We are living in times where disruptive lifestyle changes, chronic diseases, and medical inflation have skyrocketed. In such conditions, making provisions for your family’s health care expenses is a necessity, not an option. If you want to provide the best medical treatment to your loved ones during their time of need, you should consider getting comprehensive family health insurance. If you need air ambulance service, then must visit commercial airline stretcher service.
When you’ve secured your family members’ medical needs against recurring premiums, you can focus on your work worry-free. If you’re still skeptical about purchasing a family health insurance plan, this article will help you make the right decision, so read till the end.
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Family Health Insurance: Things You Should Know
For the uninitiated, family health insurance is a comprehensive insurance plan that covers the policyholder and his family members, i.e., spouse, dependent children, and dependent parents, against unexpected medical emergencies. No matter how much money you save, if most of your family members fall ill or require serious medical attention at the same time, arranging funds for all will be challenging. It is where family health insurance comes into the picture.
This health insurance not only comes to your rescue during a medical emergency in the form of cashless treatment at good hospitals, facilitating quick admission to the hospital and treatment, but also saves you from the trauma you would have experienced by running from one place to another for arranging immediate funds.
Everyone loves their family to the core and wants to do everything they can to provide the best medical care. Luckily, caring for your family’s health has become easier and more accessible via health insurance for the family. You just have to buy family health insurance from a reputable insurance provider, pay timely premiums, and leave the rest on the insurer.
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Benefits of Family Health Insurance
As families ended up in debt to pay the inflated medical bills during COVID-19, people have now started taking health insurance seriously. Irrespective of the family health insurance plan you choose from a reliable insurer, the following benefits will always be guaranteed:
- Higher Sum Insured
Under comprehensive family health insurance, you and your family members can get a higher sum insured under a single policy, a benefit not usually available under individual health insurance policies. The higher the sum insured in the policy, the more the amount available for medical needs.
- Additional Cover Facility
If you give birth to a baby after taking the family health insurance plan, you can increase the number of members covered under the policy without any hassle. It saves you from buying separate insurance plans to cover additional members.
You can also increase the sum insured accordingly to cover the extra member. Besides your dependent children, dependent parents, spouse, and you, additional members can also be added to the policy for an extra premium. For this, you will have to search for insurance plans that offer this facility.
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Your Savings Remain Unaffected
Family health insurance can be a great tool to safeguard your family against unexpected medical emergencies and a financial planning tool. Once you plan your savings and other expenses after considering insurance premiums, your savings won’t be massively affected in the future due to your family’s treatment costs.
As a major chunk of the medical expenses will be borne by the insurance company, you don’t have to break your bank for hospitalization expenses, ambulance costs, and other related expenses.
- Affordable Premiums
The best part of health insurance plans for families is affordable premiums. If you purchase individual health insurance plans for every member of your family, you will end up paying way higher premiums than what you would be paying under comprehensive family insurance plans. Besides affordable premiums, a family plan also saves you from the hassle of maintaining multiple health insurances for different family members.
- Tax Benefits
Working professionals can claim tax benefit on health insurance against insurance premium payment as mentioned under section 80 D of the Income Tax Act, 1961. Policyholders below the age of 60 can claim a deduction of up to Rs. 25,000 for the premium paid for self, spouse, and children.
If you’re paying insurance premiums for your dependent parents of age 60 or above, you can claim another Rs. 50,000 as a deduction. This tax benefit on health insurance takes away some financial burden from the policyholder’s shoulders, leaving them stress-free. So if you were avoiding taking comprehensive health insurance for your family, this could be a good reason to get it at the earliest.
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- Cashless Treatment
Health insurance companies collaborate with hospitals to provide cashless treatment to their policyholders and family members covered under family health insurance. So if you’re in a medical emergency situation where any of your covered family members need immediate medical treatment, you won’t have to worry about arranging funds to get them admitted to a good hospital and begin the treatment. Before taking the insurance, you can ask the agent about the list of hospitals included in their network.
- 360-Degree Coverage
Comprehensive family health insurance plans offer the best coverage for you and your family member’s medical needs. Every plan covers hospitalization expenses, pre and post-hospitalization costs, ambulance expenses, ICU charges, and a lot more.
With so many benefits available under a single policy, there remains no reason to not take one for your family. So start searching and comparing various health insurance plans for your family, and take the one offering the best coverage.
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