What Are the Best Family Health Plans 2018?

Do you want to secure your family with a comprehensive family health plan? But, there isn’t just one option. While there are many family health plans in the market, it is better to compare and choose the one that best suits your requirement. In this article, we aim to look at some of the best family health plans available in the insurance market.

What Are the Consumer’s Basic Expectations out of a Family Health Plan?

In a world that is full of uncertainties, we all want our families to be secure! We do not want any unforeseen situation and the rising medical prices to take a toll on our pocket. While buying a family health plan, we expect comprehensive coverage, along with prompt response and service as and when required. But, at the same time, we expect lesser premium and a decent coverage amount, so that our health and medical requirements are taken care of. This is the least that any consumer expects out of a family health plan.

How Do You Choose The Best Health Insurance in 2018?

The market is full of choices. Each and every family health insurance plan offers some of the other unique benefits. The point here is, do you have to confuse yourself and settle on any random health insurance? Absolutely not! It is necessary for you to compare at least the basic aspects of the health insurance and then make a wise choice.

In order to help you with your endeavor in choosing the best family health plan, you may consider the below aspects.

  ü  Minimum coverage amount

  ü  Maximum coverage amount

  ü  Minimum age requirement

  ü  Maximum age limit

  ü  Number of family members covered under the health plan

  ü  No claim bonus

  ü  Co-payment

  ü  Room rent sub-limits

  ü  Overall response and service

  ü  Real time consumer reviews

  ü  Premium amount as compared to other health insurance options

Your consideration may not be limited to the above aspects. In fact, you may want to explore more and gain a comprehensive insight of the product that you are about to buy.

Now, comparing would not require you to visit each website and then a take a call. This article renders a comparison of some of the family health plans. The decision, nevertheless, would be yours.

What Are the Best Family Health Insurance Plan 2018?

Let us have a look at the features of some of the bestfamily health plans, such as Star Family Health Optima, Apollo Munich Optima Restore, Religare Care, Royal Sundaram Lifeline Elite and Max BUPA Health Comparison.

	Star Family Health Optima	Apollo Munich Optima Restore	Religare Care	Royal Sundaram Lifeline Elite	Max BUPA Health Comparison
Minimum Amount Insured	INR 2 lakh	INR 3 lakh	INR 3 lakh	INR 25 lakh	INR 2 lakh
Maximum Amount Insured	INR 15 lakh	INR 50 lakh	INR 60 lakh	INR 1.5 crore	INR 1 crore
Minimum Entry Age	18 years for proposer and 16 days for children	18 years for proposer and 5 years for children	18 years for proposer and 3 months for children	18 years for proposer and 91 days for children	18 years for proposer and 3 months for children
Maximum Entry Age	65 years	65 years	No maximum age limit for adults. For children, 25 years	No maximum age limit for adults. For children, 21 years	No maximum age limit for adults. For children, 21 years
Waiting Period	4 years for pre-existing illnesses, medical conditions. 2 years for specified diseases	3 years for pre-existing illnesses, medical conditions	4 years for pre-existing illnesses, medical conditions. 2 years for specified diseases	3 years for pre-existing illnesses, medical conditions	4 years for pre-existing illnesses, medical conditions. 2 or 3 years for specified diseases (depending on the variant selected)
Number of Family Members Covered	5	6	6	5	4
Room Rent Sub Limits	No sub-limits	No sub-limits	1% of the amount – each day	No sub-limits	No sub-limits
Co-Payment	20% co-payment	No co-payment	No co-payment	No co-payment	20% co-payment, depending on the situation
No Claim Bonus	Upto the pre-determined limits	50% of the basic amount assured for every claim-less year	50% to 150% on the basis of NCB	20%, subject to a maximum of 100%	100% in the 5 years
Incurred Claim Ratio of the Insurance Provider	63.96%	63.03%	61.13%	52.89%	55.16%

Remember, comparing along may not resolve your concern. You need to determine your requirement, do a feasibility check, and choose the best possible family health plan option for your family. As a consumer, it is necessary for you to know the product before buying it. Hence, it is always better to consult an expert and know everything about it.  All these considerations, checks and consultations should help you decide on the best family health plan.

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Understanding the concept of pre-medical check-ups when buying a health insurance policy in India

Health insurance companies offer health insurance policies based on the needs of individuals and groups. If you are subscribing a health insurance policy, you should fill the application provided by the insurance company. You should disclose the information about your health. As per your age and the health condition, the insurance company may recommend a medical check-up. In most of the cases, the cost involved in the medical examination will be borne by the insurance company. Some companies will insist upon sharing the medical check-up expenses by the insured to the extent of 50%.

Benefits of the medical check-up

If your health condition is evaluated by the medical check-up, it is possible to get a true picture of your health. There will be clarity for the insurance company and the insurance company will assess the health risks associated with the applicant in a very efficient manner. If you manage normal health, the premium will be normal. It is possible to subscribe to best health insurance policies in India as per your needs. 

If the risk perception is high, you will want to pay a higher insurance premium. As the risk towards the applicant increases, the insurance company should be prepared to meet the ‘sum assured’ as it will be very high. Hence, a higher premium rate will be applied to an applicant if the risk perception is high.

