
Maximum No Claim Bonus:-Imagine this – You are a healthy individual of 25 years old who owns a health insurance policy from a reputable health insurance company. Meanwhile, many years have passed, but you still haven’t raised a single claim as you didn’t require it so far.As a result, your health insurance plan is lying in a status just like your library membership that you haven’t used in years.
Unlike your library membership, not using your health insurance is undoubtedly a great thing, that proves that you’re as fit and fine plus healthy. Then what’s the utility and the beauty of not making any claims? This is where a No-Claim Bonus comes into play. If you do not file any claim in a given policy year, insurance providers usually provide you an extra sum insured for the following year as a bonus. This is known as a no-claim bonus (NCB). An NCB bounties you for your lifestyle maintenance and safeguarding your health and not making any claims during the policy year. This can primarily enhance your coverage amount without an increment in your premium. Sometimes, it can even increase your sum insured to 5 or 6 times the base sum insured. It is a valuable feature in your health insurance plan. One important note to make is that this bonus does not always need to increase the sum insured, it can also result in a reduced premium for the next policy year.AYUSH Treatment:- Covers hospitalization expenses for treatment through alternative systems like Ayurveda, Homeopathy, Yoga, Siddha, and Unani. AYUSH stands for Ayurveda, Yoga, Unani, Siddha, and Homeopathy, which are popular since ancient days, what we call Ancient Wisdom today. This was the foundation and bedrock of healthcare. These are age-old treatments with a history in Indian Culture since thousands of years.
Domiciliary Treatment:- Pays for medical costs for home-based treatment advised by a doctor. Medical treatment arranged and received at home for a long-term illness, which otherwise would need hospitalization at a medical facility, is called Domiciliary Hospitalization. It covers and bears the medical costs incurred by a policyholder who is not capable of relocating to a medical facility because of medical conditions (as deemed by a doctor) or due to inaccessibility of hospital beds. That definitely does not mean all treatments received at home are covered. For the eligibility for domiciliary treatment, the following metrics and standards must be met:
A. A condition that averts you from going to the hospital or when you are not able to find a bed in your town.
B. The Doctor must confirm in writing that hospitalization is necessary.
C. All the expenses must be rational and logically approved.
Daily Cash Allowance:- Provides a daily allowance to cover incidental expenses during hospitalization.
No disease-wise limits:- Disease-wise capping or sub-limit in health insurance is a percentage of the sum insured or a fixed pre-decided amount allocated only for treating a particular ailment. Beyond this upper limit set aside for the treatment, any additional expenses billed will have to be paid by the policyholder. It’s always better to promote and advocate against disease-wise capping in health insurance plans, it massively impacts your savings.
Reasons why Health Insurance companies implement Disease-Wise sub limits: While the IRDAI (Insurance Regulatory and Development Authority India) has never specified a disease-wise sub-limit for health insurance plans, insurance providers enforce and execute these as an economical measure to financially safeguard themselves -
What Is Not Covered In A Family Health Insurance Plan?
When purchasing health insurance for your family, it's necessary to proactively evaluate the policy documents to understand the exclusions and waiting periods. Here are some common exclusions typically found in family health insurance plans:
Eligibility Factors To Buy Family Health Insurance Plan
Here are the qualifying factors for buying health insurance at Beema1
| CATEGORIES | SPECIFICATIONS |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 70 years |
| Family Members Covered | Up to 10 members (self, spouse, up to 4 dependent children, parents, and parents-in-law) |
Flexibility to Include New Members:- Family health plans offer the flexibility to add new members to the policy by paying an additional premium.
Policy Duration:- The policy ceases when the eldest family member reaches the maximum covered age declared in the policy.
Adjusting Sum Assured:- When adding new family members to the policy, it's important to consider increasing the sum assured to ensure adequate coverage for everyone.
Age Limit for Dependent Children:- Once a dependent child surpasses the age limit specified in the policy document, they are no longer covered under the policy.
Considerations for Senior Citizen Parents:- Avoid including senior citizen parents in your existing operative family health plan, as this could noticeably increase the premium. Additionally, the coverage may not be suitable for addressing their age-related health issues
How to Buy Health Insurance Plan from Beema1
In just a few clicks, you can secure your health policy with ease and convenience. Our streamlined online process is designed to save you time and effort, allowing you to compare various plans tailored to your needs. Whether you're looking for comprehensive coverage or specific benefits, our user-friendly platform makes it simple to find the right health insurance for you and your family. Plus, our dedicated support team is here to guide you every step of the way, ensuring that you make informed decisions about your healthcare.
Things To Consider Before Buying a Family Health Insurance Plan
Before you buy a health insurance plan for your family, consider these important factors:
Check What The Plan Covers: Look at what the plan pays for, like doctor visits or hospital stays. Find one that fits your family's needs and budget.
Think About Raising The Coverage: Medical costs go up over time. Find a plan that lets you increase coverage each year. Some plans even give you more coverage if you don't make claims.
