Health Insurance Plans for Family is a kind of medical insurance that covers the entire family under a fixed sum insured. Under family health insurance, you can cover two or more family members for several healthcare expenses including in-patient hospitalization expenses, pre-hospitalization & post-hospitalization expenses, daycare expenses, etc.
What is Health Insurance?
It is an agreement between the insurer and the policyholder whereby an insurance company agrees to reimburse for medical costs incurred by the policyholder during the tenure of the policy. According to the policy terms, the insured may incur medical expenses if they get ill or meet an unfortunate accident that leads to treatment at the hospital. To avail of the coverage benefits of the policy, the policyholder must pay a specific amount periodically, called a premium. The premium is determined by the insurance company and must be paid by the policyholders without any fail either monthly, quarterly, half-yearly or annually.
When do I need health insurance?
If you are not covered as a dependent under someone else’s health plan, such as a spouse/partner or parent, it’s a good idea to have health insurance. The cost of health care without coverage can be substantial.
What are the different types of health insurance?
The different types of health insurance include:
- Health Maintenance Organizations (HMOs)
- Exclusive Provider Organizations (EPOs)
- Point-Of-Service (POS)
- Plans Preferred Provider Organizations (PPOs)
Not sure which types of health insurance are best for you? The following is a general description of each of the types of health plans.
What are Health Maintenance Organizations (HMOs)?
HMOs give you a local network of participating doctors, hospitals, and other health care professionals and facilities that you are required to choose from. These types of health insurance plans also require you to choose a Primary Care Provider (PCP) from the network. Your PCP is your home base for medical care. They get to know you and help coordinate all your care. They will also need to provide you with a referral to see in-network specialists. The costs for an HMO plan—copays and coinsurance—are typically lower than other types of health plans, as long as you stay in-network.
What are Exclusive Provider Organizations (EPOs)?
EPOs offer you a network of participating providers to choose from. Most EPO plans do not include coverage for out-of-network care except in the case of an emergency. This means that if you visit a provider or facility outside the plan’s local network, you will likely have to pay the full cost of services yourself. Depending on the plan, you may or may not be required to choose a Primary Care Provider (PCP).
If you want to see a specialist in your network, you don’t need a referral from a PCP.
What is a Point-of-Service (POS) Plan?
POS plans combine features of HMO and PPO plans. The provider network is typically smaller than a PPO plan and the costs for in-network care are typically lower, like an HMO. POS plans also require you to choose a Primary Care Provider (PCP) from within the plan’s network of doctors and other primary care professionals. Your PCP is your home base for care and advice. They get to know you and your health needs and can help coordinate all your care.
If you need to see a specialist, you are required to get a referral. However, like a PPO, you can also choose to see specialists that are in-network or out-of-network. If you see a doctor outside the plan’s network, your share of the costs will be higher and you’ll be responsible for filing any claims yourself.
What are Preferred Provider Organizations (PPOs)?
PPOs typically offer you a large network of participating providers so you have a lot of doctors, hospitals, and other health care professionals and facilities to choose from. You may also choose to see providers from outside of the plan’s network, but you will pay more out-of-pocket.
Choosing a Primary Care Provider (PCP) is not required with these types of health plans, and you can see specialists without a referral.
Online Health Insurance Renewal
Each insurance plan comes with a policy tenure. Thus, your plan is valid for a specific time that varies from one insurance provider to another. Renewing the plan is crucial to carry forward the coverage and make necessary changes and add-ons to your health insurance policy. Every insurance provider offers a renewal period under which the policyholder can renew their plan, in case they are not able to make the renewal, the insurance company offers a grace period which also differs from one insurer to another.
In case, you miss to renew your plan on time, then it can lapse and you may not be able to avail of health coverage and other benefits such as No Claim Bonus (NCB). Here are some basic steps that you can follow to renew your health insurance policy.
Step 1: Review your plan: Before renewing your policy, it is crucial to review your existing plan to assess the type of coverage and other benefits offered in it. Thus, this way you will be able to make necessary changes at the time of renewal.
