FAMILY HEALTH INSURANCE, DISCERNING THE ELEPHANT IN THE ROOM

FAMILY HEALTH INSURANCE, DISCERNING THE ELEPHANT IN THE ROOM

Money can't buy happiness, agreed, but it can buy the insurance and that is as important as happiness to fit aptly in the scenario at hand. It's high time we discerned the elephant in the room and found the solution it demands.

The significance of insurances is amplifying by each day and in a country like India where the chart of diseases has a clear ascending trajectory, it is all the more vital. It not just cements the necessary financial support but also provides immediate assistance at the time of medical emergencies. We may not be able to control the health hazards but we can stay prepared to face the financial side of it and the best way to ensure that you and your loved ones are covered.

Surprising to an ideal scenario, people do not tend to submit enough attention to health insurance for the entire family… Well because a medical emergency would knock at your door negating the age or gender factors. And are you ready to foot those urgent bills? It is only fair to be there for the ones who have always been there for you and find the apt health insurance for a big family or small.

HEALTH INSURANCES FOR A FAMILY

Medical care is expensive undoubtedly and it can easily derail your expenses, its best to insure yourself at the right time by paying affordable premiums annually that won't feel like a burden on your pocket.  If you are seeking an insurance plan that would cover your family, two options can be considered i.e. either an 'Individual Health Plan' in which you can pick a plan for each member or a 'Family Floater Plan' that would umbrella all the members in one. And to further understand both, here is the cream of the details;

• Individual Health Plan: This plan will take care of one person; it will be premium-based according to the age, the health condition at present and the medical history for the records. This would require you to individually pay premiums for different members of your family.

• Family Floater Plan: This is an ideal plan for joint family advantages as it covers all the members under one plan. The sum paid is common and it acts as a pool to be shared by all. Like for example at present 'Royal Sundaram' offers 'Family Plus – A Health Insurance Plan for Large Families'. 'Family Plus' is a unique health insurance plan which provides the most comprehensive health coverage to large families at an affordable price and designed especially for large families covering up to 19 relationships. It comes with both individual base sum insured and a common floater sum insured in the same policy. 

THE PROCESS OF CLAIMING FAMILY HEALTH INSURANCE

The policy of health insurance for a big family will help you in arranging for the best healthcare treatment and armour you against the worries of payments during the discharge process. Hence, you must be equipped with all the essential information about the claiming process of your policy. You can claim your health insurance in two ways;

• Cashless

The hospital initiates the treatment process once they have received the details of the health insurance policy of the respective individual. Then further they process the documents and at the time of discharge, they deposit the medical bills to the health insurance company. The company then goes through the bills and takes care of the expenses outstanding and settles them after expense audits. The process is free of hassle and they payments are settled between the hospital and the insurance company without the individual being dragged in the middle of it.

• Reimbursement

In this process of claim, the individual who is insured takes care of the bills at the hospital and the complete treatment till the discharge. Once the payments are cleared and the documents are completed with the individual, they can claim their insurance with the company. All the hospital bills are to be submitted for the claims processing to start and to be approved. Once the approval is received the claim is processed further and the insurance company ensures that the individual is kept updated through the process.

BENEFITS OF A FAMILY INSURANCE

Buying apt health insure for joint family advantages would not just medically shelter your family but would also come with the benefits of a different nature. It is a great way of saving on your taxes. The sum that would go in the premium paid for the insurance can be claimed under 'Tax Saving Deduction section 80D'. Some policies would benefit you with medical checkups for free and depending upon the premium you have paid the room rent is also taken care of by the insurance. You are saved from the hassles of cash; the treatment is cashless as the insurance company would be responsible for all collaborations necessary.

THE DOCUMENTATION

Unless you have crossed the age bar of 45, you need not mandatorily go for a medical check-up and obtain a health insurance policy in India. But you are required to produce the documents in case of any history of an ailment or disease. The documents that would be required for an individual to buy an insurance policy are;

• Passport Size Photo

• There may or may not be a need to sit through a medical check-up depending on the kind of health insurance plan you have bought.

• Age proof – Any one of birth certificate, driving license, mark sheet of 10th or 12th, Voter ID, Passport, etc.

• Identity proof – Voter ID, Passport, Aadhar card, driving license, anything that would prove you are the citizen of this country.

• Address proof – Passport, driving license, electricity or telephone bills, ration card, voter ID or anything that mentions our complete address.

In a jungle of health insurance plans today, it is significant to comprehend what would suit your needs the best and choose accordingly. Financial experts state that buying insurance has become an essential part of the planning and before you get trapped in a series of medical unfortunate events, its best to find yourself a shelter. Your family needs protection as much as you would so no matter what your income capacity is prioritize staying insured and show the door to the skyrocketing medical bills.