The hectic lifestyle, unhealthy eating habits, and the increasing cost of medical treatments make it impossible for ordinary people to bear the financial expenses during a medical emergency. That is where our health insurance plans come in and take care of a considerable amount of medical expenses during a family crisis. Here we will discuss the benefits that one can enjoy if they invest in health insurance plans for family.
It covers the entire family
A health insurance plan for family, as the name suggests, covers all the family members under one plan. You can cover your dependent parents, spouse, dependent children, and even your dependent parents-in-law in the family health insurance plan. Certain plans allow you to cover your extended family as well. It makes family health insurance plans a one-stop solution for health insurance and the popular choice among families who need an affordable health cover during a crisis.
The premium paid for health insurance plans for family is comparatively much cheaper than the premium payable for each family member’s individual health insurance plan. Thus the plan has affordable coverage for the entire family along with being comparatively lighter on your pockets.
All the covered members get high coverage
The sum assured under the family health insurance plans can be used by any member who falls ill. This means that every family member has complete access to the entire sum insured and can avail a high coverage if they choose the optimum sum insured level.
If you are looking to start a family shortly, then some health insurance plans for family also have maternity coverage. They cover all the maternity-related expenses.
Addition of a new member to the policy
A family health insurance plan allows you to add new family members to the policy. In case you have a new member in your family (childbirth), you can easily include your child in your policy in the middle of the policy term (taking the terms and consideration of the policy into account). You will have to inform the insurance company and pay an additional amount of premium to include your child into the policy without any hassle.
You can choose a comprehensive cover.
There are a vast number of family health insurance plans available with different coverage benefits. So before investing in health insurance plans for family, you can compare all the plans available and choose the plan best suited for you and your family’s needs. By doing so, you are providing your family a complete coverage and yourself peace of mind knowing that all the major medical expenses are covered under the family health insurance plan.
Family health insurance plans also offer you a considerable amount of tax benefit. For individuals below 60 years, you can get a tax deduction of up to Rs 25000 per year. If you are a senior citizen, the amount of deduction increases to Rs 50000 a year. Additionally, you can also buy a separate family health insurance plan for your parents with a deduction of Rs 25000, and when your parents become senior citizens, you will be entitled to a deduction of Rs 50000.
From the above-mentioned points, it is clear that family health insurance plans are a perfect solution to cater to the medical needs of your family members at all hours.