What is a Family Health Insurance Plan?

It’ll come as no surprise that a family health insurance plan covers you, your partner, and your dependents. But what does such a policy offer in practice? Here, we’ll take a deep dive into unified policies and how they can prove a worthy consideration from both a cerebral and financial perspective.

Contents

• So What is a Family Health Insurance Plan?
• Advantages of Family Health Insurance
• What Family Health Insurance Does Not Cover
• Health Insurance in Malta
• Conclusion

So What is a Family Health Insurance Plan?

A family health insurance plan is a policy that covers your whole family, as opposed to taking out individual health insurance policies. As a result, costs are generally reduced. Such a plan will work similarly to any health insurance policy – both you, your partner, and dependents will be covered if medical treatment is required.

It’s important to note that – should you reside in a country with a public healthcare system – you’ll still be covered by statutory healthcare in an emergency. However, having a separate health insurance plan enables you to access private care. This greatly reduces waiting times in non-emergency situations.

All but 43 of the world’s recognised countries have some kind of public system. But, there is no universal law governing a standardised group of services that everyone is entitled to. As a result, treatment entitlement can differ wildly from nation to nation, so having an additional insurance policy can be worth its weight in gold.

Take a look at the main differences between free and paid-for policies with our article on private or statutory health insurance: Which is right for me?

Advantages of Family Health Insurance

As anyone who has already dipped their toes into the world of family health insurance will know, different plans come with different advantages. Much will also depend on your country of residence and whether emergencies are covered through a national health service (NHS). But as a rule, you’ll generally gain the following benefits from taking out a family policy:

• Peace of Mind

It’s natural to worry about the health of those we love and family health insurance offers peace of mind that everyone in your tribe has their health covered. It’s often difficult to obtain health insurance for new-born children or elderly persons, but a family plan will usually make it easier.

• Cost Savings

Individual plans for each family member can add up cost-wise, and they’ll usually come at a higher price than a single family policy. Those with large families will significantly benefit financially from taking out a family policy.

• New Arrivals are Often Included

Although it’s worth checking the small print, new-born children can often be included through an existing family health insurance policy, without any extra costs. A timescale may be attached to benefit from free registration, so be sure to check any policy carefully.

• Children can be Covered into Adulthood

Many policies offer cover for dependents beyond their 18th birthday. At a time when young people are just getting started in the working world and may have university debts to pay off, family healthcare insurance can keep them covered even after they’ve left home, often up to the age of 25.

A family health insurance plan may be available as a workplace perk. See our post on How Does Business Health Insurance Work? for further information.

What Family Health Insurance Does Not Cover

No policy is perfect, and it’s worth knowing what your family will be covered for should you take out a policy. Family health insurance will cover many eventualities, but not the following:

• Kindergarten or 1-1 Childcare

Kindergarten or 1-1 support from a nanny or caregiver isn’t included in a healthcare policy, even if it’s needed due to a parent falling ill.

• Cosmetic Procedures

Botox, liposuction, or veneers are highly unlikely to be covered by an insurance policy. This is due to them being judged as cosmetic procedures rather than essential for health.

• Fertility Treatments

IVF or other fertility treatments are unlikely to be covered by a healthcare plan, although certain parts of the world (including several US states) may allow this for their own citizens if informed in advance.

• Alternative Medicines

Treatments such as Chinese medicine or other herbal-based notions are also unlikely to be covered by an insurance policy. Covered treatments will generally be ones already approved by the healthcare system of a particular country. However, GasanMamo offers alternative therapies as part of our health insurance policies. So, depending on your needs, some services may be covered for those living in Malta.

Health Insurance in Malta

Although the key segments of the Maltese insurance industry are life insurance and general insurance, health remains a vital consideration for those already living in, or considering relocation to Malta. Our own health insurance policies come in three degrees, depending on personal circumstances:

● Vital Plan

This health plan offers limited worldwide cover, excluding USA & Canada, with the option to choose cover between having an in-patient and day-patient treatment only type of coverage or to include cover for out-patient treatment as well.

● Key Plan

This is a health plan that offers comprehensive cover for treatment received in Malta, with limited cover outside of Malta, excluding the USA & Canada. We offer options that cover in-patient and day-patient treatment only or also include cover for out-patient treatment. This health plan offers the option of direct settlement of in-patient or day-patient medical bills with participating hospitals and clinics.

● International Plan

Our most comprehensive health plan covers for in-patient, day-patient and out-patient treatment worldwide. Cover in USA & Canada is limited to emergency treatment only up to €50,000 per policy year. Direct settlement of in-patient or day-patient medical bills with participating hospitals is also available, and it further includes repatriation back to Malta should an emergency occur whilst overseas.

Conclusion

Families are our biggest joy in life, and often our greatest concern! Safeguarding against unforeseen events can allow both you and your dependents to focus on enjoying life, without having to worry. Begin your own search for the right family plan on our health insurance page.

GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA.