How Can a Family Health Plan Keep You Out of Trouble?

In India, the expense of healthcare can put a strain on many families' resources. All social classes are impacted by medical inflation as well. How do you intend to pay for your family's medical bills in such circumstances? Consider buying a family health plan to guard against growing medical expenses. To find out how the best family health insurance plans in India can benefit your family's health issues, read the article.

An insurance plan that covers your whole family is called a family health plan. You can pay the premium for a single insurance policy to cover all of your family members rather than enrolling each one separately. Maternity benefits, pre- and post-hospitalisation costs, and cashless care are frequently covered by family health insurance.

You can benefit from a family health plan in several ways. The majority of family insurance policies cover the following situations.

1. Hospitalisation

Hospitalisation costs, including intensive care unit (ICU) fees, room rent, doctor's fees, etc., are covered by the finest family insurance policies. These are the situations where the patient stays in the hospital for more than 24 hours.

2. Pre and Post-Hospitalisation

Plans for family insurance also pay for all expenses incurred during the stay at the hospital. Costs associated with consultation, diagnosis, medical testing, etc., are included in pre- and post-hospitalisation expenses.

3. Daycare Treatment

Procedures that necessitate hospitalisation for fewer than twenty-four hours are referred to as daycare treatment. It covers cataract surgery, chemotherapy, and dialysis.

4. Ambulance Charges

A family health insurance covers the charges of transporting a patient to the hospital through an ambulance. This includes air and road ambulances. Policyholders can make a claim to receive a reimbursement for the ambulance’s cost under the health insurance plan. It is important to check the registration of ambulance usage by the service provider. 

5. Maternity Cover

Maternity benefits and coverage for a newborn child for a predetermined amount of time are frequently included in full family health insurance. Prenatal care, postnatal care, and labour are all covered by the maternity benefits.

6. Critical Illness

Critical illnesses like cancer, kidney disease, and heart issues can be covered by a family health plan. Enrolling senior individuals in insurance can assist you with the costs because they are more susceptible to such ailments.

A family health plan can offer you several advantages. Here are a few of them listed below:-

1. Financial Security

Medical care can be extremely expensive. Older family members often require multiple hospital visits for treatment, which can put a strain on your finances. To safeguard against these financial burdens, purchasing comprehensive family health insurance has become essential. It offers a reliable way to secure your financial future.

2. Cashless Treatment

Some hospitals offer the best family insurance plan. The insurance company will pay for the procedure. Therefore, you can use a family health plan to benefit from cashless treatment.

3. Affordable Premium

The premiums for family health insurance plans are typically less than those for solo plans. By paying the cost for one plan, you can insure your parents as well as other family members.

4. Add New Members Easily

More members of a family can be included in the plan at a surcharge rate. Be it parents, spouses or even newborn children - all members are eligible for the health insurance policy. It is important to check that the sum insured is sufficient to cover each member of the family health insurance plan.

5. Better than Managing Multiple Insurance Plans

Managing many insurance plans and keeping track of when you need to pay the renewal premiums may be a real pain. By paying a single premium to cover everyone in your family, a family health plan allows you to do away with the inconveniences.

The elements that will assist you in selecting the finest family health plan are listed below.

1. Coverage

Numerous illnesses and costs can be covered by an insurance plan, but it might also exclude them. Hospitalisation costs, pre- and post-hospitalisation costs, and nursery treatment costs are typically covered by family health insurance. To determine whether a policy would suit your needs, you must examine its coverage options.

2. Option for Increasing Sum Insured

An insurance plan that lets you increase the amount insured at renewal is an option. Medical inflation may make it beneficial in the future. In addition to the cost of hospital stays, medical expenses also include the growing cost of prescription drugs, diagnostic tests, and doctor visits. You will be in a much better position to handle this difficulty if your insurance allows you to increase the insured sum.

3. Age and Number of Family Members

When choosing the best insurance plan, be certain of your objectives. The premium you pay for the insurance plan will be directly impacted by your financial situation, the size of your family, and the ages of each member. The size of your family has a direct impact on the amount insured under your plan.

4. Claim Settlement 

To comprehend a policy's claim settlement procedure, you must read its terms and conditions. One useful metric for assessing an insurance company's reliability is the claim settlement ratio. It represents the proportion of claims that a business settles each year relative to the total number of claims it receives. The better the settlement process, the higher the claim settlement ratio.

5. Coverage of Hospital Network

There are insurance policies offered by a network of hospitals. A hospital must be a member of the plan's network of hospitals to receive the advantages of cashless treatment. Therefore, choose an insurance plan that covers numerous hospitals.

In this article, we have discussed the facets of a family health plan. In the event of a medical emergency, it can assist your family. You can get good value for money with a family health insurance plan. Access to a variety of hospitals and pre- and post-hospitalisation coverage is provided by SBI’s family health insurance plan. Choosing a good family health plan ensures financial security, cashless treatment, and comprehensive coverage, safeguarding your loved ones during medical emergencies.