• How to Smartly Cover Your Entire Family with Health Insurance

    In today’s world, the rising cost of medical treatments have become a financial burden, particularly for families belonging to the low income groups. Even though India is known for the far fetching developments in medical tourism, for most of the Indians, medical treatments in multi-specialty hospitals are becoming unaffordable with each passing day.

    Medical expenses depend primarily on the nature of illness, the type of treatment and also the length of treatment. In the absence of a family health insurance plan, the aforementioned factors lead to financial stress and anxiety. For a person with dependents and ever growing responsibilities, it would not be wise to take risks especially when a multitude of family health insurance plans are available in the market. However, choosing the health plan can sometimes be a complicated process and therefore it is essential that you have a clear understanding of your family medical history.

    Things to Consider While Selecting Your Family Health Cover:

    • Number of Members: The size of your family may not necessarily help you analyze the healthcare costs involved, but the number of members surely does. For example, a 2 member family with serious medical conditions may spend more than a 4 member family with no illness.
    • Age of Members: When a family consists of members belonging to different age groups, it is ideal to segregate the health requirements of each member before deciding the plan. A younger member of the family may not be at the same level of health risk when compared to an older member.
    • Pre-existing conditions: Generally, insurers demand a 3- 4 years waiting period for members with pre-existing chronic conditions. Some companies offer a coverage for preexisting illness right from the first day of entry. So while going for a health insurance plan, compare the plans and select the one that covers the individual requirements of each member of your family.

    Family Floater Plans or Individual Plans: Which is better?

    Once you have identified the needs of individual members of your family, you may know that sometimes a family floater plan may not be the right fit. In such cases you will have to choose between an individual policy and family policies or a combination of both.

    Let’s consider the following example of two individuals Clark and Smith who are 38 years and 43 years respectively.

    While Clark chose a family floater plan to cover his 35 year old wife and his 24 year old dependent sister, Smith opted for a combination of family floater plans and individual plans. The reason being, Smith was looking for a policy that will cover his wife, children and his aging parents. He picked up two individual plans for his parents and a family floater for rest of the members. In Smith’s case, the number of aging members were two and their medical requirements would vary greatly from the younger members of the family. Therefore, a combination plan was the ideal choice for him, as premiums for family floater plans are based on the age of the oldest member. But in case of Clark, the members to be covered were young and it justifies his reason for opting a family floater plan. As the premium payments for family floater takes into account the highest risk factor, it is advisable that older members are covered under individual plans.

    The above example illustrates how assessing the needs of individual members can help in reducing surplus costs while planning your family health insurance cover.

    Different Types of Health Insurance Plans:

    • Hospitalization Plans: These plans compensate for the hospitalization costs of the individual or family depending on the sum insured. Some insurance companies offer additional lump sums and even post hospitalization expenses are covered under the plan
    • Daily Cash Plans: Daily cash plans payout a fixed amount on an everyday basis regardless of the actual medical expenses incurred.
    • Critical Illness Plan: Critical illness covers are offered either as riders or as a separate plan. It provides a lump sum amount to the insured when he/she is diagnosed with severe conditions such as heart attack, stroke, kidney diseases and the like.

    Always Compare Benefits:

    Once you have made your decision to choose a health plan for your family, the very next step is to compare the plans of different insurers. This step should be given due importance as one is likely to miss out a custom made plan if choices are made without comparisons. Also, one has to decide whether he wants a higher health coverage with high premiums or a low coverage plan with small premiums amounts.

    Significance of Sum Assured on the Family Health Policy:

    While comparing family floater plans and individual plans, sum insured on the policy is a chief differentiating factor between the two. While family floater plans offer the benefit of sharing the sum insured, multiple individual plans provide a certain assured sum to each member of the family. For example if three members are covered under a family floater plan for 3 lakh and one member uses up more than 1 lakh, then the remaining amount can again be shared again by all the members of the family. But in case of multiple individual plans with a cover of 1 lakh each, individual members will not be eligible for benefits once the sum insured is used up.

