Home Insurance How To Secure Your Family Health Through Family Health Insurance Schemes

How To Secure Your Family Health Through Family Health Insurance Schemes

It is common for any family member to experience a medical emergency. As a result, you need a health insurance plan that includes your entire family so that, if anyone gets sick, the policy can help you pay for medical expenses.

There are, however, different health insurance policies with a range of advantages. Do you want to know about these health insurance policies? Keep reading!

Also, we will detail how to secure your family health through family health insurance schemes.

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Why You Should Secure Your Family Health Through Family Health Insurance Schemes

Many people prefer family floater health insurance instead of purchasing individual plans for each family member. Let’s examine the main advantages of purchasing these family insurance plans.

Any insured family member can receive top-notch medical care without concern for expense in the case of a medical emergency. As a result, you won’t have to worry about family medical bills.

According to several health insurance providers, parents and in-laws can often be covered under one family health insurance policy.

It would be worthwhile even if you had to pay a higher premium to cover them up. Then, you can sigh with relief knowing you have preserved the elderly family members’ health.

Because family insurance policies don’t require you to pay separate premiums for each family member, you can cover your spouse, parents, and kids under one policy for a low monthly cost.

However, it is advised that you get a different policy for your elderly parents because they can have health problems associated with getting older.

Insurers typically use the age of the oldest insured member to set the policy premium. Another important advantage of the health insurance plan is the ability to easily add new family members by paying an additional cost.

Doing it can save you the headache of submitting paperwork, filling out forms, etc., when purchasing new insurance coverage. Furthermore, you can raise the insurance coverage amount each time a new family member is added.

With your family health insurance plan, you can purchase add-ons or riders, which are supplemental coverage alternatives.

This will enable you to increase the scope of your current policy’s protection and obtain security from some hazards the standard policy may not protect. As a result, you can determine your family member’s healthcare demands and buy an addition as necessary.

For instance, you might consider purchasing an accidental death benefit rider if one or more of your family members operate in a dangerous line of work. Similarly, you might purchase a maternity cover if your partner is about to become a mother.

In addition to protecting your funds from unexpected medical costs, health insurance is a great tax-saving financial strategy.

The primary cause is the rise in lifestyle diseases and the high cost of their treatments. 

Along with illness, there is always the possibility of accidents leading to injuries or other medical emergencies.

The financial part of a medical emergency is significant, especially if it cannot be avoided or delayed.

A health insurance policy is necessary to cover these costs. Medical costs spent while in the hospital are covered by health insurance programs.

As a result, they safeguard your money while giving you much-needed financial support in a medical emergency.

Read Also: What Is Insurance Claim?

Types Of Health Insurance Schemes

1. Preferred Provider Organization (PPO) Plans

The preferred provider organization (PPO) plan is the most popular insurance plan companies provide. For example, 49% of those polled with an employer-sponsored plan had a PPO.

Employees with a PPO plan are encouraged to receive medical treatment from a network of recommended physicians and hospitals at a negotiated or reduced cost.

In most cases, employees are free to choose any doctor in their circle and are not compelled to choose an immediate care physician (PCP).

Before the health insurance provider starts paying for medical expenses, employees have an annual deductible they must reach.

Additionally, individuals can be required to pay a part of the cost of the services they receive as part of a coinsurance arrangement or a copayment for specific services.

2. Health Maintenance Organizations (HMO) Plans

The health maintenance organization (HMO) strategy is the following. These medical plans work with a network of healthcare providers with exclusive contracts with the HMO, which then agrees to deliver services to members to give out a comprehensive range of healthcare services.

As part of their plan, employees of an HMO typically have to select a primary care physician, and they need to get a recommendation from their PCP before seeing a specialist.

The fact that HMOs typically have reduced out-of-pocket expenses for covered procedures is one of their benefits. Employees typically pay a small copayment and may not even have a deductible when their coverage first begins.