Step 2: Visit the insurer’s website to renew your policy: It is easy to renew a plan by simply visiting the insurance provider’s website. You can use your policy details such as name, registered mobile number/ email address, policy number, date of birth and more to log in on the website. After logging in you will be able to review your plan and make changes or additions to your existing coverage.
Step 3: Make renewal payment: After implementing the changes to your existing policy, you can proceed to renew your policy by completing the payment. If you have opted for add-on covers it can increase your premium. Moreover, you can choose among the following payment options such as credit/debit card, NEFT, net banking, e-wallets, UPI, and more to complete your payment.
Why Should You Buy Online Health Insurance ?
Convenience in buying and the availability of a wide variety of plans are major reasons why most people prefer to buy coverage against critical illnesses online. More reasons to buy medical insurance are listed in the section below:
- Time-Saving - Unlike the traditional ways of buying a plan where you had to explain all your requirements to the insurance agents and follow the tedious process, online services save your time and let you buy the health plan conveniently. All you need to do is fill out a quote and shortlist the most relevant medical health insurance policy from the ones displayed on your screen.
- Easy to Compare Different Health Insurance Plans - The online way of buying a plan has simplified the process of comparison by reducing the paperwork. With a premium calculator, it becomes easy to calculate premiums as well as compare different insurance plans.
- Right Decision - The flexibility provided in choosing and buying the best plans is one of the best features of buying insurance online. An online insurance company provides access to all the information like policy quotes, coverage benefits, exclusions, and other terms and conditions to do a comparative study of the most suitable plan.
- Information Available 24x7 - There are no time-boundations to buy an insurance plan on online platforms like Insurance. Hence, you can easily compare, choose, and buy the most suitable plan anytime at your convenience.
- Discounts - Many insurance companies offer discounts on the online purchase of medical insurance. Hence, you have an opportunity to avail of similar or better benefits at comparatively affordable premiums.
- Instant Coverage - Online purchase of health insurance plans provides you with instant investment proof, which makes your coverage active from immediate effect. Also, flexible modes of premium payment are available when you buy an insurance policy online. You can choose the mode at your convenience and pay the premium via a secured payment gateway.
If you want to ensure a smooth medical health insurance buying process, then you must pick a reputed insurance company that offers you enough information about the health insurance plan purchased.
Benefits of Comparing Medical Online Insurance Plans
Some of the benefits of comparing insurance plans online are mentioned in the section below:
- Utmost Ease - Comparing a variety of health insurance policies online is easy passy. Simply, you can use the Insurance premium calculator to compare different plans. It is a free tool which makes it easier for you to decide which insurance policy you must opt for.
- Free Quotes - Insurance Dekho premium calculator is a free tool that you can use to check quotes and coverage benefits available a number of times without paying anything.
- Convenience - As compared to the old-school ways of differentiating the plans, the comparison of insurance policies online is more convenient than offline. The process will become too tedious if you have to visit different locations to get quotes and understand the coverage benefits before shortlisting the insurance plan. Hence, it becomes easier to buy when you compare plans online.
- 24*7 Availability - You can compare insurance plans anytime at your convenience. Unlike the online process, the offline process has fixed working hours and hence you won’t be able to visit an insurance company’s branch office late at night to compare the plans.
- Saves Time - When comparing health insurance plans online, you will not be required to spend so much time filling forms or discussing with agents or executives. All you need to do is fill a quote and several health insurance plans will be displayed on your screen which you can compare easily. This saves you enough time.
- Saves Money - While visiting different offices for comparing the plans can spend a lot of your bucks. Thus, comparing the insurance policies online will help you save your travelling expense as you do not have to visit different offices to compare the plans. Also, you have an opportunity to choose and buy the most affordable plan which your insurance agent may not recommend to you.
- Useful Premium Calculator - A health insurance premium allows you to calculate premiums of different insurance plans, compare, and customize the plan as per your budget and requirements. As you change the variables, you will see the premium change. This way, you can choose the most economical insurance policy for yourself and your loved ones.
- Right Coverage - While comparing the medical insurance plans offline, you may be restricted to understand the coverage benefits of a few plans. However, comparing the plans online will allow you to search for the desired coverage by comparing as many insurance plans as you need.
