The cost of healthcare is rising constantly and a sudden medical emergency can put a strain on your financial health. One of the most efficient ways to safeguard your loved ones is by investing in a family health insurance policy. It covers all the members under a single policy. In addition to financial protection, a family health plan also offers convenience, comprehensive coverage and access to various features that ensure your family’s health is well taken care of.

Why should you buy a family health insurance policy?

A family health insurance policy covers all family members under one insurance plan, which is cost-effective and easy to manage. It is important to select a health cover that offers coverage for all of your family’s health requirements so that you are better prepared for any medical emergency.

Key reasons to buy a family health insurance plan

Buying a family health insurance plan is important for several reasons, such as:

• Covers your entire family under a single policy.
• It is more affordable than having separate insurance plans for each member.
• Offers wide coverage, like hospitalisation, daycare procedures, medications, etc.
• The cashless hospitalisation feature of a comprehensive health insurance plan relieves you of the stress of shouldering hospital bills during an emergency hospitalisation.

Benefits of buying a family health insurance policy

A family health insurance plan is designed to provide you with convenience, financial security and peace of mind. Some significant benefits include:

• Coverage for multiple expenses: Many medical insurance plans cover pre- and post-hospitalisation costs, treatments, ambulance charges, etc.
• Single premium payment: Family insurance covers all family members and you have to pay just one premium.
• Flexibility: The total insured amount can be used for any family member in case of an Also, most health insurance providers now offer their insurance policies online. This provides quick access and a better understanding of policy features, aiding in choosing the right insurance coverage for your family.
• Cashless hospitalisation: Insurance providers have tie-ups with different hospitals, which makes treatment hassle-free.

Factors to consider before buying family health insurance

Before buying a family health insurance plan, it's important to consider some points to choose the right cover, such as:

• Check if the coverage amount is appropriate for your entire family’s requirements.
• Compare different premiums and choose the one that fits your budget and needs.
• Ensure that the insurance provider has a wider network of hospitals for cashless treatment.
• Look for beneficial add-ons, such as critical illness coverage and maternity coverage.
• Review the inclusions and exclusions carefully to know what's covered and what's not.

Who should buy a family health insurance policy? 

If you want one single comprehensive plan, not individual health insurance plans, a family health insurance policy is best for you. It's especially beneficial:

• If you want to cover your parents, children and spouse in one policy
• If you want to manage all health coverage, claims and documentation under one plan.
• If you want an affordable premium.

How to choose the best family health insurance plan?

Finding a suitable family health insurance plan can be complex. Here are some points that can help you in choosing the best, affordable, and comprehensive insurance plan for your family:

• Check the claim history of the insurance provider and choose the one that is known for quick claim settlements and has strong customer feedback.
• Many insurance providers maintain a list of network hospitals. Check if hospitals near your location are there so that you can avail of cashless treatment in case of any health emergency.
• Make sure that the plan provides sufficient coverage for hospitalisation, treatments, medications, and other related expenses.
• Check if the insurance provider is flexible with premium payments and if it offers annual, monthly, or EMI premium payment options.
• Choose a plan that is appropriate for all members of your family, whether young or old.

Conclusion

A family’s health insurance policy is more than a financial safety net. It’s a combination of convenience, affordability and comprehensive coverage to safeguard your entire family.  From covering hospitalisation to treatments to offering cashless facilities and add-on benefits, comprehensive family insurance is important.

While you put in the effort to secure your family’s health, let us help you choose the right plan. Get your customised family health insurance advice by filling out the form on this page.

FAQs

• What's the difference between family health insurance and an individual insurance plan?

An individual health insurance plan covers only one person, while a family health insurance plan covers multiple family members in one plan.

• Can I add new members to the existing family insurance plan?

Most insurance providers allow you to add new members, like your newborn child, spouse, etc., at the time of renewal by paying an extra premium.

• Who isn’t covered in a family health plan?

Generally, friends, uncles, aunts, cousins and other extended relatives are not covered under a family health insurance plan.

• Is maternity covered in the family insurance plan?

Some of the family health insurance plans do cover maternity and newborn benefits by paying an extra premium. It is always good to check the policy documents to see what is included.

• What are the documents required for a family health insurance plan?

Some of the common documents required include identity proof, address proof, age proof, medical history and recent photographs.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis or treatment. Please consult a certified medical and/or nutrition professional for any questions. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.