Family is the cornerstone of everyone’s life. As a part of the family, you would want to ensure their well-being in every possible way. One way to do this is by investing mediclaim policy for family. Such medical insurance plans ensure your family receives the care they are entitled to. Choosing the right insurance policy can be exhausting, especially when there are numerous options available.
This article will walk you through the importance of family health insurance plans, how to choose the right one, and some of the best insurance policies for family in 2024.
Mediclaim Policy For Family: A Safety Net
In India, the rising cost of medical treatments and hospitalisations has made it crucial to have reliable mediclaim insurance. The best mediclaim policy for family is designed to provide coverage to the entire family, including your parents, children, and spouse. Instead of buying separate individual policies for each member, a family plan provides collective coverage, eliminating the need for multiple policies. These plans generally offer a higher sum insured, which is shared by all the family members, ensuring comprehensive coverage for various healthcare expenses. This includes pre- and post-hospitalisation, diagnostic tests, prescription medications, domiciliary treatments, and more.
Why Should You Invest in the Best Mediclaim Policy for Family?
Life is full of uncertainties. Nobody plans to get sick. However, you should always be prepared for such circumstances. Without mediclaim insurance, a medical emergency can cost you thousands of rupees, creating a financial burden. Whereas with medical insurance India, you will not have to worry about your finances during emergencies.
Let’s look at a few more reasons why you should purchase the best mediclaim insurance for family.
Rising Medical Costs
In the past few years, India has witnessed a rise in healthcare expenses due to advancements in the industry. Having the best mediclaim policy for family helps you protect your loved ones from the financial strain of high medical bills while providing them access to high-quality care.
Comprehensive Coverage
Such insurance policies cover a wide range of expenses, including hospitalisation, doctor consultations, medical tests, surgeries, and more. This coverage ensures that your family is covered during medical emergencies without the fear of finances.
Critical Illness Protection
Ageing weakens the immune system, making people more susceptible to diseases. Family health insurance plans also work as a critical illness insurance like cancer, heart attacks, and kidney failure, which are common in the elderly (parents).
Tax Benefits
Investing in health insurance plans not only protects you from high medical bills but also provides tax benefits. According to the Income Tax Act, premiums paid for insurance policies are eligible for tax deduction, reducing taxable income and allowing you to save money.
How to Choose the Best Family Health Insurance Plan?
With so many options available in the market, choosing the one that best suits your needs and requirements can be challenging. Therefore, when selecting the best policy for your family, follow the steps mentioned below to make a well-informed decision.
Coverage Needs
Start by evaluating the healthcare needs of your family. Consider the age, medical history, and specific health concerns of each family member. Ensure the sum insured is adequate to cover hospitalisation, surgeries, and critical illnesses for all the family members.
Network Hospitals
Check whether the insurer has a wide network of cashless hospitals. This is crucial, as it will reduce out-of-pocket expenses during medical emergencies.
Inclusions and Exclusion
Carefully review the inclusions and exclusions of the insurance policy. Look for medical plans that cover a wide range of medical conditions, including pre-existing diseases (after a waiting period).
Claim Process
Opt for an insurer with a simple, transparent, and efficient claims process. A company with a reputation for hassle-free claims settlement will save you time and reduce your stress in the event of a medical emergency.
Additional Benefits
Consider additional coverage options like critical illness riders, personal accident coverage, and top-up plans. These add-ons provide extra protection for serious health conditions.
Top 5 Family Health Insurance Plans in 2024
If you are confused about which insurance policy to choose for your family? Then mentioned below are top 5 health insurance policies you can rely on.
- Family Health Insurance Plans by Niva Bupa
- Coverage for pre and post-hospitalisation expenses.
- Additional benefits like critical illness cover.
- Cashless hospitalisation across a large network of hospitals.
- Lifetime renewability and no cap on age limit.
- Affordable premiums.
- Star Health and Allied Insurance
- Offers no-claim bonus.
- Free preventive health check-ups every year.
- No sub-limits on room rent and hospitalisation.
- Automatic restoration of sum insured.
- Care Supreme Family Health Insurance
- Covers hospitalisation, daycare, and organ donor expenses.
- Maternity and newborn baby cover.
- Free health check-ups after every policy year.
- Variety of sum insured options.
- HDFC ERGO Health Insurance
- Coverage for a wide range of illnesses and treatments.
- No room rent capping.
- 100% reload of the sum insured after the claim.
- Alternative treatments.
- ICICI Lombard Insurance
- Offers high-sum insured.
- Provides preventive care like health check-ups and screenings.
- Tax benefits under Section 80D.
- Extensive coverage.
Wrapping Up
Choosing the right family health insurance plan is essential for ensuring that your loved ones are protected from unexpected medical expenses. Such insurance plans provide excellent coverage and benefits tailored to the needs of families. Family health insurance policies will help you safeguard your family’s health without compromising your finances.
When it comes to health insurance, Niva Bupa is highly recommended. They stand out for the customer-centric approach and extensive benefits, including 24×7 customer assistance, efficient claim processing, and affordable premiums, making it accessible.
