Every living human being may need medical attention and treatment at some point in time. Therefore, it is best to have a medical policy for every family member. But why buy individual mediclaim insurance for each family member when you can buy one that covers them all?
While individual health insurance plans have their benefits, a health insurance policy for a family is more practical. It provides coverage to the whole family up to a predefined sum insured. We recommend you compare health insurance online to get a better understanding of the offerings, inclusions, exclusions, waiting periods, premiums, etc.
Let us understand in detail about the best mediclaim insurance for families and the benefits it should offer.
What is a Family Mediclaim Policy?
A family mediclaim policy is a health insurance policy designed to cover the policyholder and his dependents. The dependents covered under a family mediclaim insurance are the policyholder’s spouse, children, parents, parents-in-law, and grandparents.
A mediclaim policy for a family has one premium and one sum insured. It implies that you need not pay an individual policy premium for each family member. The sum insured is shared by the policyholder and all the dependents included in the policy.
Benefits of a Good Mediclaim Policy for Family
If you are wondering how to choose a good mediclaim policy for your family, ensure that it provides the following benefits:
- Affordability: When you purchase a family medical policy, you need not buy an individual health insurance plan for all your family members. Buying separate health plans for every family member can be pretty expensive. Buying a mediclaim policy for a family, on the other hand, is an affordable alternative.
- Hassle-free hospitalisation: A family mediclaim policy takes away the stress of purchasing and maintaining individual health insurance plans for every family member, which can be tedious. If a family member needs medical treatment, he can easily get cashless treatment at any of the insurer’s network hospitals. This way, all your dependents can get instant access to quality medical care whenever required.
- Adding new family members: Families may grow in size over the years with the addition of new family members. You can conveniently add a new family member to an existing family mediclaim policy. It cannot be done for individual health insurance policies. Every time you add a new family member to your family health plan, you may increase the sum insured to maintain sufficient coverage for everyone. Additionally, when an elderly family member is no more, the other members can avail of the coverage.
- Tax benefits: With a mediclaim policy, you can avail of tax benefits under Section 80D of the Income Tax Act. The tax benefits increase if senior citizens are covered under the health insurance plan.
How to Choose the Best Mediclaim Policy for Family?
Consider the following factors to choose the best mediclaim insurance for your family:
- Flexibility: The cost of medical expenses will not remain the same forever. Moreover, new members may get added to your family with time. Therefore, the family health insurance plan should be flexible enough to let you increase the sum insured in the future.
- Coverage benefits: Ensure you check the coverage extent of a family mediclaim plan. Different family members may have different coverage requirements. So, check the plan’s coverage in detail to ensure it meets everyone’s requirements.
- Cashless hospitalisation: Some leading insurance companies like Tata AIG have an expansive list of network hospitals. If you or your family require medical attention, you can go to a network hospital near you and get the best possible medical care without paying the bill out of your pocket.
- Stress-free claim settlement procedure: It is necessary that a health insurance plan has a straightforward and quick claim settlement process. You can go through the insurer’s customer reviews on their website to learn about their customer service and product quality. Additionally, a look at the insurer’s claim settlement ratio will also help you decide if you should buy a family medical insurance plan from the insurer.
The easiest way to ensure a stress-free claim settlement process is by choosing the top insurance providers in India. For example, Tata AIG offers a simple claim process with its team of experts guiding the insured in every step.
- Policy exclusions: Usually, people focus only on what a mediclaim policy includes and forget to check what it does not cover. Always check the policy exclusions to ensure that nothing essential is missed from the coverage.
A family medical policy provides coverage to the family under a single medical insurance plan for which you need to pay only one premium. The best family mediclaim policy has several features, like affordable premiums, a cashless hospitalisation facility, tax benefits, a quick claim settlement process, and more.