With the current lifestyle and increasing health risks, protecting your loved ones has become more important than ever. A health insurance policythat is tailored for families not only covers the cost of health care but also offers the best health care to the family when it is needed.
Now, let’s take a look at the benefits of health insurance and family health insurance that you should be aware of.
Benefits of health insurance Policy in India for Families
1. Comprehensive Coverage for Entire Family
One of the best benefits of afamily health insurance policy in Indiais that a single policy covers the entire family. This health insurance policy covers everyone in your family, including the spouse, children, parents and even in-laws. Here are the key highlights:
- It includes hospitalisation costs, operations and advanced medical procedures.
- It also encompasses costs incurred before and after hospitalisation.
2. Cost-Effective Premiums
The family medical insurance cost is lower than the cost of individual policies. It enables you to insure all the members of your family at a cheaper price instead of buying individual policies for each member. Here are the main cost-related benefits:
- Each member is covered by a single sum insured.
- There are usually provisions where insurers will give a discount if there are many members.
- It eliminates the expenses incurred in the management of several policies.
3. Customised Plans to Suit Family Needs
Modern family health insurance plans are very flexible. You can select benefits that you want depending on your family’s needs. For example, you can opt for maternity policy for maternity benefits, senior citizen health insurance for senior citizen benefits, or critical illness benefits.
4. Tax Benefits Under Section 80D
Family health insurance does not only offer health insurance but also has the advantage of tax deductions. Amount spent on the premium of a health insurance policyis allowed as a deduction under Section 80D of the Income Tax Act. Here is how it goes:
- Up to ₹25,000 for yourself, your spouse, and your children.
- An additional ₹50,000 if you pay premiums for senior citizen parents.
For this reason, the tax benefits make the family health insurance benefits even more attractive.
5. Cashless Hospitalisation Services
Almost all health care insurance for familiesoffer cashless hospitalisation as one of the choices. This feature guarantees that you will not be required to dig into your pocket during an emergency.
- Insurance companies have affiliations with a number of hospitals.
- You can get treatment regardless of the cost, depending on the policy conditions.
- The insurer pays the bills to the hospital on behalf of the patient.
This benefit is very noteworthy, especially during emergency events.
6. Coverage for Pre-Existing Diseases
The pre-existing diseases are covered under a family health insurance policy in India but with a waiting period. This helps in making preparations so that the chronic diseases or the other diseases that were diagnosed earlier are well taken care of in the future. Below are key details.
- The waiting period can vary between 2 to 4 years, depending on the insurance company.
- It covers pre-existing diseases like diabetes, hypertension, asthma and others.
- This feature is particularly helpful for families with elderly or those who have members with chronic diseases at home.
7. Coverage for Maternity and Newborn Care
Maternity benefits can be part of family healthcare plans by adding a maternity cover. It covers the costs associated with childbirth and the care of a newborn child. This feature will be very useful for families that are expanding in size.
- It covers delivery expenses.
- It also includes vaccinations for the newborn.
This helps to make sure that growing your family does not put a lot of pressure on your pocket.
8. Financial Security Against Medical Inflation
As we know, medical treatments have become very expensive in India, and it is very difficult for any family to afford them.
Ahealth insurance policy protects you against these increasing costs and guarantees your family proper and quality treatment without having to think about the costs.
Conclusion
Purchasing a family health insurance policyis one of the best ways to protect your family’s physical, mental and financial health. These policies include every possible advantage that a family needs, right from coverage to tax exemptions.
Take care of your family now, compare health insurance plans and learn how to purchase a plan that is right for you and your pocket.
