Posted by Medical expenses have increased significantly in recent years. As, a result, if you or one of your loved ones falls sick and requires hospitalization, the medical bills can put a significant dent in your savings. One way you can ensure that you get proper medical treatment for your family members and protect your savings at the same time is to buy a mediclaim policy for your family. In the following sections we will discuss why purchasing a mediclaim policy to cover all family members is the best option for you.
Benefits of having Mediclaim Policy for Family
While you can buy separate mediclaim policies for individual family members, it is typically a better option to purchase a family floater mediclaim policy. This type of mediclaim policy for family members ensured that all you and your dependants are all covered under a single plan. Here are some more benefits that mediclaim policy for family offers you:
Single Premium to Cover all Family Members – Mediclaim insurance policy for family covers all members of the family under one plan. You can insure yourself, your spouse, your dependent children, your dependent parents by paying a single premium. In fact, several plans allow you to include your extended family in your coverage. As a result, you do not have to keep track of due dates for payment of multiple insurance premiums, which will save you time and effort in the long-term.
Premiums are reasonable – When compared to individual plans for each family member, the premium for a family floater insurance plan is significantly lower. As a result, mediclaim policy for family provides reasonable coverage in case of medical emergencies while still being easy on your wallet.
Every person who is covered receives extensive coverage – Any family member who becomes ill can access the entire money insured under the family floater mediclaim policy. This ensures that you and your loved ones are adequately covered for medical expenses and your savings are protected no matter what the cost.
Coverage for Multiple Types of Medical Costs– A Mediclaim policy for Family offers coverage for multiple types of medical costs. These include pre and post hospitalization costs, hospitalization expenses, hospital room charges and day care expenses – to name a few. Getting this type of comprehensive coverage at a reasonable cost is definitely something you should consider.
Section 80D Tax Benefits – Another key advantage of mediclaim insurance for family that you should keep in mind is that they provide tax deduction benefits. When you acquire a mediclaim policy for yourself, your spouse and dependant children, you can get a tax deduction of up to Rs. 25,000. If you purchase a mediclaim policy for senior citizen parents, this tax deduction reduction increases to Rs. 50,000 annually.
As a result, mediclaim insurance for family policies are an excellent choice for your family’s health insurance needs. These plan are easy to purchase, covers all members, and is reasonably priced. So, ensure your family’s health by investing in a family mediclaim policy.
Factors You Should Consider Before Buying a Mediclaim Policy for Family
It is critical to protect your family against financial hardships that may arise as a result of unforeseen medical expenses. It is possible to do so by purchasing a family floater mediclaim policy. Choosing the best mediclaim policy for family might be difficult. As a result, before you take on this obligation, you should consider the following:
1. Whether the amount insured is sufficient to protect your family – Before you get a family floater mediclaim policy, ensure that the sum of the coverage is enough to cover the entire family’s medical needs. Look out for pre-existing medical conditions, factor in the age of members covered and so on. In case your parents are senior citizens, their medical needs may be significantly more expensive than that of the younger members of the family. Hence, you have to consider a higher sum insured to cover their medical costs adequately.
2. Check the premium payable – The amount you must pay to your insurer to keep your insurance active is known as the insurance premium. The premium amount payable will rise in tandem with the increase in the sum insured. Aside from that, the premium for a family floater plan is determined by the eldest family member’s age. Furthermore, if you choose add-ons, your family health insurance premium will rise once again. So, don’t forget to consider these factors when choosing a mediclaim policy for your family.
3. How extensive is the insurer’s hospital network –
Check the number of network hospitals included in the family floater mediclaim policy offered by different insurers. A greater number of network hospitals is preferable because it will be easier for you to receive cashless care at multiple hospitals. In the case of cashless treatment, your insurer will cover your bills with the hospital directly without any initial out-of-pocket expenses for you.
4. Check to see if pre-hospitalization and post-hospitalization charges are reimbursed
Ideally pre-and post-hospitalization charges should be covered in addition to hospitalization charges by yourfamily mediclaim policy.
This will ensure that you do not have to pay out of pocket for expenses related to medical tests and doctor visits that might happen before or after hospitalization
Eligibility and Documents Required for Family Mediclaim Policy
Eligibility requirements are part of any family health insurance plan. Although the eligibility conditions for family floater mediclaim policy in India differ from one to the next, the following information summarizes the most typical requirements:
Entry Age – Minimum entry age for an adult family member is 18 years and maximum entry age is 65 years. Minimum entry age for a child is 90 days and maximum coverage age is 30 years.
Number of family members Covered – Self, spouse, dependent children, dependent parents and parents-in-law.
Documents required –
When purchasing a mediclaim policy for family, the insurance company will often request the following documents:
Proof of identification
Proof of Address
Records of pre-existing medical conditions, if any.
Photographs
Medical Facilities Offered Under Mediclaim Policy
Most insurance providers cover the following essential items as part of their mediclaim policy for family:
Room Rent: These are frequently referred to as “room charges” or “bed costs.”
ICU fees: When a person is in critical condition, Intensive Care Unit (ICU) fees are necessary. The cost of an ICU stay is more than the cost of a standard hospital stay.
Doctor Visits – Various sorts of professionals, such as a general physician, a specialist, an anesthesiologist, a nutritionist, a pediatrician, a lactation consultant, and others, may visit the patient while they are in the hospital.
Charges for the operating room: These fees apply if the patient needs to have surgery.
Daycare procedures: Daycare procedures cover operations and procedures that do not require hospitalization. Examples of such procedures are cataract surgery, tonsillitis eradication, and so on.
Ambulance fees: Once or twice every claim, the insurance company will cover the cost of hiring an ambulance for transportation to the hospital