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How Family Health Plan Can Keep You Out of Trouble?

TeamAckoNov 8, 2024

The cost of healthcare can make a dent in the finances of many families in India. Medical inflation also impacts all classes of people. So in such situations, how do you plan to cover your family’s health care expenses?

Well, consider buying a family health plan as protection from rising healthcare costs. Scroll below to learn how it can help your family.

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Contents

What is a Family Health Plan?
What is Covered by Family Health Plan?
Benefits of Family Health Plan
Points To Consider Before Buying Family Health Plan
Frequently Asked Questions

What is a Family Health Plan?

A family health plan is an insurance scheme which covers your entire family. Instead of enrolling every family member separately, you can pay the premium for a single policy to cover all of them. Family health plans often cover cashless treatment, pre and post-hospitalisation expenses, and maternity benefits.

What is Covered by Family Health Plan?

A family health plan can help you in a variety of situations. Here are some cases which are included in most family insurance plans.

Hospitalisation

The best family insurance plans cover hospitalisation expenses such as ICU charges, room rent, fees for doctor’s service etc. These are the cases in which the patient is hospitalised for over 24 hours.

Pre and Post-Hospitalisation

Family insurance plans also cover expenses incurred before and after hospitalisation. Pre and post-hospitalisation expenses include the cost of consultation, diagnosis, medical tests, etc.

Daycare Treatment

Daycare treatment refers to procedures which require hospitalisation for less than 24 hours. It includes dialysis, chemotherapy, and cataract surgery.

Ambulance Charges

Health insurance plans for family cover the cost of using an ambulance to take the patient to the hospital. It includes both road and air ambulances. The cost that you pay for the ambulance can be claimed as reimbursement under the plan. The ambulance used should be registered with an ambulance service provider.

Maternity Cover

A full family health insurance often includes maternity benefits and coverage for a newborn baby for a specified period. The maternity benefits include prenatal care, postnatal care, and childbirth.

Critical Illness

A family health plan can cover critical illnesses such as heart conditions, kidney disease, and cancer. As older members are more vulnerable to such conditions, enrolling them for insurance can help you with the expenses.

Benefits of Family Health Plan

A family health plan can offer you several advantages. We have listed some of them below.

Financial Security

The cost of medical treatment can burn a hole in your pocket. Older members of a family often have to pay multiple visits to the hospital for treatment. All this can take a toll on you financially. That is why buying full family health insurance has become a necessity. It is a cost-effective way to secure yourself financially.

Cashless Treatment

The best family insurance policy can be availed of at multiple hospitals. The cost of treatment will be borne by the insurance company. Thus, you can take advantage of cashless treatment with a family health plan.

Affordable Premium

Family health insurance plans usually have lower premiums than individual health insurance schemes. You can cover your parents and other family members by paying the premium for one plan.

Add New Members Easily

You can add new members to the plan by paying a higher premium. The new family members may be your parents, newly-wed spouse or new-born children. You should ensure that the insured amount is sufficient to cover all the members included in the plan.

Better than Managing Multiple Insurance Plans

It can be quite a hassle to manage several insurance plans and remember when you have to pay their renewal premium. With a family health plan, you can eliminate the hassles by paying a single premium to cover all your family members.

Points To Consider Before Buying Family Health Plan

Scroll below to find the factors which will help you pick the best family health plan.

Coverage

An insurance plan can include as well as exclude several illnesses and expenses. Most family health plans cover hospitalisation expenses, pre and post-hospitalisation expenses, and the cost of daycare treatment. You must review a policy’s coverage options to check if it will meet your needs.

Option for Increasing Sum Insured

You can opt for an insurance plan which allows you to raise the sum insured during renewal. It can be useful in the future due to medical inflation. Medical expenses include not only hospitalisation costs but also the rising cost of medicines, medical tests, and visits to the doctor. If your policy has the option for raising the insured sum, you will be in a much better position to tackle this challenge.

Age and Number of Family Members

Be clear about your goals in selecting the right insurance plan. Your budget, the number of members in your family, and the age of all the members will have a direct bearing on the premium you pay for the insurance plan. The sum insured under your plan is directly related to the size of your family.

Claim Settlement

You must read a policy’s terms and conditions to understand its claim settlement process. The claim settlement ratio is a good indicator of how trustworthy an insurance company is. It is a percentage of the number of claims settled by a company in a year out of the total claims received. The higher the claim settlement ratio, the better the settlement process would be.

Coverage of Hospital Network

Insurance plans are available across a network of hospitals. To avail of the benefits of cashless treatment, a hospital must be part of the plan’s network of hospitals. So opt for an insurance plan with coverage over a wide network of hospitals.

We have covered the major aspects of family health plan in this blog. It can help your family during a medical emergency. A family health insurance plan can offer you good value for money. With ACKO’s family health insurance plan, you can get pre and post-hospitalisation coverage and access to a wide range of hospitals.

Frequently Asked Questions

Here we have answered some commonly asked questions about family health plan.

Which is best: family health insurance or individual health insurance?

The answer depends on various factors including your budget, goals and the premium you want to pay. You must compare different insurance plans to come to an informed conclusion.

What is the waiting period for a family health plan?

Most insurance plans have an initial waiting period and waiting periods for specific diseases and conditions. You must compare the terms and conditions of a policy to find out the waiting period.