Family Health Insurance in India

Typically, these plans provide a more substantial total insured amount, broader coverage, and an array of advantages and attributes that can result in savings on medical expenditures.

The optimal family health insurance scheme encompasses the entire family, comprising one's spouse, children, parents, and parents-in-law, and ensures an economical answer to the family's insurance necessities.

Within this composition, individuals can acquire further insights into family health insurance, including whether non-resident Indians (NRIs) can procure health insurance plans for their families living in India.

Features of Health Insurance Plans for Family in India

Unlike individual health insurance, this type of health insurance in India covers the entire family at once — all the members are covered against a single premium. Such a plan reduces the hassle of managing multiple health insurance plans at once.

To understand family health insurance plans in India better, let’s go through their general features in this section -

• High Sum Insured - Since several family members are covered at once under a single insurance premium and a large sum insured, the policyholder has the power to decide the coverage amount for each member. 
• Option to Include Multiple Family Members - The best family health insurance plans in India enable policyholders to include all members under one plan. All the family members are thus financially covered for otherwise costly medical expenses. 
• Additional Benefits - Family health insurance plans in India are preferred for the range of value-added benefits that they bring. The list of such benefits includes wellness programmes, add-on covers such as maternity and newborn cover, and rebates. 
• Annual Medical Examination - An oft-ignored benefit of family health insurance plans is that they cover annual medical examinations for all insured individuals. This way, the family members can undergo regular medical examinations and stay updated about their health. 

Perks of Health Insurance Plans for Family in India

Discussed below are the benefits of health insurance plans for family in India -

• Improved Financial Planning - A health insurance plan for a family in India is a cost-effective cover, especially if the buyer is creating a budget. All the family members are financially covered under a single premium plan. 
• Cashless Hospitalisation - One of the major benefits why health insurance plans for families in India are popular is the cashless hospitalisation feature. In case of a medical emergency or hospitalisation, the policy buyer can help the family financially without missing out on the basic care required. 
• Includes Family Members - Insured individuals have the benefit to include a new family member in the family health insurance plan in India at a minimal additional premium. This saves the hassle of going through purchasing a new individual health insurance plan. 
• Additional Covers - When an individual purchases a family health insurance plan in India, they can opt for additional covers such as accidental death benefit, international coverage, critical illness cover, terminal illness cover, and more. This way, one can get these covers at a nominal premium and avoid the hassle of purchasing separate plans. 
• Affordable Premium - As mentioned earlier, an individual can cover their spouse, children, and parents under one policy with a family health insurance plan. Since there is no need to pay individual premiums for all family members, the average premium for a family health insurance plan in India remains affordable.

General Inclusions Under the Best Family Health Insurance Plans in India

Check out the general inclusions of the best family health insurance plans in India -

• Hospitalisation expenses like service charges, room rent, and registration charges
• Cashless treatment
• Daycare treatment charges
• Pre and post-hospitalisation expenses from 30 to 60 days as per the policy
• Critical illness cover
• In-patient treatment costs for Ayurveda, Unani, Homeopathy, Siddha, Yoga and Naturopathy, all of which form a part of AYUSH
• Domiciliary treatment
• Ambulance cover
• Second opinion
• Daily allowance 
• Free annual medical examination
• Organ donor cover
• Mental illness cover

General Exclusions from the Best Family Health Insurance Plans in India

The general exclusions for the best family health insurance plans in India are as follows -

• Out-patient treatment
• Illness due to the influence of drugs and alcohol
• Self-inflicted injury
• Sexually transmitted diseases
• Injuries due to adventure sports
• Waiting period for pre-existing illnesses and conditions - cataracts, sinusitis, piles, and hernia
• Expenses incurred on aesthetic treatment or cosmetic surgeries

Things to Carefully Look into When Buying a Health Insurance Plan for Family in India

Here are a few crucial points to be taken into consideration prior to the purchase of a health insurance plan for family in India -

• Examine the Coverage of the Family Health Insurance Plan - Before getting a family health insurance plan in India, it’s necessary to assess the extent of coverage that the plan provides. Almost all family health plans encompass expenses related to day care, in-hospitalisation, ambulance fees, pre and post-hospitalisation expenditures, and more. Select a plan that, within your established budget, effectively caters to the health requirements of the family and covers such expenses.
• Select a Plan Incorporating the Option for Increased Sum Insured - With the constant rise in medical expenses due to inflation, the selection of a plan that offers the possibility to enhance the sum insured upon policy renewal becomes essential. Various insurers present a cumulative bonus benefit which raises the sum insured by up to 100% if no claims have been raised in the preceding policy years.
• Verify the Availability of Cashless Hospitalisation - Health insurance providers in India furnish cashless hospitalisation conveniences within their network hospitals. This streamlines the hospitalisation procedure, making it a trouble-free experience for insured individuals. With that said, it remains crucial to cross-reference the list of hospitals offering cashless services prior to plan acquisition. You should make sure that reputable hospitals that are near you are included in the plan.
• Assess the Maximum Renewal Age - Certain health insurance companies in India extend the option to renew family health policies until the eldest family member reaches the age of 60 or 65. Nonetheless, the prudent choice is a family health insurance plan that features lifelong policy renewal privileges.
• Attain Effortless Claim Settlement - Before finalising the purchase of any health insurance plan for the family, it is advisable to thoroughly understand the insurance company's protocol for claim settlement.

