Health insurance plans act as a great saviour to protect an individual from any financial burden arising out of hospitalization and illnesses. The best way to protect your entire family under a single health plan is by opting for family floater plans. Family floater plans help safeguards all the members of your family on a shared basis and with no individual limit for each member. The points mentioned below will assist you to understand in detail about family health plans, its key features and benefits. What is Family Health Plan? As opposed to individual health plans, family health plans covers the entire family under a single plan. It works with the prime assumption that all the members of the family will not fall ill at the same time or will have hospitalization expenses. If any member gets hospitalized, they can claim coverage up to the entire sum insured amount and thereby gain from a wider coverage. Differences between Individual and Family Health Plans How to Select the Best Family Health Plans? Choosing the right family health plan for your family depends on your family and their individual health requirements, dependencies and financial needs. Here are some points that will help you choose the right family health plan: 1. Sum Insured Selecting the right sum insured or coverage amount for the entire family is very important. Consider the number of members and their age, and choose the right sum insured amount for the family health plan. Even if one member gets hospitalized, there should be enough amount left for other members who might be at risk. 2. Age Older individual carry a higher health risk since they are more prone to diseases when compared to younger individuals. When you plan to cover your elderly parent or in-law under your family health plan, their age will determine the amount of premium you would pay. The higher the age of that member, the higher the premium will be. Also, there are possibilities that the elder member might use up a large part of the shared sum insured amount of the family health plan. Hence it is always recommended to buy a separate health plan for senior citizens, parents/in-laws. 3. Sub Limits Ensure that the family health plan does not have any sub-limits or specific limits for certain illnesses or treatments. Also check if there any room expense limit and reduce your out of pocket burden. Do, check out the exclusions, pre-existing diseases coverage and other clauses of the family health plan, before you make your purchase. 4. Premium A premium for a family health plan would definitely cost you lesser than separate individual healths for each member. Compare and select the best family health plan with a competitive premium rate and wider coverage. All in all, health insurance should not be considered as an unwanted expenditure. Having adequate health coverage is a must to protect you and your family. The best family health plans will reduce your burden and save your expenses by sharing cost across all the members of your family. Consider the above factors when selecting the best family health plan that is suitable for your family needs and requirements.
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