Health insurance is something every individual must have. It helps you bridge your medical expenditure in the best way possible by providing first-class coverage against all health issues. By investing in the best family medical insurance, you can protect and safeguard the medical as well as the financial well-being of your family members. There are countless health insurance plans available in India for you to purchase. You can consider purchasing the Bajaj Allianz, Aditya Birla and some of the other established insurance providers in India.
To help you comprehend, here are the advantages of buying family health insurance plans. Keep reading to know more!
1. Entire family coverage:
Family health insurance plans cover all family members under one policy. You can include yourself, your dependent children, spouse, dependent parents, and in-laws under the family medical insurance. Some insurance plans allow covering the extended family like siblings and in-laws.
Thus, family health insurance plans are the one-stop solution for the health issues of the entire family members. Moreover, you may opt for health insurance for parents who wants affordable health coverage. Also, family medical insurance ensures that you don’t have to compromise on the treatment quality and obtain it at the time of need without worrying about arranging for money.
2. Affordable premiums:
The premium for the family health insurance plans is cheap compared to the individual plans each year. Thus, the family medical insurance plan allows affordable coverage and becomes lighter on your pockets.
3. Protects your savings:
The benefit of family medical insurance is that it safeguards your earned savings even if you face a medical emergency. Why would anyone want to exhaust their life savings by paying medical bills? The family health insurance plans ensure that the insurance company pays off your medical bills where your savings remain intact. Several options like cashless facilities and claim reimbursements enable you to cover all your medical spending in the best way possible. You can also protect your savings effectively by having a proper health insurance plan in place.
4. Every family member covered gets high coverage:
You can use the sum insured in any family member’s illness by opting for the family floater policy. Each family member has complete access to the sum insured and can avail of the high coverage in the family health insurance plans if you choose an optimum sum insured. By including all your family members in the family medical insurance plan, you can ensure that the needs of each and every member of your family are well covered.
5. Maternity coverage offered:
If you are a just married young couple planning to start your family, the family medical insurance offering maternity coverage is one of the best options. These health insurance plans allow coverage for medical bills and pre- and post-hospitalization expenses. Opting for health insurance with maternity coverage will help you at the right time.
6. Cashless hospitalization facility:
A cashless hospitalization facility is one of the significant components of buying family health insurance plans. You don’t have to pay the medical bills at the time of discharge under the family medical insurance, and the bill amount gets directly paid to the hospital by the insurance company.
However, you can avail of the facility only at a network hospital of the insurance company. Thus, you get hospitalized at a network hospital for the cashless hospitalization facility.
7. Opt for comprehensive cover:
Family health insurance plans come with coverage benefits where you can compare and choose the policies having the most inclusive coverage features. When you opt for comprehensive coverage, your family can live stress-free, knowing that every medical expense would get covered in the plan. It gives you extended coverage overall.
8. Free health check-ups:
Most family medical insurance plans offer free health check-up benefits. Under this feature, the insured becomes eligible to get preventive health check-ups done free of cost. While some policies offer these benefits yearly, some provide them in a block of years. Moreover, you will be eligible for a free health check-up only if you haven’t raised a claim.
9. Customized health plans:
Another benefit of family health insurance plans is that they offer coverage to people having varied health needs. You can also buy medical insurance for critical illness, pregnancy, and slow-growing diseases. You can opt for customized health plans or take an add-on cover as a rider.
10. Tax benefits:
The most crucial benefit of buying family medical insurance is that they allow tax benefits. As per section 80D of the Income Tax Act- 1961, health insurance plans are eligible for tax deductions. You can get a tax deduction of up to Rs. 25,000 when you purchase a family floater policy. The deduction increases to Rs. 50,000 if you are a senior citizen.
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