Best Family Health Insurance

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A family health insurance package is a program that protects the whole family’s health. In these arrangements, you can include your spouse, children, dependent siblings, friends, and parents-in-law. A single premium is required, and the amount assured is shared among all members. In most cases, coverage is expanded to up to six family members.

As a result, medical insurance covers your savings from any unforeseen medical expenses.

Types of Family Health Insurance Plans:

There are two forms of family health insurance policies available:

  • Family health insurance plans cover each member of the family separately.
  • A family floater health insurance package protects everyone in the family under one policy.

The overall premium would be very high if you bought individual plans for each member of your family. However, if you purchase a family health insurance package, you will be covered.

Parents’ health insurance

You have the option of including your parents in your family’s health care coverage or buying a separate plan for them. However, most plans have a 65-year-old maximum entrance limit. If they are senior citizens, they can select from a range of policies tailored to their needs.

It’s important to keep in mind that the premium value rises with the eldest insured family member’s age. Purchasing separate health benefits for parents rather than including them in the family floater policy could be more cost-effective, depending on their age.

What is the Value of a Health Insurance Plan in Today’s World?

Medical treatment has become costly as a result of an ever-increasing demand for quality healthcare services, especially in private hospitals, where hospital bills are efficient enough to drain one’s savings.

A health insurance plan is the only option because it protects the insured, his parents, and other family members from the high medical bills that arise as a result of an accident or illness.

A health insurance plan includes tax benefits on premiums charged up to Rs. 75000/- under section 80D of the Income Tax Act, 1961, in addition to medical coverage.

Companies Offering Best Health Insurance Plans in India:


Company

Family Health Insurance Plan
HDFC ERGO General Insurance Company LimitedHealth Suraksha Plus Regain-Gold & Silver
TATA AIG General Insurance Company LimitedMediprime
Bajaj Allianz General Insurance Company LimitedHealth Guard Family Floater Gold
Universal Sompo General Insurance Company LimitedComplete Health Care
National Insurance Company LimitedParivar Mediclaim
Star Health & Allied Insurance Company Limited Family Health Optima
The Oriental Insurance Company LimitedHappy Family Floater Policy

#1.Health Suraksha Plus Regain-Gold & Silver:

HDFC ERGO

Coverage and Features:

AYUSH, dental check-ups, restore coverage, domiciliary, hospitalization, day care, ambulance costs, donor expenses

Range of sum assured (in INR)

3 – 10 Lakh

Maximum entry age 

No limit

Waiting period 

30 days for any claim,

2 years for certain ailments,

4 years for pre-existing

#2. Mediprime

Tata Aig Insurance

Coverage and Features

AYUSH, health check-ups, hospital cash aid, domiciliary, hospitalization, daycare, ambulance costs, donor expenses, AYUSH, health check-ups

Range of sum assured (in INR)

2 – 10 Lakh

Maximum entry age

65 years

Waiting period

30 days for any claim,

2 years for certain ailments,

4 years for pre-existing

#3. Health Guard Family Floater Gold

Bajaj Allianz insuarnce

Coverage and Features

AYUSH, dental check-ups, hospital cash benefit, convalescence benefit, restore coverage, bariatric, hospitalization, daycare, ambulance costs, donor expenses.

Range of sum assured (in INR)

3 – 50 Lakh

Maximum entry age

65 years

Waiting period

30 days for any claim,

2/3/6 years for certain ailments,

3 years for pre-existing

#4. Complete Health Care

Universal Sompo

Coverage and Features

AYUSH, dental check-ups, hospital cash benefit, convalescence benefit, domiciliary, hospitalization, daycare, ambulance costs, donor expenses.

Range of sum assured (in INR)

1 – 5 Lakh

Maximum entry age

65 years

Waiting period

30 days for any claim,

2/3 years for certain ailments,

6 years for pregnancy and related issues

3 years for pre-existing

#5. Parivar Mediclaim 

national Insurance

Coverage and Features

AYUSH, hospital cash profit, miscarriage, domiciliary, hospitalization, daycare, donor costs, ambulance

Range of sum assured (in INR)

1 – 10 Lakh

Maximum entry age

65 years 

Waiting period

30 days for any claim,

1/2/4 years for certain ailments

4 years for pre-existing

#6. Family Health Optima

Star health insuarance

Coverage and Features

AYUSH, dental check-ups, hospital cash aid, infertility, domiciliary, hospitalization, daycare, ambulance costs, donor expenses

Range of sum assured (in INR)

1 – 25 Lakh

Maximum entry age

65 years

Waiting period

30 days for any claim,

2/4 years for certain ailments

3 years for infertility

#7. Happy Family Floater Policy

Oriental Insuarance

Coverage and Features

AYUSH, dental check-ups, hospital cash aid, infertility, restore coverage, life difficulty survival, domiciliary, hospitalization, daycare, ambulance costs, donor expenses

Range of sum assured (in INR)

1 – 20 Lakh

Maximum entry age

65 years 

Waiting period

30 days for any claim,

1/2/4 years for certain ailments

Advantages of Family Health Insurance

Here are some of the advantages of investing in the best health insurance policies for families in India:

All family members are covered: You can purchase a single policy for the whole family, ensuring that everyone receives the best possible care. Parents and in-laws may be included as well. A new family member will easily be added to an existing family floater health plan. This saves you money by preventing you from having to pay premiums on various policies.

