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Is your family health insurance complete?

​​A family health insuranceplan is of significance only if it is adequate for your entire family. If you buy health insurance which is inadequate it is as good as not having any health insurance coverage. Under a family health insurance, the assigned sum insured is common for all insured members, and accordingly it can be entirely/partially used by any of the insured family member mentioned in the policy.
For instance, Mr. A buys health insurance policy with sum insured of Rs. 3 lakh for himself and his family (wife, son, daughter). During the policy tenure, any of his insured family member i.e. Mr. A himself, his wife, son and daughter can avail medical treatment for maximum of Rs. 3 lakh. Assume Mr. A files a claim of Rs. 3 lakh, Following his claim, as he has exhausted the entire sum insured, his family health insurance shall not offer any more risk coverage to him or his family during the remaining policy tenure.
However, if Mr. A files a claim of say Rs. 1 lakh, then he or any of his insured family members can avail medical treatment for maximum of R. 2 lakh, in that policy tenure. Thus, the assigned sum insured of a family health insurance plan is meant to be shared by the entire family.
While a good family health insurance policy is one of the primary needs for each family, it is also important to realize the worthiness of the health insurance plan you buy. therefore, before you buy health insurance plan, it is important that you should understand  the needs and requisites of your family, only then you could be able to make the right choice.
There are various types of family health insurance policies available in market. Though family health insurance plans are mostly same in nature, they vary from each other on many grounds like unique features, premium cost, claim and policy service quality of the health insurance provider, etc. Therefore, before you buy health insurance policy, as a thumb rule, make sure to conduct a comparative study.
A family health insurance generally offers risk coverage for the individual who is buying the policy his/her spouse and two dependent children. However, these days under a family health policy, you may also find health coverage for your dependent parents, parents-in-law and siblings.
You should buy health insurance policy wisely. A family health insurance policy, if wisely chosen, can prove to be very cost effective in the hour of need.

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