- Power to Choose - You should have the power to make decisions when it comes to your health. Comparing health insurance plans does this job for you as it eliminates any influence from the agents or insurance executives. This way, it also helps you make an informed choice.
- Customer Support - You can easily compare various medical insurance plans online. The process is indeed very transparent, and you can easily navigate the information about sub-limits, critical illnesses, and sub-limits. If you have any questions, you can call customer service to get the answers.
Benefits of Health Insurance
The benefits of medical insurance policies are not limited to providing mental peace. It offers a wide array of benefits to the insured. Find some of the key benefits of health plans in the below section.
In case of any medical emergency, a health plan will protect you against medical expenses. Generally, insurance policies cover in-patient hospitalization expenses, pre-hospitalization and post-hospitalization expenses, ambulance expenses, domiciliary hospitalization expenses, daycare procedures, organ donor expenses, system of medical treatments, and so on.
Insurance companies have tie-ups with certain hospitals, known as network hospitals, where the insured can avail of cashless treatment. If you avail treatment at these hospitals, the insurance company will directly settle the bills at the hospital, and you will not be required to pay anything for the treatment availed, except for non-medical expenses incurred.
In case you are dissatisfied with your existing health plan or company, the portability feature will allow you to switch from your existing insurance company to another. Hence, this feature will save your right of being abused or taken for granted. If you are not happy with your existing plan or company you can shift by following the simple and easy steps.
Under Section 80D of the Income Tax Act, 1961 Under Section 80D of the Income Tax Act of 1961, the government of India promotes health policies by providing tax exemptions of up to Rs. 1.5 Lakh on premiums paid for insurance plans. Individuals can also claim a tax deduction of up to Rs. 25,000 for insurance coverage for themselves, their spouses, and their dependent children. Besides, you can also claim a tax deduction of up to Rs. 25,000/Rs. 50,000 for health insurance policies purchased for parents over the age of 60.
Why Buy A Health Insurance Plan at An Early Age?
Check out the top reasons for buying a health plan at an early age in the below section.
- Lower Premium - Youngsters of the age of 20 years will have to pay a lesser premium on health plans than those older of age 52 years. The idea behind this is that older people are more vulnerable to getting ill because of a weaker immune system. So, it is suggested to purchase a health policy at an early age.
- Lesser Exclusions - Many medical insurance plans come with restrictions on coverage offered, due to which you may not be able to avail full-fledged cover on buying a policy in later years of life. But if you buy a health insurance policy at an early stage in life, when you do not have any health condition, then you will be able to enjoy a full-fledged health cover.
- No Health Check-Up - When you purchase a health plan at an early age, there is not any need of undergoing a medical examination. However, most insurance companies will ask you to have a medical test before purchasing a policy at an advanced age, let’s say at 50. Additionally, if a health condition is revealed in the medical test results, you can be obliged to pay a higher premium due to the increased risk of hospitalization.
- No Claim Bonus - You will be able to start accumulating No Claim Bonus early on by buying an insurance policy timely. You can use this NCB in your senior years when you are more susceptible to illnesses and may need to file a claim. However, if you get the policy later in life, you will not be able to benefit from such expanded coverage.
- Aligned Finances - If you buy a health policy at a young age, then you have time to plan your finances for the long term. However, if you buy it in your latter years, your financial planning may go wild. As a result, it is recommended that you purchase health insurance coverage when you are young so that financial planning can begin early and that you are prepared for any kind of crisis.
- Waiting Period - Waiting periods for various conditions are included in health plans, some of which you are more prone to get in old age. The benefit of purchasing health policies when you are young is that you can complete the waiting period sooner and use the policy advantages when you need them.
- Rejections - As you will be more prone to illnesses in your old age, therefore there are higher chances of your health insurance application getting rejected then. Thus, it is advised to purchase insurance policies early on to reduce the likelihood that your application will be denied.
- Pre-Existing Conditions - There is a potential that you may already have pre-existing conditions if you get health coverage later in life. But before you may receive the advantages of the coverage, you must first finish a waiting period. On the other hand, if you get the insurance while you are young, you will already have finished the waiting period and be able to access the necessary coverage by the time you might need coverage for pre-existing conditions.