Pre-entrance medical examination

The health insurance company may recommend a pre-entrance medical examination if the applicant’s age is high or if the applicant’s insurance cover is high. If the applicant’s age is above 40 years, the insurance company may ask for a medical check-up. If you are expecting coverage of Rs. 5 lakhs or more, the medical check-up will be mandatory. The medical check-up should be undergone by the applicant as per the company’s policy. The insurance companies will abide by the guidelines stipulated by the insurance regulator, IRDAI. You should undergo the test at a clinic which has a tie-up with the insurance company.

Types of medical tests

The risk assessment of the insurance company will be done as per the procedures of the company. Some of the common medical tests include fasting blood sugar count, complete blood sugar count, blood pressure, urine analysis, lipid profile, blood serum test and ECG.

As per the IRDAI guidelines, 50% of the medical check-up costs should be borne by the insurance company. However, most of the insurance companies do not charge from the customers. In some cases, you will want to undergo the medical examination and the insurance company may reimburse 50% of 100% of the medical check-up costs. It will be done in unusual cases where the applicant poses the highest risk and the chances of insurance coverage are remote.

Medical test reports

After undergoing the medical check-up at the designated medical lab, the insurance company will get those reports directly from the clinic. The medical reports will be reviewed by the underwriting team at the insurance company. If the test reports are normal, the insurance company will offer the health policy to the individual at a normal premium rate.

If the medical report reveals serious health issues, the insurance may offer the insurance policy as per the risk perception. The proposal will be accepted with the following terms and conditions:

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       Higher premium – If the applicant is suffering from a common ailment, the insurance company will offer the insurance policy at a higher premium. In some cases, the co-pay clause will be applied by the insurance company. If the co-pay clause is applied, you will want to bear part of the medical expenses as per the ratio. The premium rate will be stable throughout the policy period.

•       

           Exclusions – The proposal for the health insurance coverage will be accepted by applying certain exclusions by the insurance company. If the underwriter figures out the risk with the detected ailment, the proposal will be accepted without applying the coverage for the detected ailment. If the policyholder is treated for the known ailment, the insurance company will not have any liability for clearing the medical bills.

•    

          Rejection – The insurance company may reject the proposal due to thehigh risk associated with the applicant’s health. If the applicant has the potential for hospitalization at frequent intervals, the insurance policy will not be granted.

Acceptance of the application

After undergoing the medical check-up at the designated clinic or laboratory, the insurance company will have access to the test reports. The insurance company will inform the status of the application to the applicant. The policy document will be dispatched to the applicant if the proposal is accepted after obtaining a satisfactory medical report.

If the insurance company is not satisfied with the medical reports, the decision about the increase in premium or exclusion of certain ailments will be informed to the applicant. If the applicant accepts the revised proposal, the insurance policy will be issued after meeting the conditions stipulated by the insurance company.

Best health insurance plans

You can buy best health insurance policies in India from reputed companies to cover various kinds of health risks in a very efficient way. The following companies offer health insurance policies at a very low premium and with a wide coverage of various kinds of ailments:

•        

       Star Health and Allied Insurance Co. Ltd.

•         Oriental Insurance Company Ltd.

•         Religare Health Insurance Company Ltd.

You should choose the best health insurance policy as per your healthcare requirements. There are plans for individuals, families and groups. The cashless treatment, pre-hospitalization, post-hospitalization, ambulance charges, room rent expenses, coverage of critical illness and other factors will influence the premium rate.

Conclusion

The medical check-up will be recommended by insurance for people whose age is 40 or above. It may be recommended for proposals of higher coverage as well.  There will not be any difficulty in undergoing the medical check-up and you may get a fair treatment by the insurance company in offering the right kind of policy as per your needs.

India’s best Mediclaim plans in 2018

Urbanization, pollution and various other factors have some of the causes why every individual has some health issue at some or every stage of his life.  So, Doctor Appointments and hospitalizations are frequently heard terms today.  Mediclaim policy addresses this very issue by providing coverage of Hospitalization charges and related expenses to the insured.

Mediclaim Insurance policy – an overview

When you or your family member has advised Hospitalization due to various health issues like accidents, severe illness or surgery, Mediclaim Insurance reimburses all the expenses related to Hospitalization. 

Mediclaim plans are of many types and is divided on the basis of a few features

Mediclaim Plans can be divided into different categories based on

1. Payment

There are two types of Family Health Insurance plans on the basis of amount.  One is Cashless Insurance policy (TPA), and the next one is reimbursement.  There are a few hospitals registered with Insurance Companies called network hospitals.  Once insured, you can take treatment in these clinics without paying anything, and the Insurer will directly pay expenses to the Hospital.  In case your doctor refers you to a different hospital, you can spend first and get the expenses reimbursed by the Insurer later

2. Number of Persons covered

Mediclaim can cover Individuals, Family Floater for Family Health Insurance plans, or a Group – for example employees in an organization.  

3. Other types

There are Overseas Mediclaim plans which cover Hospitalization charges during your treatment or travel abroad. Critical Illness plan covers costly therapies for sometimes life-threatening diseases like Cancer. Low-cost Mediclaim for the poor masses and Senior citizen Mediclaim for Senior citizens.

