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The info you Need on Family Mediclaim Policy


Feb 19 2020


Choosing between an individual health insurance policy and a family floater plan can be onerous. Especially, first-time health insurance buyers can face problems in weighing the pros and cons of both types of policies. Many-a-times, buyers are unaware of a family floater plan. The experts always advise getting health insurance or a mediclaim policy for family, which is more beneficial when you want to buy a medical cover for your entire family. 

To buy a health insurance policy that suits your financial goals associated with lifestyle needs, you must know the difference between an individual health insurance policy and a family floater plan. 

Difference between Multi-Individual and Family Floater Plan

An individual health plan, as the name suggests, offers coverage only to you when the policy is bought under your name. However, with a family floater plan, a single sum insured provides coverage for all the members of your family including you, your spouse and two children. Again, there are advanced family floater health plans also that provide cover for dependent parents and parents-in-law. Now that if you choose to get separate health insurance plans for every member of your family, the premium amount would definitely exceed when compared with the family floater plan premiums. The benefits you can avail are almost the same. This is where flexibility comes into the picture that allows your entire family to benefit from a single pool. 

Benefits of Buying a Mediclaim Policy for Family:

Many reasons point out why mediclaim policy for the family is better than individual medical insurance, like:

  • Collective sum insured amid all family members

As the name suggests, in a family floater health insurance policy, a single sum insured floats between all the members of your family. The chance of all your family members needing the benefit at the same time is scarce. Thus, the plan can be fully utilized in covering the medical expenses for someone from your family falling ill. 

  • It is cost-effective

You save money when you choose a mediclaim policy for the family over a single cover. Buying personal health coverage for each family member would be a costly affair. Under a mediclaim policy for family, you enjoy the same benefits as a single sum insured.

  • It is less stressful:

You do not have to bother about premiums and renewals of several policies when you have a single family mediclaim policy. You can easily take care of the renewal and premium deposit of a single policy. Again, your paperwork will be more accessible and quick.

Essential Features of a Family Mediclaim Policy

  • One pull cover for the family of four
  • No age capping in most of the cases
  • Riders for specific treatments such as chemotherapy, radiotherapy, etc.
  • Most of the family mediclaim policies offer pre and post hospitalization expenses
  • Flexible claims in the way of either cashless or reimbursement up to the sum insured
  • Tax benefits under Section 80D

Things You Should Keep in Mind while Buying a Mediclaim Policy for Family:

  • Coverage:

This is the total monetary figure, with which, the policyholders, i.e., your family members, will be covered in case of hospitalization. Consider family history and medical care costs while choosing the family floater cover.

  • Premium:

Make sure that the premium you select is affordable by you. Consider your annual income, savings, and other aspects for zeroing in on an optimum premium figure.

  • Waiting Period:

You can choose a policy with a waiting period lower than others under the mediclaim policy for family. Moreover, you can also reduce your waiting period with plans that offer such benefits.

  • Co-Payment Clause:

A few family mediclaim policies offer a co-payment clause. Under this clause, you, as a policyholder, pay a certain amount and your insurer pays the rest. This clause is beneficial especially when you are looking for lower premiums. Greater the co-pay, lower the policy premium and vice-versa. Sometimes, a regular mediclaim policy doesn’t cover expenses apart from hospitalization such as ambulance charges, pre-post hospitalization, external medical bills etc. Here, one can avail co-payment benefits to minimize such expenses.  

Now that you know much about mediclaim policy for family take the next step and buy a suitable mediclaim policy for your family. Provide them with a perfect health cover like a health insurance coverage offered by ManipalCigna and get all the benefits bundled in one plan.