    What to Look for in a Family Health Insurance Plan:

    • It is always best to opt for a policy that does not have capping on room rent. Some insurance policies set a limit on the daily rent payable, which sometimes ends up with the policyholder paying a portion of the rent out of his wallet.
    • With the latest improvements in medical technology, many of the treatments do not require getting admitted. Therefore it’s advisable to go for a policy that gives sufficient space for day care procedures as well.
    • Cashless claims are offered only in the network hospitals of the insurance company. One must make sure that the network hospitals are within reach while opting for the plan.
    • Some of the family floater plans provide maternity benefits provided a certain amount of premiums have been paid. It is ideal to compare various policies and understand the restrictions and benefits on maternity covers.
    • Most of the health insurance policies have exclusions on some or the other disease, either temporarily or forever. One should have a clear idea of the types of diseases covered under the plan and the exclusions.

    GST rate of 18% applicable for all financial services effective July 1, 2017.

    Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

    Smart tips to choose family health Insurance plan Reviews

  • Page 1 of 50 1 2 3 4 5
    • Bajaj Allianz Health Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I am having the BAJAJ ALLIANZ health insurance policy around a year ago. The customer support service is good with the BAJAJ ALLIANZ GENERAL INSURANCE company. I need to pay the premium amount of Rs,13,000 every year once. This policy covers 3 members in my family. This policy has the medical coverage of Rs,3,00,000 which can be used be all three members.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 19, 2018
    • Star Health Health Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Holding the health insurance policy from the STAR HEALTH & ALLIED INSURANCE company and I have got this policy on 2013. I pay Rs,16,000 every year to renew the policy. This policy covers 4members in my family . Star health insurance policy has the medical coverage up to Rs,10,00,000,.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 18, 2018
    • HDFC Ergo Health Insurance
      "HDFC Ergo Health insurance"
      0.5 5.0/5 "Blown Away!"
      When i have taken the credit card from HDFC They have activated the heath insurance HDFC ERGO. The total policy coverage is for 3 lakhs. If hospitalized then i can claim upto 50000. It will covers my family as well. They do have reimbursement option as well. It will be auto debited from my salary account.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Apr 17, 2018
    • National Insurance Health Insurance
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have got the health insurance policy from the NATIONAL INSURANCE company around 8 months ago and this policy has been offered by company. This policy covers 3 members in my family which is myself , and my parents. This policy has the medical coverage up to Rs,20,00,000 and I paying the premium amount of Rs,320 every month.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 16, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I have a health Insurance with Icici. The benefits is for the whole family. The offers covers the top hospitals. But still now I have not claimed any service from Icici health insurance service. It was an good experience with Icici Health Insurance service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 12, 2018
    • Tata AIG Health Insurance
      "Good health insurance policy"
      0.5 5.0/5 "Blown Away!"
      I have got the health insurance policy from TATA AIG around a year ago. The customer support is good with the TATA AIG and they give good responses to the customs. This policy covers 3members in my family and I pay the premium amount of Rs,11,000 ti renew the policy every year.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 12, 2018
    • Reliance General Health Insurance
      "Better policy to use"
      0.5 4.0/5 "Great!"
      I have got the health insurance policy from the RELIANCE GENERAL INSURANCE company , I have got this policy around 5 years ago, This policy covers 4 members in my family and it has the medical coverage amount up to Rs,5,00,000. I have never used this policy so far.
      Was this review helpful? 0
      , guntur
      Reviewed on Apr 12, 2018
    • Future Generali Health Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My company has providing the health insurance policy from he FUTURE GENERALI GENERAL INSURANCE company and I hold this policy for the past 7years . This health insurance policy offers whole family members, almost 5members. this policy has the medical coverage up to 5,00,000.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 05, 2018
    • Religare Health Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have an health Insurance with Religare. The benefits is for the whole family. Their offers covers me for the top hospitals. The payments will be regularly deducted through Ecs. As it is an cashless process. I never claimed any service from Religare till now. It is an excellent experience with Religare health insurance service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 04, 2018