3. Points of Service Plans

The advantages of both an HMO and a PPO are combined in a POS group health plan. For example, employees may be required to select their primary care physician from the plan’s network of medical professionals, just like in an HMO.

In general, the deductible for the coverage does not apply to services provided by the PCP, such as regular care or preventative services.

Employees can be eligible for higher medical coverage if they use the services provided or recommended by their PCP.

They might have to pay a deductible, have less comprehensive medical coverage, and make an upfront payment and reimbursement claim if they use treatments from a non-network provider.

4. Exclusive Provider Organizations (EPOs)

Because EPO plans include a network of doctors that members must use, except for emergencies, they are comparable to HMOs.

Members pay nominal copayments and perhaps a deductible in addition to having a PCP who refers them to in-network specialists.

5. Indemnity Plans

Fee-for-service plans are often referred to as indemnity policies. In indemnity plans, the insured person is responsible for the remaining balance after the insurance provider pays an agreed-upon proportion of the usual and customary rates, or the average fee in the area, for a certain service.

Patients can select the doctors and hospitals of their choice under an indemnity plan because there are no restrictions on provider network treatment.

The insured may be on the line for significant and possibly unforeseen medical expenditures based on the amount the healthcare provider charges for the treatment.

The service providers establish the charges for medical services and vary from doctor to doctor.

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How To Secure Your Family Health Through Insurance Health Schemes

1. Select the Proper Policy

There are various variations of health insurance plans, each offering a certain kind of coverage. Finding the best policy for your family would then be the following step.

The following are the most popular health plans:

1. Individual Health Plan

Individual Health Plan
Individual Health Plan | How To Secure Your Family Health Through Family Health Insurance Schemes

Single-person health insurance policies with a single sum insured. This is an indemnity medical insurance plan, meaning that the claim will cover only hospitalization-related costs.

2. Family Floater Insurance Plan

Family Floater Insurance Plan
Family Floater Insurance Plan | How To Secure Your Family Health Through Family Health Insurance Schemes

Health coverage for every family member under a single policy limit. Family floater policies offer umbrella coverage, allowing members to claim up to the full amount insured.

3. Disease Specific Plan

Disease Specific Plan
Disease Specific Plan | How To Secure Your Family Health Through Family Health Insurance Schemes

Plans for health insurance are designed to cover particular diseases and their complications, such as dengue, cardiac conditions, COVID-specific, etc.

4. Critical Illness Plans

Critical Illness Plans
Critical Illness Plans | How To Secure Your Family Health Through Family Health Insurance Schemes

Plans for health insurance pay a lump payment if the insured contracts any of the specified serious illnesses, like heart attack, cancer, or stroke.

These plans are often fixed benefit plans, meaning that if you become diagnosed with a serious sickness, the full amount will be paid out regardless of how much money is used for treatment.

5. Top-up and Super Top-up Plan

Top-ups and Super Top-ups Plan
Top-ups and Super Top-ups Plan | How To Secure Your Family Health Through Family Health Insurance Schemes

More health insurance policies have a deductible cap. These policies cover claims that go over the deductible threshold.

The least expensive approach to increase your current health insurance coverage is to choose a top-up or super-top-up plan.

Therefore, choosing a single-family floater policy that covers you, your spouse, and any dependent children is excellent. In addition, you may get your parents their senior citizen coverage if they are financially dependent.

Keep in mind that the family floater coverage will cover dependent children even if they are under the age of 23 or 25. Again, it is because most plans require independent health insurance for your children once they reach this age.

2. Choose a Sufficient Amount Insured

You need to determine the total number of members to be covered to determine the appropriate sum secured for your health insurance plan. Therefore, you must select an insurance price that will be good enough to pay for the anticipated medical expenses of every family member.

A high insured amount is preferred because of rising medical inflation and expenditures. A high sum insured, though, also means a huge cost.

