Protect Your Extended Family with Coverage Benefits of Family First Plans

Health insurance plans are greatly helping to protect family members against the fatal diseases and helping them to live a longer life. In this article, you will learn about what the best health insurance option for a family with extended members is, how do those plans work, what are benefits offered and how can you get a plan at affordable premiums.

What Are the Family First Plans?

insurance companies are coming up with plans specifically tailored for a family with an extended number of members. Different insurers are providing these plan with different names but mostly these plans are known by family first plans. These plans are a blend of individual and a family floater plans and hence, cover the policyholder as well as all the dependents or non-dependents in the family. Let’s get to know how these insurance plans work.

How Do Family First Plans Work?

Under these plans, the policyholder needs to choose two different coverage for individual and a family floater. For example, you can choose a cover between 100 thousand to 500 thousand for individual and a cover between 300 thousand to 1.5 million for rest of the family. Assume that you have chosen a cover of 100 thousand for individual and a cover up to 1 million for the whole family. This means anyone in the family can utilize that sum of 1 million in case they meet an accident or get diagnosed with a terminal illness.

Whenever a family member gets admitted to a hospital, the insurer will first utilize the individual coverage of 100 thousand set for individual and later will go into the family floater of 1 million if medical expenses cross the amount of 100 thousand.

Benefits and Coverage

Family First plans are known for taking extra care of the family of their insured and provide additional benefits. The biggest benefit under these plans is that there is no limit of the maximum number of family members in a plan. You can include your spouse, kids, parents, in-laws, and grandparents as well. There are no issues with getting health insurance coverage until they are within the relationships defined by the insurer.

If the policyholder has opted an annual renewal plan and passes away in the middle of a policy term, the insurer needs a new policyholder to keep the plan going. Depending on the new policyholder, the relationship with family members will also change and the same reassured while renewing the insurance policy.

Payment Possibilities

Under these plans, you will need to a pay a fixed premium every month and the insurance provider will cover the medical and surgical expenses if anyone from the family falls ill or meets an accident. Usually, you don’t need to pay anything for the treatments after paying the monthly premiums. But, in case you have a family member older than 65 years, you might have to opt for the option of co-payment. Under this, you will need to share 20 percent of the medical expenses of senior members in your family. For their treatment, the insurance provider will pay for the 80 percent of total expenses and you need to take care of the rest.

Affordability

To encourage more people to buy a healthcare plan, insurance companies are providing insurance at very affordable prices. You can easily receive cheap health insurance quotes by filling a small form on the official website of insurance providers. Shortly after filling a request form, you will start receiving quotes from different providers. Different insurance representatives will reach you with their best plans for you. You can talk to them about your specific requirements as well as your budget constraints and they offer you the plans that match your requirements. Depending on the benefits and coverage offered, you can choose a plan for the best price.

Tax Benefits

The tax-related benefits for investment in insurance plans are provided to the one who has bought the plan. If you are the policyholder of a plan bought for your family, you can receive the tax benefits on your annual income. When the policyholder passes while the policy is active, the new policyholder will receive the same benefits on their annual income.

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