Family Health Insurance Plan- The Benefits

Family Health Insurance

Aging parents, increased health disorders, unhealthy lifestyle, and surging medical treatment costs can put an immense burden on finances during medical emergencies. A health insurance policy is your saviour for all health-related expenses.

Family health insurance plans provide complete coverage for the individual and whole family against medical emergencies underpayment of a single premium. It is more affordable compared to individual health insurance plans. The sum insured is higher and is shared between family members.

Why One Needs Family Health Insurance Plans

After a particular age, parents become dependent on their children. Moreover, the elderly are more prone to diseases and health ailments like heart problems, diabetes, cholesterol etc., because with age, the immune health declines. A family health insurance plan would allow a smooth flow of finances for their hinder-less treatment. Additionally, as a parent, it also becomes your responsibility to look after the children’s well-being. Providing medications and supplementations for quality growth and development makes it vital to include them in the health insurance plan. Overall, one should never compromise in endowing their loved ones with excellent medical therapies. Thus, it is a smart decision to buy the best insurance plan.

Benefits of Family Health Insurance Plans

1. Coverage for the Whole Family

Health insurance is integrated for the entire family. That is, it covers all the members of the family – spouse, children, parents, and parent in-laws. Above all, some plans allow to include extended family members as well. Thus, under one roof, everyone can avail themselves the benefit of quality treatment.

2. Premiums

Against the payment of a single premium, the whole family is shielded. The cost of paying an individual premium for individual members is higher than the combined family health insurance plan. Thus, the best health insurance plan gives massive coverage at an affordable price. The family floater policy can be accessed by any family member who falls sick.

3. Maternity Coverage

The best health insurance plans offer coverage for maternity-related expenses. For a couple planning to begin a new future, maternity coverage would be most advantageous.

4. Inclusion of New Members

The family health insurance plans bestow the convenience of adding new family members to the policy. A new addition to the family-like spouse or child can employ the coverage from the middle of the policy. With additional premiums, the new member can be easily accommodated in the family health insurance plan.

5. Tax Benefits

Family floater health policy accords tax benefits. You can avail of tax deduction up to INR 25,000 under Section 80D of Income Tax when you pay the premiums. The deductions increase up to INR 50,000 in the case of senior citizens.

Other Health Insurance Plans

1. Senior Citizen Health Insurance

These policies are specially designed for senior citizens. Since the elderly are more vulnerable to health problems, the premium demanded is higher. Also, insurers exclude pre-existing diseases before granting senior citizen insurance.

2. Critical Illness Health Insurance Plan  

A person who has a history of critical disorders in the family could obtain this plan. The policy insures against critical ailments like heart attacks, cancer, and paralysis. The insured can claim a lump sum amount on diagnosis of the particular disease. Furthermore, no hospitalization is required for receiving the money.

3. Accident Insurance Plan

Accidents are unpredictable. A personal accident insurance plan would cover the cost of treatment after an accident. Generally, it offers benefits against partial disability, total disability, or death due to accidents.

Health deterioration or illness could happen at any time. Although unwanted, it may eat up most of your savings. Hence, to save your finances for other things, it becomes crucial to buy the best insurance plan. With the availability of various health insurance plans, one can choose according to their preferences and requirements.