As a result, if cost is a concern, you can choose the top-up or super-top-up health insurance policies to increase the protection limit without incurring a substantial monthly expense.

3. Check for Detailed Coverage Benefits

Ensuring the plan provides all the required coverage advantages is the next step in choosing the best health plan for the family. To ensure that all potential medical costs are covered, it’s crucial to get comprehensive coverage.

Additionally, it is best to ensure the coverage advantages are appropriate for your needs while considering them.

A newlywed couple, for instance, must choose a health plan with pregnancy coverage. With this coverage, you may have children without worrying about paying for the associated childbirth costs because the plan would cover them.

4. Look over Limits and Sub-Limits

Several health insurance policies have sub-limits on room rent, notably for lesser insured amounts. A sub-limit limits the overall coverage if one exists.

Your inpatient claim will be proportionately decreased if you choose a room whose rent is more than the permitted sub-limit. Plans without sub-limit, however, are typically more expensive.

5. Choose Insurance riders.

Plans for health insurance allow for optional benefits. These benefits, which are referred to as riders, are chargeable extras. Riders are available for purchase or renewal of your policy and are optional.

A very minimal fee is charged for additional coverage provided by riders. However, they are advised since they expand the health insurance policy’s scope of coverage.

6. Check the Insurance Company’s Hospital Network

Health insurance programs provide cashless hospitalization, allowing you to avoid paying hospital fees out of pocket. The insurance provider pays these expenses on your behalf.

Therefore, cashless hospitalization is practical and financially liberating. However, you are only eligible for the benefit if you are admitted to a hospital with a relationship with the insurance provider.

Insurance providers list the number of list hospitals with which they have affiliations. The website of the insurance provider also lists the hospitals in your city.

7. Verify the Previously Existing Waiting Period

When purchasing a new health insurance coverage, pre-existing conditions are those you or any family members have.

There is a time limit before covering illnesses is permitted because they already exist. This waiting time, known as the pre-existing waiting period, might last anywhere between 12 and 48 months.

8. Review the premiums.

Many insurance firms provide health insurance policies. However, the premiums for health insurance plans vary because each firm has its pricing practices.

Always compare the various policies when purchasing health insurance on two bases:

  • The coverage they provide
  • the premium they demand.

9. Check your Exemption List

Even though a health plan is comprehensive, there are still situations where coverage is prohibited. Every health plan contains a list of exclusions, known as policy exclusions, in certain situations.

Check the policy’s exclusion list before purchasing a health insurance policy for your family.

Knowing the exclusions can help you understand what is not and is covered by the plan.

10. Learn about premium discounts

Plans for health insurance provide enticing premium discounts to help you pay less each month. Discounts are frequently given for the following things:

  • There is no claim discount for not filing a claim during the prior policy year.
  • Discount for expanding the coverage to two or more people
  • for purchasing long-term coverage, a discount
  • Discount for purchasing the insurance online Discount for leading a healthy lifestyle and adopting good practices

You can also read How do I Access my Life Insurance Policy’s Cash Value?

Secure Your Family Health Through Family Health Insurance Schemes Frequently Asked Questions

What do you mean by the family floater policy?

With a family floater health insurance, you may insure every family member for a single annual premium under the same policy.

This policy’s sum insured is divided among the family members covered by it, and it can be used to pay for medical bills and other costs.

Who must select a family health insurance policy?

All kinds of households can benefit from family health insurance. You can include the required number of loved ones under the security of one family, whether you are a young couple or have a joint family. Health insurance that is floating

How To Secure Your Family Health Through Family Health Insurance Schemes Conclusion

Family health insurance is vital because it allows your family to get medical treatment. In addition, emergency facilities are required by law to treat uninsured patients, yet visiting a hospital emergency room with no insurance can result in very high costs.

Additionally, medical professionals are not required by law to continue treating you after the emergency has been addressed.

You might not be able to get the necessary medical treatment for yourself and your family without health insurance.



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