What Is Family Health Insurance Plan?
Family health insurance plans as the name suggests are health plans that are specially designed for families. These medical insurance plans cover your immediate family members like spouse, children, parents and grandparents under a single plan. Under family health insurance plans, you can cover a legally wedded spouse, dependent children, parents, parents-in-law, etc., apart from self, on a floater sum insured basis. Simply put, with a family floater health insurance policy, one can claim up to a full sum insured amount, in case of an emergency. However, this would reduce the coverage benefits for other family members. The most important feature of family floater health insurance is that most plans cover COVID-19 treatment, which means that you can now benefit from long-term coverage from a new or existing medical coverage strategy if COVID-19 results are positive.
Family Health Insurance
An individual health insurance policy aims at securing one person under the plan. In such plans, the insurance coverage is extended to one person alone. For instance, if you buy an individual plan for yourself, you will be able to raise a claim for your medical expenses like hospitalization, doctor’s consultation, ambulance costs, surgery costs, diagnosis costs, AYUSH treatment, and more.
| Health Insurance Plans | Sum Insured | Insured Members |
| Niva Bupa – Reassure | Rs. 3,00,000 – 1,00,00,000 | 2 adults (spouse and policyholder) + 3 children |
| HDFC Ergo – Optima secure | Rs. 5,00,000 to Rs.2,00,00,000 | 2 adults (spouse and policyholder) + 4 children |
| Star Health – Family health optima | Rs. 2,00,000 to Rs.2,00,00,000 | 2 adults (spouse and policyholder) + 3 children |
Now, if you get married and have children, your existing policy will not cover them. In this case, you will have to buy a health insurance plan for the family to cover your dependents. Individual health insurance plans are typically ideal for youngsters who do not have any dependent family members. However, as you age and have more responsibilities, you may find such a plan inadequate. This is where family insurance plans come in.
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