A Guide to Choose the Best Family Health Insurance Plan for 2019


A variety of medical insurance policies are available in the market today that secure your health and life from unexpected events. Each policy comes with a unique combination of features and benefits. A Family Health Insurance Policy goes a step ahead in making sure your family members too are covered against various kinds of health risks and diseases.

A health insurance plan for family differs in its claims and services. To choose the best family health insurance policy, you must carefully check several points in the policy:

family health insurance

The waiting period of pre-existing diseases

Many times, an insurance company doesn’t cover the treatment expenses of your pre-existing illness, i.e. illness which you have before buying the insurance. Hence, whenever you choose from the available family health insurance, make sure you choose the one which covers the cost of your family’s pre-existing diseases with a shorter waiting period.

Higher incurred claim ratio

An incurred ratio is the net amount of your claims divided by the net amount of your total premium. It is advisable that a health insurance plan for a family has an ICR ratio closer to the average ICR of all the policy providers in a financial year. ICR is used to measure an insurance company’s capability of settling claims on time. While checking the ICR rates, considering the period within which a company pays the claim is also essential.

Coverage of pre and post hospitalization charges

Pre and post hospitalization charges are the expenses you incur for 30 days before and 60 days after hospitalization. It includes vaccination, doctor’s consultancy fees, bed costs, etc. This feature is not given in every health insurance plan for a family. Hence, whenever you look for family insurance plans, make sure that the coverage for pre and post hospitalization charges are included.

Co-payment discount

Co-payment is an option that needs to be chosen wisely. When you select a co-payment option as part of a health insurance plan for the family, you willingly agree to pay a part of the total claims of the insurance. The sharing percentage of the claims is decided beforehand by both the parties and it reduces the amount of premium you pay.

No Claim Bonus

The insurance company provides you with No Claim Bonus for the period in which you do not make claims on your insurance policy. The interest rate for this bonus varies from 10-50%. No claim bonus can be very beneficial if you do not claim your policy before it is exhausted.

Tax benefits

Health insurance for the family not only safeguards you in times of medical emergencies but also helps you save tax. The premium you pay for your family insurance and individual insurance becomes your deductible income. Hence, buying a health insurance policy for family also helps you reduce your taxable income.

Avail family floater insurance plan

This insurance plan covers the health insurance of all the family members of a family. Premiums for a family floater insurance plan are much lower than the premiums for senior citizen insurance. However, not all family floater insurance plans provide coverage for your spouse and children. Hence, you must make sure that you get all the advantages mentioned above if you decide to get a family floater insurance plan.

A family health insurance plan can buy you a good number of financial benefits and back your family with financial assistance in medical emergencies. The Pocket Insurance category offered by Bajaj Finserv enlists a range of health insurance covers including Dengue Cover, Tuberculosis Cover, Kidney Stones Insurance, Hospital Cash Cover, Monsoon Cover, and more, catering to the specific needs of different customers. The same can be availed online in easy steps through their website.