Opt for a plan that adheres to a prompt and straightforward claim settlement procedure. It is also advisable to look into companies that present hassle-free cashless hospitalisation facilities.

Can NRIs Buy a Health Insurance Plan for the Family in India?

An individual who is a Non-Resident Indian (NRI) can certainly purchase health insurance for themselves as well as their parents who reside in India. However, health insurance companies solely cover medical costs linked to treatments sought within India, unless the policy incorporates international coverage.

For instance, let’s consider an NRI who resides in the UAE. If their parents undergo treatment in India, the concerned insurance firm in India will manage the accrued expenses. However, if the parents urgently require medical treatment in the UAE, the health insurance procured in India will not account for the expenses.

Benefits of Buying a Health Insurance Plan for Family Living in India

The healthcare sector has undergone a significant cost surge. The combination of inflation and additional material requirements has made it nearly impractical to handle the expenses related to medical appointments, hospital stays, and medications alone in today’s world. In our times, it has also been underscored that health crises can emerge at any moment and impact individuals of all age groups.

All of these emphasise the significance of possessing a health insurance scheme. Such a plan safeguards the elderly parents as well as the young children and offers the individual and their partner a suitable financial buffer during urgent and unforeseen circumstances.

Let’s understand the benefits that an NRI can access by purchasing a health insurance plan for family in India through the following points -

• High medical costs - The increased life expectancy observed over the recent decades also requires careful consideration of medical requirements and expenses. Medical expenses have surged dramatically, particularly during old age, where numerous instances demand costly medical intervention. However, with health insurance offering a protective layer for one's savings in such scenarios, you can let go of your stress regarding medical expenses.
• Preserve pensions for joyful moments - Even when individuals are retirees, it's prudent to safeguard their pensions for personal needs. Given the likelihood of medical crises arising and consuming a substantial chunk of savings, maintaining health insurance is a wise choice.
• Promote self-reliance for parents during unforeseen periods - A considerable segment of the Indian population lacks access to pensions. In these circumstances, parents often rely heavily on their working children or lifetime savings. Regardless of the scenario, health insurance serves as a safeguard against financial strain during medical emergencies. Furthermore, with the availability of cashless insurance, parents can effortlessly access healthcare even in the absence of their children.
• Financial safeguard for savings - Health-related requirements, as we know, tend to arise unexpectedly. Managing medical expenses can prove to be an arduous task and significantly impact savings that were originally earmarked for planned objectives. With health insurance, you can mitigate such situations and ensure that one's plans and moments of happiness remain unaffected.

Factors to Carefully Consider When Buying the Best Family Health Insurance Plan in India

Discussed below are the aspects to consider when buying a health insurance plan for family in India -

• Age Limit - In India, most health insurance providers extend medical coverage to parents until they reach the age of 65. Nevertheless, certain health insurance plans designed for senior citizens offer coverage for parents until they turn 80. Consequently, non-resident Indians (NRIs) must get a policy that safeguards their parents from their present age up to the maximum limit possible.
• Sum Insured - The sum insured refers to the overall amount disbursed to an individual upon filing a medical insurance claim for their parents. A higher sum insured translates to greater reimbursement for parents' medical expenses. Thus, for their parents, NRIs should invest in a health insurance policy that features a substantial sum insured and aligns with their financial constraints.
• Covered Illnesses - As individuals grow older, they commonly develop pre-existing health conditions. Given this, NRIs seeking health insurance for their parents must examine the illnesses covered by the policy, including conditions such as COVID-19 and cancer. It is essential to select a health plan that provides coverage for an extensive range of pre-existing conditions and critical illnesses.
• Waiting Period - Typically, a waiting period is applicable before a health insurance policy becomes effective in covering various medical treatments and illnesses. While a standard initial waiting period of 30 days applies to all policies, most plans extend coverage to pre-existing diseases after a waiting period of 2 to 4 years. Similarly, specific medical procedures and illnesses require a maximum waiting period of 2 years. NRIs, therefore, should meticulously review all policy terms and conditions before making a selection, opting for one with a shorter waiting period.
• Network Hospitals - Every health insurance provider in India maintains a network of registered hospitals where policyholders' parents can receive cashless medical treatment. Opting for cashless treatment at an affiliated hospital ensures a seamless experience, with the insurance company directly settling bills with the hospital. Accordingly, NRIs should assess the roster of network hospitals affiliated with different insurers and choose one with a network hospital conveniently located near their parents' residence in India.
• Premium Amount - Acquiring health insurance for parents can prove relatively costly due to the increased susceptibility of elderly individuals to critical ailments necessitating prolonged treatment. Nonetheless, opting for a policy with an exceedingly low premium may lead to insufficient coverage for parents.

Therefore, NRIs should carefully select the most suitable health insurance for their parents based on their health status and financial capacity. Furthermore, it is prudent to consider purchasing a dedicated senior citizen health policy instead of incorporating parents into a family insurance plan.

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