Why Should You Buy a Mediclaim Policy for Family

A family mediclaim policy, as the name suggests, is a type of mediclaim that covers your entire family under a single plan. When you buy a mediclaim policy for the family, the sum insured is shared among all the insured members. You can insure your spouse, children, and parents under a single plan, without purchasing separate plans for each of them. As the coverage limit is shared between all the insured members, such plans reduce the premium cost that would be spent on individual plans. Moreover, it helps you manage the health needs of the entire family at a time, enhancing convenience.

Individuals with dependents should consider purchasing a mediclaim policy for the family. It helps cover the medical needs of all the members under a single plan. Here's a list of family types that should opt for a family mediclaim policy:

• Nuclear Family or Newly Married: Families that include only husband and wife can consider buying mediclaim for family. In this stage, they need coverage for only two members with lower health risks. This helps them secure mediclaim policy at lower premiums.
• Families with Kids: If your family includes an infant or kids, a family mediclaim policy is crucial. Young kids may require frequent doctor visits, vaccinations, and other childcare treatments. Having a family mediclaim helps you stay financially covered during the medical needs of your child.
• Growing Families: As your family grows, your financial responsibilities also increase. Moreover, with increasing age, the health risks for you and your family increase. Thus, having a mediclaim for family is crucial at this stage to cover your medical needs. Higher coverage can keep your family secured from medical emergencies.
• Families with Senior Citizens: If your family includes aged parents above 60 years, it is important to get insured with a family mediclaim policy. However, covering senior citizens translates to covering high-risk individuals, as they are more likely to have frequent health issues. Thus, you require higher coverage and need to pay a higher premium.

As already mentioned, a health insurance policy is a broader concept and mediclaim is one of its types. Thus, family mediclaim plans and individual health insurance come with some sets of differences. Though both cover your medical needs, they differ in some ways. The table below represents the differences between mediclaim for family and individual health insurance:

It is critical to protect your family against financial hardships that may arise as a result of unforeseen medical expenses. It is possible to do so by purchasing a family floater mediclaim policy. Choosing the best mediclaim policy for family might be difficult. As a result, before you take on this obligation, you should consider the following:

Eligibility requirements are part of any family health insurance plan. Although the eligibility conditions for family floater mediclaim policy in India differ from one to the next, the following information summarizes the most typical requirements:

Most insurance providers cover the following essential items as part of their mediclaim policy for family:

• Room Rent: These are frequently referred to as "room charges" or "bed costs."
• ICU fees: When a person is in critical condition, Intensive Care Unit (ICU) fees are necessary. The cost of an ICU stay is more than the cost of a standard hospital stay.
• Doctor Visits: Various sorts of professionals, such as a general physician, a specialist, an anesthesiologist, a nutritionist, a pediatrician, a lactation consultant, and others, may visit the patient while they are in the hospital.
• Charges for the operating room: These fees apply if the patient needs to have surgery.
• Daycare procedures: Daycare procedures cover operations and procedures that do not require hospitalization. Examples of such procedures are cataract surgery, tonsillitis eradication, and so on.
• Ambulance fees: Once or twice every claim, the insurance company will cover the cost of hiring an ambulance for transportation to the hospital.

Choosing the best mediclaim policy for the family requires some careful consideration. There are multiple providers with different attractive plans. So, you should select the right plan carefully. Here are some of the factors that you must consider before purchasing a mediclaim policy for your family

Individuals often miss some crucial factors while purchasing a mediclaim policy for the family. Such mistakes can affect their coverage and claims going forward. Here are some mistakes that you should avoid while purchasing a mediclaim

Choosing the best mediclaim policy for the family becomes easy when you follow some necessary parameters. As the mediclaim covers crucial expenses, you should be careful while selecting an appropriate policy.

Check out the steps that you should follow to select the right family mediclaim policy:

• Step 1: Know your Needs
  The first step is to understand the coverage you need and the members you need to cover under a mediclaim. Usually, mediclaim policies cover the policyholders, their spouse, children, and dependent parents. Besides, you need to assess other factors like the age of the insured members, pre-existing health conditions, etc., to decide the sum insured.
• Step 2: Compare Plans
  Several health insurance companies provide mediclaim for family. Each plan may differ in its pricing and offerings. So, it is necessary to compare different plans before finalising one.
• Step 3: Select a Mediclaim Policy
  After comparing multiple insurers and their plans, choose the one that aligns with your family's needs perfectly. Follow the steps provided on the insurer's website. You can even contact their representatives if you face any troubles.
• Step 4: Make Payment
  The final step is to make the premium payment. This way, you can complete buying the mediclaim policy for the family. Make sure to go through the policy documents carefully to avoid claim-related hassles in future.

Medical bills are a significant financial concern, prompting people to buy a mediclaim policy. In addition to this, people often buy a family floater mediclaim policy instead of purchasing separate plans for individuals. This type of policy is usually more affordable and ensures that you and your dependents are all covered under a single plan. With the help of this plan, you can claim reimbursement on your medical bills. However, it has its limitations as well. Critical illnesses can strain not only your body but also your finances. This is where a mediclaim policy might fail to adequately meet all your medical expenses.

One way to augment your medical insurance cover from a mediclaim plan is to purchase a Critical Illness Rider that is available with various Axis Max Life term insurance plans. This rider offers a lump sum payout if the life insured is diagnosed with life-threatening ailments such as cancer, stroke, kidney failure, etc. Such lump sum payout can help you cover various costs during treatment beyond just the hospitalisation cost covered by a mediclaim policy. What’s more you can also claim tax deductions of up to ₹1.5 lakh under Section 80D if you have opted for the old tax regime.