How to maximise benefits from your family health insurance policy?

Health is an invaluable asset, and securing it with the right health insurance policy is one of the most responsible financial decisions you can make. Medical emergencies are unpredictable, and without proper coverage, they can drain your savings. Having health insurance plans for family ensures that you and your loved ones receive the best medical care without financial stress.

However, merely purchasing a health insurance policy is not enough; understanding how to maximise its benefits is key. A well-optimised plan can provide comprehensive coverage, tax benefits, and peace of mind.

Understanding Family Health Insurance

A health insurance policy for families is designed to cover multiple members under a single plan, offering a shared sum insured. These policies generally include coverage for hospitalisation, pre and post-hospitalisation expenses, daycare procedures, ambulance charges, and sometimes even maternity benefits and preventive healthcare.

With medical inflation on the rise, knowing how to make the most of your health insurance plans for family can be a game-changer. Let’s explore how you can maximise your benefits and ensure optimal coverage for your loved ones.

1. Choose the Right Sum Insured

The sum insured is the maximum amount your insurer will pay for medical expenses in a year. Choosing an adequate sum insured is crucial, considering the rising cost of treatments. Here’s how to make an informed decision:

• Consider your family’s medical history and future healthcare needs.
• Account for inflation while selecting the coverage amount.
• Ensure that the sum insured is sufficient to cover major medical expenses without exhausting the policy prematurely.

A higher sum insured may result in a slightly higher premium, but it ensures complete protection during emergencies.

2. Utilise Cashless Treatment Facilities

One of the biggest advantages of health insurance plans for family is access to a wide network of cashless hospitals. Instead of paying out-of-pocket and filing for reimbursement, you can avail of direct billing at network hospitals.

• Always check your insurer’s list of empanelled hospitals before seeking treatment. Bajaj Allianz General Insurance Company, for instance, has a network of 18,400+ hospitals.
• Ensure that you carry your health insurance policy details and cashless card.
• Inform the hospital’s insurance desk about your policy for smooth claim processing.

Cashless hospitalisation minimises the financial burden and allows you to focus on your recovery.

3. Take Advantage of Preventive Health Check-ups

Many health insurance plans for family offer free preventive health check-ups to help detect medical conditions early. These check-ups can save you from expensive treatments in the long run.

• Schedule regular health check-ups to monitor your family’s well-being.
• Use the free tests included in your plan to stay ahead of potential health risks.
• Keep records of your medical history for better diagnosis and treatment.

Preventive healthcare not only enhances your overall well-being but also ensures you make full use of your health insurance policy benefits.

4. Understand Your Policy’s Inclusions and Exclusions

Reading the fine print is essential to avoid surprises when you file a claim. Every health insurance policy has specific inclusions and exclusions that define what is covered.

• Check if your policy covers pre-existing conditions and their waiting periods.
• Know the specific illnesses, surgeries, and treatments covered under your plan.
• Be aware of exclusions such as cosmetic treatments, self-inflicted injuries, or substance abuse-related health issues.

Being informed about your policy ensures that you plan medical expenses accordingly and avoid claim rejections.

5. Opt for Maternity and Newborn Coverage

If you’re planning to expand your family, choosing health insurance plans for family that include maternity and newborn coverage is essential.

• Check if your policy covers maternity expenses, delivery costs, and postnatal care.
• Look for newborn coverage that ensures your baby is insured from day one.
• Be mindful of waiting periods related to maternity benefits and plan accordingly.

Having a plan that includes maternity benefits can save you significant expenses related to childbirth and neonatal care.

6. Make Use of No-Claim Bonus (NCB)

A No-Claim Bonus is a reward offered by insurers for not making claims during a policy year. This benefit increases the sum insured without additional premium costs.

• Avoid filing minor claims if you can cover them out-of-pocket.
• Take advantage of accumulated NCB to enhance your sum insured over time.
• Check your policy terms to understand how NCB is structured.

The longer you go without making a claim, the greater the bonus, ensuring better coverage when needed.

7. Use Add-ons and Riders for Extra Protection

Many health insurance plans for family offer optional add-ons and riders to enhance coverage. These include:

• Critical Illness Cover: Provides a lump sum if diagnosed with a major illness like cancer or heart disease.
• Accidental Cover: Covers medical expenses arising from accidents.
• OPD Cover: Helps manage expenses for doctor consultations, medicines, and minor treatments.
• AYUSH Treatment Cover: Supports alternative treatments such as Ayurveda, Homeopathy, and Unani medicine.

Choosing the right add-ons ensures that your family receives extensive coverage for various medical needs.

8. Keep Policy Documents Handy

In an emergency, quick access to your health insurance details can make a difference. Ensure you:

• Keep a digital and physical copy of your policy documents.
• Save emergency contact numbers of your insurer’s customer support.
• Inform family members about the policy details and claim procedures.

Preparedness speeds up claim processing and reduces hassles during critical situations.

9. Claim Tax Benefits Under Section 80D

Investing in health insurance plans for family not only secures your loved ones but also provides tax benefits. Under Section 80D of the Income Tax Act:

• You can claim deductions up to Rs. 25,000 for premiums paid for yourself, spouse, and children.
• If you insure senior citizen parents, the deduction limit increases to Rs. 50,000.
• Preventive health check-up expenses are also eligible for deductions up to Rs. 5,000.

By optimising tax benefits, you can make your health insurance policy even more cost-effective.

10. Renew Your Policy on Time

A lapsed policy can leave your family unprotected. To maximise benefits:

• Set reminders for policy renewal well in advance.
• Renew on time to maintain continuity benefits like waiting period reductions and NCB.
• Consider upgrading your plan during renewal to meet evolving healthcare needs.

Timely renewal ensures uninterrupted coverage and continued financial security for your family.

Maximising Family Insurance Benefits

Choosing the right insurer plays a crucial role in ensuring hassle-free claims and extensive coverage. Compare your options, read policy details, and select a plan that aligns with your family’s healthcare needs.

A well-managed health insurance policy doesn’t just protect your savings—it gives you the peace of mind to live life worry-free!

*Standard T&C Apply

*Tax benefits are subject to change in prevalent tax laws.
*Claims are subject to terms and conditions set forth under the health insurance policy.

*Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

*Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.