Cashless hospitalization for family members: All family members covered by the family health care policies are eligible for cashless hospitalization.

Save money: The overall premium for a family floater policy is usually less than the total premium for individual policies for each family member.

Claim a tax break: Under Section 80D of the Internal Revenue Code, the premiums charged for family health insurance benefits are tax-deductible.

Restore coverage: Most businesses now have a special benefit known as restore coverage. This is particularly useful when it comes to family health insurance policies. When one family member uses up the entire amount insured, the entire sum insured is restored so all family members are still safe. Restore compensation is often available to members of the same family, but only for unrelated claims.

Increase in the amount insured: For a flexible family health insurance package, you can increase the sum insured at any time during the renewal period.

A higher level of coverage for each member: An example will help you understand this.

Assume your family consists of four people. Either of the following two options is available to you.

1. Purchase individual policies with a total amount insured of Rs 1 lakh. In this case, each person’s maximum coverage amount is Rs 1 lakh. So, if one of your family members is hospitalized and the costs are Rs 1.5 lakh, you will be responsible for the difference of Rs 50,000.

2. Purchase a family health insurance package with an amount insured of Rs 4 lakh. The maximum coverage number for the entire family, in this case, is Rs 4 lakh. So, if one of the members is hospitalized and the costs exceed 1.5 lakh, the insurance provider will cover the entire cost, assuming the amount has not been depleted by other members during the policy year.

As a result, even the cheapest family health insurance provides more coverage to each family member with a lower average premium.

Difference between family health insurance and individual health insurance

Family floater health insurance planIndividual health insurance plan
All family members are covered by a common policyOnly one individual is covered by a single policy
In a family mediclaim scheme, the amount covered can be used collectively and individually by all insured members of the familyIndividual insurance benefits limit the usage of the amount covered to the insured individual
It turns out to be less expensive to pay a single premium for the whole familyIf you purchase an individual insurance plan for each family member, the total premium charged would be higher than if you purchase a family mediclaim policy
The premium is determined by the eldest insured member’s ageThe premium is estimated using the insured member’s age.

As a result, all family floater and individual health insurance policies are distinct. As a consequence, you should be mindful of these distinctions before deciding on the best strategy for your family.

Criteria for family health insurance eligibility:

To purchase mediclaim for your family, you must meet the insurance plan’s eligibility requirements. While the exact eligibility conditions vary depending on the policy you purchase, the following are some of the most common ones:

Members that are eligible for coverage

All family medical insurance plans protect the policyholder, his or her mother, and any minor children, both parental and adopted. Coverage for dependent parents, on the other hand, differs between family medical insurance policies. Some policies provide coverage for dependent parents, while others do not. In reality, some family health insurance policies cover your siblings, grandparents, in-laws, and other relatives.

The amount of insurance coverage

The sum covered under family mediclaim plans ranges from INR 1 lakh to INR 6 crores. You can pick any amount of coverage you want, and the premiums will be measured accordingly. However, if any family member has a serious medical condition, the insurance provider can place a cap on the overall amount insured available under mediclaim for the family.

Tenure as a policymaker

The service period for all family health insurance policies is one year. Some policies allow you to pay for two or three years of coverage at once if you pay the whole premium upfront.

Age restrictions

Adult proposers aged 18 and up can select from a range of medications for family plans. From the age of 91 days, dependent children may be protected. Adults’ maximum entry age is typically limited to 65 years in most plans, though some plans have no such limitations. Dependent children are protected by the floater scheme before they reach the age of 23 or 25, depending on the policy terms and conditions, at which point they may be covered by an individual plan.

Claim Process:

The procedure for filing a claim for family health insurance is as follows:

The following measures should be taken when filing a petition under a family Mediclaim policy:

  • The insurance provider should be notified of the allegation as soon as possible.
  • If you need cashless care, you can go to a hospital that is part of a network.
  • To get approval for cashless claims, fill out a pre-authorization form and send it to the insurance provider. This form should be submitted three to four days prior to a scheduled hospitalization or within 24 hours of emergency hospitalization.
  • You will get cashless treatments until your insurance provider accepts your cashless claim based on the pre-authorization form.
  • Fill out and send a claim form, as well as all medical records related to the claim, as soon as you are released from the hospital.