In India, where just about 1% of the country’s GDP goes into public financing for medical care, approximately 50 million people suffer from major illnesses at a given point. While numerous challenges exist for healthcare financing in the country, it is critical that families explore alternative financing options.
Challenges like the rising cost of medical care, long term nursing care for senior citizens, an increase in health risks and new diseases can significantly erode family income, thus leaving them with insufficient funding to meet other essential requirements.
Under such a scenario, a family health insurance policy naturally emerges as a financing option to cover healthcare expenses without exhausting the income. These insurance plans provide cover for expenses incurred on medical treatment of family members.
The applicability of this cover extends to medical conditions specified under the health insurance for family. Have a look at why buying family health insurance plans is important.
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High coverage amount
As family members can suffer multiple illnesses over a period, they also need the sum assured of a high amount to cover the medical costs. Family health insurance schemes thus come with a sum assured of high-value that can sufficiently meet the cost of medical care for each family member.
Thus, if you have purchased a family medical insurance policy with a sum assured of Rs. 10 Lakh, and one of the family members claims for medical expenses of Rs. 2 Lakh, the plan would still provide for a cover of Rs. 8 Lakh to other family members.
Insurance plans like Family Health Insurance cover from companies like Bajaj Finserv offer a sum assured of up to Rs. 50 Lakh depending on the cover period and tenor you choose. Such an amount allows you to pay the medical bills of your entire family with ease.
Lower premium amount
As family health insurance plans provide coverage to several members in the family under one scheme, only a single premium is paid for the entire cover.
While the premium amount may be higher than that of other policies, it is considerably low given the number of people it covers and the assured amount it comes with. Compared to the likes of individual health insurance plans, it thus provides a much affordable cover.
Multiple partial claims on the sum assured by one family member
Health insurance for families also allows for multiple partial claims if one member of the family requires it several times. So, while it provides cover to the family as a whole, high medical expenses frequently occurring for one member can also be attended to.
Coverage for new-borns
A family health insurance plan requires you to disclose the age of all family members it will cover and insure, irrespective of their age. Hence, the importance of a health insurance plan for family also emerges from the fact that it covers new-borns under 90 days as well.
It is not a facility you would enjoy when purchasing an individual plan for health insurance. Some of the best family health insurance schemes also cover siblings or other family members within a single plan.
Age of family members a determinant for a premium amount
The premium you are required to pay for a family health insurance plan is dependent upon the age of the oldest family member, irrespective of whether he/she is the policyholder or not. Thus, all family members enjoy a cover of high value against a small premium amount.
These essential details about a health insurance plan is a scheme worth purchasing to cover all members against medical expenses. When purchasing a plan, make sure to carefully go through all terms and conditions to choose the best plan for your family.
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