Family Medical Insurance: Benefits & Importance

It’s no secret that medical expenses have increased considerably in the last few years. With that in mind, investing in a family medical plan is essential! If you’ve never had a medical insurance policy for your family, you might not be too sure about the benefits of this type of policy. That makes this article a must-read for you and your family.

What is Medical Insurance for Family?

Family medical insurance plans refer to the types of insurance policies that provide insurance coverage for an insured and their family members. Since it’s medical insurance, the money within the policy is used for medical-related instances.

Importance of Family Medical Insurance

Opting for the best mediclaim policy for your family is important for several reasons, as highlighted below.

1. Relieves Financial Burden From Medical Issues

Medical issues often come with a high financial burden which may add stress to the breadwinner of the family. Opting for a family medical plan enables the policyholder to take care of their family in any medical eventuality.

2. Increasing Medical Costs

Depending on the type of medical issue, you could be looking at a significant increase in medical costs as the treatment progresses. Family Mediclaim policies in India are designed to cover any potential rise in medical costs.

3. Medical Coverage for Your Dependents

Whether your dependents are your spouse and children or your parents, the good news is that they will have adequate medical cover when they need it. This is one of the top family health insurance benefits.

4. When Employer-Provided Medical Insurance is Insufficient

Many people in India already have some sort of employer-provided medical insurance. In many cases, however, this type of cover isn’t enough. Additional family Mediclaim policies provide an extra corpus to use for medical emergencies or severe illnesses.

Benefits of Medical Insurance for Families

Before settling for a family medical plan, it’s crucial to review how these types of plans will benefit everyone in the family. Fortunately, there are some top advantages to investing in a medical insurance plan for your family.

1. Affordable Premiums

Investing in comprehensive medical insurance for your family means that you will have a family floater premium. This means your premiums will be significantly lower than opting for different individual health insurance plans. With affordable premiums, you also won’t have to stress over how you’re going to afford the cover.

2.Savings Via Tax Benefits (Section 80D)

One of the most enticing benefits of medical insurance is that there are medical insurance tax benefits. The most significant of these has to do with tax deductions and rebates. Depending on the type of insurance plan you choose, you may end up with a tax deduction of up to Rs. 25,000.

3. Extensive Medical Coverage for Every Insured Family Member

The last thing anyone wants is to be settled with a health plan that doesn’t offer their family members the right coverage when they need it. A floater health insurance ensures that each member of the family covered in the policy has extensive coverage. Each family member will be adequately covered, irrespective of the medical treatment required. Always opt for the family floater option.

4. Flexibility to Add Family Members

Another advantage to opting for a top family health plan is that you can add family members. This is ideal for growing families or policyholders who may later want to add their parents. Speak to your insurance advisor or check online about the types of additions you can make in the future.

Other Factors to Consider Before Buying Family Medical Insurance

Which medical insurance is best for your family? There are several factors to consider when you’re shortlisting potential family medical insurance plans. The most significant of these are discussed below.

1. Sufficient Sum Insured Coverage

Compare the sum insured coverage that’s on offer versus the number of family members you have. A medical insurance plan for a large family may require more extensive coverage.

2. Insurance Premium Costs

When reviewing which Mediclaim policy is best for your family, you will have to consider the premium costs. Premiums should be both reasonable and affordable. The Mera Mediclaim Plan offers policyholders a 7.5% discount on premiums with an automatic recharge of the Sum Insured.

3. Hospital Coverage Network of the Insurer

Consider whether or not the policy offers hospital coverage and how effective and inclusive the insurer’s network is. Opting for cashless health insurance for your family will ensure that your medical costs are automatically taken care of.

4. Inclusions and Exclusions of the Policy

It’s crucial to understand the exclusions in health insurance before choosing a policy. This will ensure that you are not left with a crisis during an emergency when you realize that your illness or medical issue isn’t covered by your policy. Enquire about the cashless Mediclaim policy for family plans to ensure there’s no hassle with medical bills.

5. Number of Family Members to Insure

Whether you need health insurance for a family of 4, or even health insurance for a family of 3, it’s important to consider how many people you want to add to your policy. Additionally, you need to check if the policy is flexible to add members later. For instance, you may want to add your new baby or even your parents.

6. Existing Medical History and Conditions

To avoid any issues during the claim process, you should always check if the medical insurance policy for your family will cover existing medical conditions. Be open about your and your family’s medical history so that you can get the right type of family medical plan.

Conclusion

Medical insurance for your family will go a long way toward easing the potential financial burden that you’ll encounter when someone in your family requires medical attention. With that said, choosing a family floater above an individual health plan will ensure that everyone in your family is adequately covered when it matters.

Frequently Asked Questions (FAQs)

1. Can I get tax deductions by purchasing medical insurance for my family?

The good news is that medical insurance plans in India are entitled to tax deductions and rebates. Tax deductions are applicable for dependents such as your spouse, children and parents. Speak to your insurance advisor or check online for the various criteria for these policies.

2. What factors affect the cost/premium of medical insurance plans for families?

When selecting a medical insurance policy for your family, the following main factors may influence the cost of the premium.

• Age of the insured
• Current medical conditions
• Occupation and Income
• Family medical history
• Smoking habits
• Pre-existing conditions

3. How to choose the best medical insurance for families in India?

There are some tips worth considering when you’re searching for the best medical insurance plan for your family. The most prominent of these include:

• Compare the various types of coverage on offer
• Always look for affordable premiums
• Compare quotes online
• Review the network hospital coverage
• Look for a company with a high claim settlement ratio
• Always opt for family medical plans over individual health plans

4. Is there a waiting period before claiming from family medical insurance policies?

Most family medical insurance plans have a waiting period before claims can be submitted. This varies between insurance companies but for the most part you’re looking at 30 to 90 days for new claims and an average of 2 to 4 years on claims for pre-existing conditions. If you or anyone in your family have a pre-existing condition, be sure to check with the insured how long their waiting period is.

5. Which medical insurance plan is the best for families?

Which is the best Mediclaim policy for a family in India? This greatly depends on what your family’s unique medical needs are. The Mera Mediclaim Plan is a firm favorite with locals because its benefits include a life cover with inbuilt Terminal Illness Rider.

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