In India, the medical inflation rate is one of the highest, even higher than the standard inflation rates. To put some perspective, a procedure in 2022 will cost more than the same procedure performed in the year 2019. However, the increase in price does not mean that we can deter the needed medical procedures. Buying a health insurance plan is one of the smartest ways of tackling medical inflation.
There are far more benefits than merely outdoing the medical inflation. The most prominent is that a health insurance plan ensures that you and your loved ones are well protected against any medical condition. If you want to get adequate coverage for yourself and your loved ones, the Star Health Insurance Family Health Optima Insurance Plan is one of the best out there.
Here are all the details of the plan and everything that you need to decide whether the plan is a perfect fit for your loved ones or not.
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Star Health Insurance Family Health Optima Insurance Plan
Family health insurance is one of the better ways of handling health insurance plans for your loved ones. Instead of buying separate policies for everyone and keeping a track of them and renewing them, you can get one family health plan instead. The Family Health Optima Insurance Plan does a rather good job of providing all the coverage that a family might need.
Key Features of Star Health Insurance Family Health Optima Insurance Plan
Some of the key features of the plan are as follows.
- Coverage
As the name gives away a bit, the plan is for a policyholder as well as their family members.
- Renewal
One of the advantages of the plan is that you can renew the policy lifelong. Thereby eliminating the need to switch to a different policy provider.
- Sum Insured
The Family Health Optima Insurance Plan comes with a wide range of sum insured starting from Rs. 3 lakh and going up to INR 25 lakhs.
- Co-payment
Family Health Optima Insurance Plan does not have any co-payment options till the age of 60. After the age of 60, a co-payment of 20% comes into the picture. It applies to all the claims and even renewals after that.
- Restoration of Sum Insured
Star health insurance will restore the sum insured of the policy back to 100% if it is exhausted. And this feature is available 3 times during a policy tenure.
- Cumulative Bonus
As a cumulative bonus, the sum insured of the policy increases by 25% for the second year and the sum insured increases by an additional 10% for every year that you do not claim the policy.
- Recharge Options
The plan offers the ability to offer additional coverage if the sum insured by the policy is exhausted. However, the additional coverage usually has an upper limit.
- Medical Screening
Though the cost of the medical screening is taken care of by the insurance provider, people above 50 years need to get a medical screening done at a diagnostic recommended by the insurer.
- Easy Claim Settlement
Star Health offers easy and quick settlements of claims, and it does not involve any third parties in the process, thereby making it even more linear.
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Inclusions Of Star Health Insurance Family Health Optima Insurance Plan
The following are the different inclusions of the Star Health Insurance Family Health Optima Plan:
- The plan provides a free health checkup for its policyholders if you do not make any claims during a year.
- The plan offers coverage for daycare procedures or the ones that do not need more than 24 of hospitalisation.
- Should a policyholder need access to an air ambulance, the policy will cover the expenses up to 10% of the total sum insured.
- The plan covers expenses related to organ donation, as long as the expenses are limited to up to 10% of the sum insured.
- If you require treatment at home for more than three days, based on the recommendation of a doctor, those expenses are also covered.
- For expenses related to inpatient treatment such as room rent, expenses of the nurses, surgeon fees, anaesthetist fees, etc.
- The plan provides cover for pre-hospitalisation expenses up to 60 days prior to admission to a hospital.
- You can avail of the benefits of the plan for modern treatments as well.
- The plan provides cover for newborn babies for up to 10% of the sum insured or up to INR 50,000 or whichever is less.
- The policy provides cover for any transfer from one hospital to another, up to a certain limit. However, it should be only within India.
- In the case of the death of the policyholder, reimbursement of up to INR 5,000 is available for the reparation of mortal remains.
- For emergency medical cases, the insurer can recommend a hospital from a network hospital. It will also provide a lump sum amount of 1% of the sum insured or up to a maximum of INR 5,000.
- If you undergo any AYUSH treatments, the policy will compensate you for the same.
- The policy offers an additional sum insured in the case of a road accident. The sum insured by the policy increases by 25% up to a maximum of INR 5 lakhs. However, a policyholder must be wearing a helmet while riding or as a pillion rider.
If you want to get your treatment, a cashless network hospital is your only way out. You can visit any of the network hospitals of Star and benefit from cashless services.
Eligibility
Here are the eligibility criteria for buying the Star Health Insurance Family Health Optima Insurance Plan.
- You can buy health insurance as long as your age is between 18 and 65 years and are a resident of India.
- The policy provides cover for children between the age of 16 days and 25 years.
- You can buy the plan for family members such as a spouse, dependent parents, dependent parent-in-law, children, etc.
Exclusions
Star Health Insurance Family Health Optima Insurance Plan will not pay any compensation for any of the following scenarios.
- Self-inflicted injuries
- Any cosmetic surgeries, unless it is due to an accident
- Hospitalisation due to exposure to nuclear weapons
- Dental treatment, unless it is inflicted due to an accident
- Any injuries due to intoxicating substances, drugs, chewing tobacco, smoking and alcohol
Conclusion
Apart from the above benefits, when you buy the Star Health Insurance Family Health Optima Insurance Plan, you can avail of tax benefits under
Section 80D
of the Income Tax Act. Given the traces of the pandemic still around and the ever-increasing medical expenses, buying a health insurance plan is one of the easiest ways to tackle the situation.
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