You need health cover regardless of what you take two at a time - pills or stairs.

How to Smartly Cover Your Entire Family with Health Insurance

While choosing a cover for your full family, you should consider factors like age of family members, number of individuals in your family, pre-existing conditions, etc. You can also compare the benefits of family floater plans and individual plans.

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

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  • Max Bupa Health Insurance
    "Good Claim Experience"
    0.5 5.0/5 "Blown Away!"
    I have medical cover with Max bupa, they gave me the coverage value of Rs. 5 lakhs its covers for entire family. One time I claimed for my mother for the eye surgery, I got the reimbursed within 30 days with 90% of amount, the total experience was good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 18, 2019
  • New India Health Insurance
    "Yet to experience the policy"
    0.5 5.0/5 "Blown Away!"
    My company has provided me a health insurance policy from new India. As per company norms, they have given me a coverage value of Rs. 5 lakhs. My entire family has been covered in this policy. They are offering a cashless treatment facility.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 18, 2019
  • Tata AIG Health Insurance
    "Great company"
    0.5 5.0/5 "Blown Away!"
    I have taken health insurance from tata aig. I did take health insurance from tata aig for my parents and The Process was so simple. Customer representative is good. The customer service and response was on time, never had any issues. Now I feel safe for my family Thank you tata aig.
    Was this review helpful? 0
    , solapur
    Reviewed on Jan 12, 2019
  • Cigna TTK Health Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    In Cigna TTK, they are providing pre existing disease cover, but they don't have no claim bonus features. The response is good they have good customer care working 24/7 , the medical coverage is good for me and entire family. They have many hospital which they got tie up in Mumbai.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 10, 2019
  • ICICI Lombard Health Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    My organization has provided me a health insurance with ICICI Lombard. I have not claimed anything from this policy. My entire family has been covered in this policy. They have given me a coverage value of Rs. 3 lakhs. This is a cashless policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 09, 2019
  • Star Health Health Insurance
    "Good"
    0.5 4.0/5 "Great!"
    My company has offered a health insurance from Star Health with the coverage of 1L, its for the family, Still I have not used the policy and am gone utilize the policy within 15 days for my family.They covers a major disease. I have called the customer service and the response is good. I am planning to go for reimbursement, they do have minor network of hospitals for cashless. I can recommend after completing my claim.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 09, 2019
  • National Insurance Health Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    My company has provided me a health policy from National insurance with the coverage of 2L. It is for the family members and no claim. I never contacted the customer service. Every year it was renewed by the company. They have limited networks of hospitals for cashless. It does not cover only eye problems, if we got admitted in hospital for 24hrs then applicable for claim.
    Was this review helpful? 0
    , pondicherry
    Reviewed on Jan 09, 2019
  • review Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been taken my health insurance with Adiyta birla health insurance, i have taken this insurance for all my family, per annum it is 25,00,000 policy coverage is there , and i have not yet took any claim yet, and there is tie up with many hospital and they have shared me those hospital location, the premium amount they have charged me up to 6000 for two years ,i use to pay.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jan 08, 2019
  • Star Health Health Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have a health insurance policy with Star health from last 2 years, a premium of Rs 13000 has to be paid for this insurance policy. I have no claim experience so far with this insurance. They gave a coverage value of Rs 6 lacs and it is for family.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 08, 2019
  • Star Health Health Insurance
    "Good but need to improve little communication with the custo"
    0.5 4.0/5 "Great!"
    My health insurance policy was bought from Star. I did not have any claim experience so far. From 2009 onwards i have been renewing the policy with Star. They have to give free health check up to the pre-vilege facility. I purchased this policy for my family. Yearly i pay the premium of Rs. 10000 for the coverage value of Rs. 5 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 08, 2019
  • Star Health Health Insurance
    "Yet to experience the policy. "
    0.5 4.0/5 "Great!"
    They have given me a lower premium which is lesser than others hence i have selected this company. I'm paying the premium of Rs. 1600 every month. For the family members of 4 peoples has been covered by this policy. The coverage value of the policy is Rs. 7 lakhs. There is more cashless facility hospitals are available. I purchased this policy through online.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 07, 2019
  • United India Health Insurance
    "Better"
    0.5 4.5/5 "Excellent!"
    I also have a health insurance from United India which was offered by company. It covers 5 members of my family. The medical coverage is 5L for the family. The premium was paid by the company which I don't know the figure. I have no claim experience. They have good network of hospitals for cashless.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 04, 2019
  • ICICI Lombard Health Insurance
    "Yet to explore the policy"
    0.5 3.5/5 "Pretty good"
    My employer has provided me a health insurance with ICICI Lombard. The cashless facility is good and i can show the card to the hospital. They have provided me a coverage of Rs. 3.5 lakhs which covers my entire family. I have not gone through about the network of hospitals in this policy.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 02, 2019
  • Tata AIG Health Insurance
    "Every one must hold a health insurance policy"
    0.5 3.5/5 "Pretty good"
    The premium is somewhat heavy compared to other companies. They have provided me a coverage value of Rs.4.80 lakhs. There is a different slab for according to the age group. I am paying the premium of Rs. 8400 per annum . I have been paying the premium for 2 adults under family platter with a eldest age of 31.
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 29, 2018
  • Star Health Health Insurance
    "Good health insurance policy"
    0.5 3.0/5 "Satisfactory"
    My entire family has been covered by the health insurance policy. The premium amount has been paying by my company. Most of the hospitals has been covered in this list. They are providing the cashless treatment and I'm satisfied with the coverage value.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 29, 2018
  • Religare Health Insurance
    "Its Good"
    0.5 3.5/5 "Pretty good"
    My company gave me Religare policy it got tie up with major hospitals I added my parents hence the medical cover its includes for my family. I got the medical cards, they are providing cash less treatment and but the pre existing disease not available.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 22, 2018
  • National Insurance Health Insurance
    "Good for emergency purpose"
    0.5 4.0/5 "Great!"
    My plan is health family plan for the total coverage value of Rs. 4 lakhs for two person, they are providing pre existing disease cover and cash less hospitalization.In Hyderbad they got tie up with many hospitals, they gave me the medical card.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Dec 21, 2018
  • Oriental Insurance Health Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    My health insurance policy was taken with Oriental. My total family has been covered in this policy. Within 5 hours, they have processed the claim and the settlement amount was satisfied and they have provided me a cashless treatment facility even though the list of hospital list was not much good. Coverage value of the policy is 5 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 21, 2018
  • Star Health Health Insurance
    "Good Health Policy"
    0.5 5.0/5 "Blown Away!"
    I have not used my mediclaim policy but I believe Star Health is good, the medical coverage is good around Rs. 10 lakhs its for my entire family 2+2. The policy name risk coverage, they have tie up with all hospitals they do have cash less treatment.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Dec 20, 2018
  • Religare Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been taken my health insurance with Religare health insurance, i have taken this insurance for all my family, per annum it is 1,30,000 policy coverage is there , and i have not yet took any claim yet, and there is tie up with many hospital and they have shared me those hospital location, but there agent is not much good they have not properly explained the policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 19, 2018
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