Check For Availability Of Cashless Hospitalization: Every health insurance company in India provides cashless hospitalization services at hospitals in their network. This makes going to the hospital smoother and easier. But before you choose a plan, make sure to check the list of hospitals that offer cashless services to ensure that there are good hospitals near your home included in the network.
Check How Long You Can Keep The Plan: Some health insurance companies in India allow you to renew family health policies until the oldest family member reaches 60 or 65 years old. Look for one that you can keep for life..
Make Sure Getting Money For Medical Bills Is Easy: Before you pick a plan, see how easy it is to get money back for medical bills. Many companies these days also offer hassle-free cashless hospitalization facilities.
Steps to File a Claim for a Family Health Insurance Plan
While filing a health insurance claim, you have two options: cashless claim and reimbursement claim. Here's how each process works
| Cashless Claim Process |
|---|
| Notify your insurance company about the health emergency. |
| Filling the pre-authorization form available at the TPA or insurance desk of the network hospital. |
| Submit the pre-authorization form along with other necessary documents to the hospital, which will forward it to your insurance provider. |
| Your insurer’s claim management team will send you an approval letter once your claim request is accepted |
| In case of any queries about your claim, the insurer will communicate with the hospital to resolve and settle them |
| If your claim is not approved, you'll need to request a reimbursement claim. |
| Once your claim is approved, receive treatment at the hospital and sign all discharge documents. |
| Your insurer shall settle down your medical bills directly with the partnered hospital. |
| Reimbursement Claim Process |
|---|
| Inform your insurer about your medical emergency. |
| Receive treatment at a non-network hospital. |
| Pay the hospital bills and collect all necessary documents at the time of discharge. |
| Submit the claim form completely filled in, along with other essential documents to your insurer |
| The claim management team of the insurer will review your claim. |
| You'll receive an approval or rejection letter from the team after your claim has been verified. |
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FAQ
Frequently Asked Questions About Insurance
Beema1 comes with questions and answers which is a good thing, especially when you’re trying to get the most out of a policy or pick up additional coverage. But sometimes, consumers aren’t even sure where to start or what to ask. Whenever you need clarification or a second opinion, our experts are here. We’ll start a frank conversation with you to sort through the clutter and get to the heart of coverage.The best age to purchase health insurance is one that works for you. But to keep your premium low, buying it as soon as possible is advised. Because you are less likely to experience health problems when you are young compared to someone in their mid-50s or 60s, who is more susceptible to serious illnesses, the earlier you purchase health insurance policy for yourself, the lower the premium you will have to pay.
Getting health insurance coverage does not need getting a medical exam. However, if applicants are older than 45 years, most Indian health insurance companies demand medical test results. Other medical tests may be necessary depending on the applicant's age and the insurer's requirements.
The 'sum insured' describes the maximum sum an insurance company will pay a policyholder if he/she files a claim for a medical condition or accidental injury. It also goes by the name 'maximum coverage' in health insurance.
You can include more family members while renewing or purchasing a health insurance policy. As long as you adhere to the terms and conditions of the family health insurance plan, you, your spouse, your dependent children, your parents, and your parents-in-law may all be covered.
You can raise the amount insured under your current policy when your health insurance coverage is renewed. If the sum insured under your existing policy cannot be increased, then you can anyway purchase a top-up plan to increase the coverage.
Beema1's health insurance policy covers medical expenses, like doctor appointments, hospital admission, prescription drugs, and coverage for preventive care and wellness programs.
The cashless claim settlement facility allows the policyholder to avail treatment benefits at the network hospital without worrying about the expenses. The bill in cashless cases are settled directly between the insurance provider and the network hospital. However, the policyholder only pays for expenses that aren’t a part of or covered under the cashless facility. Yes, the policyholder can use this facility at any of the network hospitals of the insurer that provides cashless claim settlement facilities. Never forget to note down the names of the network hospitals for availing cashless claim settlement because the patient needs to get admitted in a network hospital. Every insurance company has their own set of network hospitals. it is very essential for every policyholder to have the information and knowledge about the listed hospitals in the company’s network as it’s always preferred for an individual to choose the location and area according their convenience. Most suitably providing cashless facility.
You really cannot anticipate when a medical emergency will occur. Hence, it is wise to be alert and cautious of the territorial limitations of the claim settlement in the policy in advance. Health insurance policies provide coverage across India; however, it is best to clarify all your queries about the same before confirming your decision regarding purchasing your health insurance plan. Stay informed that there are also some medical insurance plans that provide international health insurance coverage as well.
Pre-existing diseases is something that varies from policy to policy. A policy offering cover for a pre-existing condition will get tagged along with a certain waiting period applicable on the coverage. Without fail, find out the waiting period for your pre-existing diseases and how early you are eligible to be covered. To conclude, having a clear picture of whether your pre-existing condition is not covered in the interim or is it entirely excluded from the option of coverage is must before purchasing the policy.
Medical exigencies ask for quick surveillance and awareness, that’s why it is recommended that you concentrate on taking the patient to the nearest network hospital for hospitalization. After you get admitted the family members of the patient must contact the insurance provider or the Third-Party Administration (TPA) to inform about the hospitalization and get the best possible guidance related to claim settlement procedure.