Family Health Insurance

Family Health Insurance

Family health insurance is a special healthcare policy that covers an entire family in a single policy and provides access to good medical coverage at an affordable cost.

Usually, Family health insurance plan covers basic medical treatment, surgery expenses, specialized treatment, dental care and emergency medical facilities. It can also cover long-term diseases or disabilities depending on the policy that an individual buys.

It is most important among children who need to be regularly checked, immunized and vaccinated. While it is a must for children, regular check ups should be done for adults as well. Hospitalization and other expenses will also be paid for by the insurance company which will come in very helpful when unexpected injuries take place.

If you have a hereditary disease in the family, family Health Insurance will be all the more important for you. If you are just married or are planning to have more children, opt for Family Health Insurances offer that cover maternity care as well. Small children tend to fall sick or injure themselves and having good Family Health Insurance Plans will help you financially.

Just like there are different types of families, there are also many different types of family health insurance plans and options. It’s important to check your insurance policy and coverage whenever there is a change in your family or job status. It is very important that an individual does proper research before finalizing and buying a family health insurance plan.

The first step is to select coverage of the policy based on personal health problems and family medical history.
Compare the chosen policy providing the desired cover from several other companies. This comparison will help you to identify the most beneficial and cost-effective family health insurance policy.

Types

There are different types of Insurance available to families

1. Group Insurance Through Your Employer
Some employers offer group insurance options, making coverage accessible to immediate family members such as children and spouses. Unfortunately, not all employers are able to afford this type of coverage.

2. Individual and Family Health Insurance

There are two main types of plans

Indemnity Plan: It offers more affordable rates and offers a wider choice in terms of doctors and hospitals. The only drawback to this type of policy is that the policyholder would have to pay for the bills upfront. However, the insurance company would reimburse the amount at a later date. It must be noted that the insurance company would reimburse at standard rates for availed medical services.

Managed Care Plan: There are three types of manages care plans: HMO, PPO and POS. Insurance companies have tie ups with medical practitioners and hospitals to provide service to insured individuals. With this policy, an individual has no choice but to opt for one of the doctors and hospitals in the specified list. The advantage is that the insured person does not have to pay for the bill from his pocket as the doctor would be paid by the insurance company directly.

3. Medicaid
For those that cannot afford private family health insurance due to unemployment, or other financial reasons, Medicaid is available. It provides health coverage to people with limited means and resources to ensure that their basic healthcare needs are met.

4. US Family Health Plan
The US Family Health Plan is sponsored by the US Department of Defense and is exclusive to military family members. This is a complete family health insurance package designed to meet all medical needs of US military members, veterans and their families

Key Benefits of Family health Insurance

The benefit of this insurance is extended to the entire family. These are:

1. It generates good cash value as payment of a single premium would suffice for the entire family cover.

2. The medical cover is distributed among all the members uniformly. It is not divided among the members. So, if you buy a family health insurance policy with Rs 2,000 as the cover, this amount is not divided equally. It would not be divided between four members for a cover of Rs 500 each. The benefit is that all the four members in a family will have an individual cover of Rs 2,000.

3. Buying a family health insurance policy is always a better deal than purchasing individual health cover.

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