    • Cigna TTK Health Insurance
      "Good health insurance policy"
      0.5 4.0/5 "Great!"
      My company has provided me the health insurance policy from the CIGNA TTK HEALTH INSURANCE which has been changed as vidal health insurance policy , I got this policy since for the past 4 years. I have got he maternity claim experience . It was completely cashless.This policy cover Rs,3,00,000 each in the family and it covers 3 members in the family.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 03, 2018
    • Universal Sompo Health Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a health insurance with Universal Sompo. The benefits is for the whole family and the offers of Universal Sompo covers the top hospitals which is helpful. It was an excellent experience with Universal Sompo Health Insurance service.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Apr 02, 2018
    • Cigna TTK Health Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I use the health insurance policy from the Cigna TTK for the past 3 years. The customer support service is not up to the mark, they need to improve with their service. This policy has been expired and I tried calling them to renew the policy but there was no response from their end. This policy covers 4members in the family. This policy has the medical coverage up to Rs,5,50,000.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 02, 2018
    • Star Health Health Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I got the health insurance policy from STAR HEALTH for the past 3 years. The customer support service is good with the Star health and they give good response to the customers. This policy covers 2 members in my family. This policy has the medical coverage up to Rs,500,000.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 31, 2018
    • United India Health Insurance
      "Excellent health policy"
      0.5 5.0/5 "Blown Away!"
      I have started using the Health insurance policy from the UNITED INDIA INSURANCE company around 15 years ago. The customer support service is excellent with the United India and they give good response to the customers. I have paid Rs,40,000 to renew the policy every year, and it is a family policy which covers 4members.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 31, 2018
    • ICICI Lombard Health Insurance
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The ICICI LOMBARD GENERAL INSURANCE has offered me a health insurance policy around 2months ago. I have paid Rs,40,000 to get this policy. This policy covers 3 members in the family. This policy is valid up to 5 years and here I have the medical coverage up to Rs,5,00,000.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 27, 2018
    • Star Health Health Insurance
      "Good health insurance policy"
      0.5 4.0/5 "Great!"
      I have got the Star health insurance policy around 3 years ago. The customer support service is good with the Star health insurance . This policy cover 4members in my family. This policy covers 5lakhs in this policy and the cashless treatment options are available with this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 26, 2018
    • HDFC Ergo Health Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      Around a year ago, I have got the health insurance policy from the HDFC ERGO GENERAL INSURANCE company and it is a EULIP plan, This policy covers whole family that is 3 members in my family, I have paid Rs,5.0,000 per year to get this policy . This policy has the coverage of Rs,5,00,000.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2018
    • Star Health Health Insurance
      "Family floater with Star health"
      0.5 5.0/5 "Blown Away!"
      I have taken a health insurance from STAR HEALTH & ALLIED INSURANCE and the premium amount is 13000. Its a 5 lakhs policy. The do provide cashless facility. There is no claim experience and we can claim 1500 for a health checkup every year and the amount will be reimbursed. its a family floater.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 23, 2018
    • Star Health Health Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      Around a year ago, I have got the health insurance policy from the Star health insurance company. I have paid Rs,10,000 to this policy and this policy covers 4 members in our family and it has the medical coverage up to 3lakhs per head . The cashless treatment is available from this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 23, 2018
    • Star Health Health Insurance
      "Good overall"
      0.5 4.0/5 "Great!"
      I have taken a health insurance with Star health. It is a family floater. The medical coverage is for 2.50 lakhs and it is for each person in the family. It was very convenient to buy the policy online. Fortunately there has been no claims in the policy.
      Was this review helpful? 0
      , bilaspur
      Reviewed on Mar 23, 2018
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