Health emergencies in the family can put you under considerable financial pressure as medical expenses keep soaring higher. Having a health insurance plan for the family can help you get the necessary financial support to cope with these emergencies. It offers financial assistance to you and your family members during hospitalisation or any medical emergencies.
Before purchasing a policy, let us find out all about the family-floater health insurance policy.
What is family health insurance?
A health insurance plan for a family covers medical expenses for all family members under a single plan. Policyholders obtain the sum insured to cover the medical treatment costs of their insured family members. Thus, they do not have to utilise their hard-earned savings to avail effective treatment from reputed hospitals. Family health insurance plans can include parents, spouse, children, and parents-in-law.
Why should you buy a health insurance plan for family?
Investing in a family health insurance plan is essential for securing the health and well-being of your loved ones. Here are some reasons why you should consider purchasing a family health insurance plan:
• Lower premium
Family health insurance plans come at lower premiums compared to individual health insurance plans. These plans cover all the family members under one plan, excluding the need to buy separate health insurance plans for every individual in the family. This eventually saves you from spending more and managing multiple health plans.
• Tax benefits
You can apply for tax exemption for paying the premium towards the family health insurance. You can get up to Rs. 25,000 tax benefit under section 80D of Income Tax.
• Flexibility to add a new member
You can easily add a new member to the family health insurance plan. However, you must check if you need to pay any additional premium.
• Protection of savings
Medical emergencies can put a dent in your savings due to the increasing treatment costs. A family health insurance plan with adequate coverage provides a financial cushion to access quality healthcare services without breaking your savings. Ultimately, helping you and your family to focus on health recovery.
• The benefit of availing of add-on covers
You can also avail of add-on covers to enhance the coverage on your family health insurance. Add-on covers like hospital cash cover, critical illnesses cover, personal accident cover, etc. prove beneficial, and give extra protection during medical emergencies.