What are the criteria for choosing the best Mediclaim Plans in 2018

The Mediclaim Insurance documents contain a lot of data and going through them is time-consuming.  While it is advisable to read the fine prints, the wise thing to do will be first to check and compare few basic details of policies offered by different competitors.  This way you can arrive at the Cheapest Health Insurance for the family.  Here is how you can do it:

1.  Premium. - Premiums increases with increase in age. The premium for a 30-year-old will be cheaper as compared to a person who is into his 60s. Giving weight to the age factor, we can arrive at the Cheapest Health Insurance for your family calculating the premium alone!
2. Features - While there would be some standard features in all policies, Insurers differentiate by offering unique benefits which would appeal Insurers with individual requirements.    
3. Latest Benefit additions:  Insurance Companies come up with new benefits to improve service, which could be a critical criterion for selecting among these Family Health Insurance plans.
4. Network Hospitals-  Insurers with the most number of Network Hospitals at nooks and corners of the country are usually preferable more.
5. Claims: Positive History of claim reimbursement will work in favor of one competitor against another.

 Few of India’s best Mediclaim Plans in 2018 that emphasizes on Family Health Insurance plans

There are various insurers in the Insurance plan sector.  Here are some of the best for the year 2018.

1. Star Health Insurance

Its Mediclaim offering is called Family health Optima Insurance Plan.  The features of one of the trendy Family Health Insurance plans are 

●     Sum Assured limits  from 2 to 15 lakhs

●     Minimum age Children -16, proposer – 18 and maximum age 65

●     Waiting period four years for pre-existing diseases and two years for ailments

●     Expenses covered include hospital charges, ambulance, fees and appointment charges for consultants and specialists, operation theatre charges and pre and post hospitalization charges

●     Five family members covered

●     Health checkup benefit during claim free-year period

●     Cover for 400-day procedures

There are a few New benefits

●     Compassionate travel up to Rs.5000/- for one additional family member as travel companion to hospital location

●     Emergency Domestic Medical Evacuation

●     Reimbursement of expenses for Assisted Reproductive treatment

2. Apollo Munch

The features of Family Health Insurance plans of Apollo Munich Mediclaim policy. 

●     Sum assured minimum – 3 lakhs and maximum 50 lakhs

●     Minimum age of proposer 18

●     Waiting period – 3 years

●     Provides Insurance for a spouse, dependent children, Parents-in-law, dependent parents.

●     Three unique benefits Stay Active, Restore and Multiplier offered by this Insurer.  Stay Active provides premium discounts on maintaining a Healthy Lifestyle.  Restore benefits restores sum assured once in a policy year after the previous amount has been provided for any one member of the family.  Multiplier doubles your quantity secured within two years if the last two years were claim free.  

3. Religare Care 

Religare Care Mediclaim policies are much sought after due to various benefits offered.  Some details are as under

●     Sum Assured limits three from 60 lacs

●     Minimum age Children -16, proposer – 18 and maximum age 65

●     Waiting period four years for pre-existing diseases and two years for ailments

●     Expenses covered include hospital charges, ambulance, fees and appointment charges for consultants and specialists, operation theatre charges and pre and post hospitalization charges, Daily Cash benefit Rs.500 per day

●     Annual Health Checkup

4. Max Bupa Health companion

Max Bupa has  Cheap Health Insurance plans for your family.  Some benefits and features are

●     Sum Assured limits 1 lakh from 1 crore

●     Minimum age Children -91 days – 21 years, proposer – 18 and maximum age -

●     Waiting period three years for pre-existing diseases

●     Expenses covered include hospital charges, ambulance, fees and appointment charges for consultants and specialists, operation theatre charges and pre and post hospitalization charges

●     Benefits – Vaccinations in case of animal bite etc., organ donation benefit and Hospital cash benefit

●     Strong Hospital network across north India

5. Royal Sundaram Lifeline Elite

This company offers affordable Insurance and excellent service providers.  Some details Mediclaim policy is

●     Sum Assured limits 25 lacs from 1.5 crores

●     Minimum age Children -16, proposer – 18 and maximum age 65

●     Waiting period four years for pre-existing diseases and two years for ailments

●     Expenses covered include hospital charges, ambulance, fees pre and post hospitalization charges, daycare expenses like Chemotherapy and dialysis, maternity expenses

●     Coverage of costs for treatment for 11 critical illness abroad plus three lakhs airfare

6. Oriental Insurance

Happy family Floater policy is one of the Mediclaim offerings of Oriental Insurance.  Floater means a single sum assured coverage for all family members

●     Sum assured  from 2 to 20 lakhs

●     There are three types of plans under this head – Gold, Silver, and Diamond.

●     Benefits -  Organ Benefit Cover, Maternity Benefit cover, Life Hardship survival benefit,

●     Restoration of Sum assured

●     Maximum age 65 years, extendable under special conditions to 70 years

●     Both TPA options (Cashless facilities in network Hospitals) and non-TPA facilities available

●     Waiting period four years for pre-existing diseases

●     Pan India Hospital network

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