During COVID-19, protecting yourself and your family’s health is important but so is protecting your wallet from unexpected medical costs. A comprehensive family health insurance, also known as a family floater plan, keeps both your family and your finances healthy.
If a member of your family meets a healthcare emergency and they are not covered under a policy, you could end up paying the expensive hospital costs and many other related expenses all out of pocket, which would have the potential to break your bank.
A family floater plan covers yourself, your spouse, dependent children, parents and in other cases even your parents-in-law. Each member of your family can be eligible for making a claim up to the total sum insured. In addition to the basic cover, family insurance includes cover for hospitalization bills, expenses related to coronavirus and other diseases.
However, the question arises “How much does family health insurance cost per month?”
To give the answer, below is a list of the best family floater policies in India along with their key features and approximate annual premium costs.
|HEALTH INSURANCE PLAN NAME||FEATURES||BASIC PREMIUM (ANNUAL) COST|
|Care Health Insurance||Lifelong renewabilityAnnual Health Check-upNCBNo room rent cappingSecond medical opinion48 months waiting periodMaternity Cover Post 2 years||Rs. 14,746/*|
|Max Bupa Health Companion Family Floater||Lifelong RenewalNo max entry ageDomiciliary TreatmentNCBAYUSH BenefitHealth Check-up48 months waiting period||Rs. 15,194/y*|
|Star Family Health Optima||Restoration BenefitHealth Check-upDaycare procedures48 months waiting periodAdditional sum insured for road accidentNew-born baby cover||Rs. 15,417/*|
|Manipal Cigna Prohealth Plus||Free health check-upSingle Private RoomMaternity CoverWider CoveragePre-existing diseases are covered||Rs. 16,063/*|
|HDFC ERGO my: Health Suraksha Silver Smart Family Floater Plan||No room rent cappingRestoration benefitNo max entry ageFree annual health check-up586 daycare procedures includedCashless home healthcareAYUSH Benefit36 months waiting period||Rs. 16,107/*|
The premium is subject to change depending on no pre-existing diseases, family members, no smoking or alcohol habits, and the sum insured amount. For complete details about these plans as well as other family floater plans, click here.
Primary Reasons Why You Should Buy Family Health Insurance
Buying a comprehensive family health insurance plan for yourself and your family is the need of the hour, especially when the new strain of coronavirus has affected the entire world. Below are the primary benefits of having a family floater health plan.
Coverage for COVID-19: Owing to the coronavirus pandemic, existing health insurance policies have started covering expenses incurred on treatment for COVID-19. The policy also covers the costs of doctor’s fees, PPE kits. The Insurance Regulatory and Development Authority of India (IRDAI) has instructed all public as well as private insurance companies to offer Corona Rakshak, and Corona Kavach Plans at a nominal premium.
Coverage for the Cost of Treatment: When you have a family health policy, you don’t need to worry about getting your loved ones hospitalized. A family policy is generally available at the costs of an affordable premium and can be paid on a yearly installment basis. Moreover, if you have been left with not enough amount, you can avail of cashless hospitalization at any network hospital in India. Thus, you will remain stress-free as the financial obligation will be borne by the health insurance company.
Critical Illness Cover: No doubt, critical illness such as cancer, heart failure, kidney failure, stroke, etc. has the potential to have a complete toll on your family’s physical, emotional, mental and financial well-being. Critical illnesses are life-threatening diseases that might leave you impaired or recovering for a prolonged time. Many family health insurance plans come with critical illness cover.
Online Buying: Another benefit of a family health insurance policy is that it can be bought online. You don’t need to visit the insurer’s office or meet with an insurance agent. With an online insurance aggregator, you can easily but, renew or compare health insurance at the click of a button.
Customized Health Policy: You can add a range of rider options to your existing new health insurance policies at an affordable premium rate.
Tax Benefits: Going through another benefit, the premium paid against a health insurance cover is eligible for tax deduction under Section 80D of the Income Tax Act, 1961.
In Simple Words
With the rising costs of medical expenses as well COVID-19 cases, a family health insurance plan is a must-buy for your family. It is as important as wearing a mask, washing hands and maintaining social distance to deal with coronavirus treatment or hospitalization due to other diseases.