To afford medical care today, your family’s financial stability is crucial. Family health insurance covers every member of your family for emergency medical costs on an individual or floater sum insured basis. A broad network of cashless hospitals, a selection of health insurance plans for family, senior citizen health insurance and speedy claim processing is provided by health insurance companies.
What is a health insurance plan?
Health insurance plans for a family are a blessing in medical emergencies because they enable quick and painless treatment initiation. Family insurance programmes cover all major and minor medical costs for the entire family. The family offers complete protection to every member.
A family health insurance plan can shield your loved ones from diseases or accidents. Your hospitalisation costs, consultation costs, medications, and more are all covered by medical health insurance. Consequently, it saves you time and money by providing family-wide medical coverage.
Need for health insurance plan
While you might believe that the cash you’ve amassed throughout your career will be sufficient to cover your medical expenses. The corpus can exhaust sooner than you anticipate. Insurance is an essential instrument to protect your life investments. Even when medical expenses are rising, it will enable you to take care of your health demands.
Advantages of family insurance
A family health insurance plan has a number of benefits. These are a few:
- It is less expensive
The likelihood of developing a severe illness is rising daily. Pollution is skyrocketing, most foods are contaminated, and stress is a given in everyone’s life, even youngsters. The need for appropriate health insurance for your dependents has replaced the option. Plans for family health insurance make covering your loved ones more reasonable. You pay a single sum to cover everyone under one plan instead of paying premiums for various policies.
- It is uncomplicated
It can be complicated to track the numerous plans you must pay for. There may be a distinct timeline for each policy. You can pay for some in yearly instalments and others in monthly ones. It can be challenging to balance them all with work and other responsibilities. This discrepancy is filled by a family plan, making payments more manageable and stress-free.
- It makes tax savings possible
Section 80D* of the Income Tax Act of 1961 allows you to deduct the cost of family health insurance plans from your taxes. You may claim up to 25,000 for yourself and an extra 30,000 for your parents in a given fiscal year, for a total of 55,000.
- It makes securing new family members simple
You can include your new family member in the current family plan if you recently had a baby. You do not need to purchase a new policy each time you have children. In-laws can also be covered by family health insurance plans, ensuring that the same coverage protects both your parents and your spouse’s parents.
- Discounts and extra protection
Depending on the quantity and ages of the family members, you may be eligible for perks like maternity coverage or family discounts. Family bundles are a better choice than individual plans because of these extras.
Features of Family Insurance Policy
Plans for health insurance are carefully chosen to meet the requirements of each family. These are a few policy characteristics:
- Payment-free hospitalisation
All family members are eligible for cashless hospitalisation. This provides excellent liquidity while easing a complex and chaotic situation.
- Parental leave
Maternity riders are available on family insurance for expectant moms. Under the policy, parents may also pay for fertility procedures. The policy also includes coverage for delivery costs, C-sections, terminations, etc.
- Accident insurance
In the event of an accident, a health insurance plan offers accident coverage. Additionally, it provides a premium waiver in the event of permanent disability.
- Cover for serious illnesses
In the event of a critical illness, you are compensated upon the first medical condition specified being diagnosed.
Best family insurance plans in India
Many insurance platforms provide the best family insurance plans in India, which include accident insurance, cashless hospitalisation and many more advantages. There are many best family health insurance plans, such as
- ReAssure health insurance plan
It provides complete reinstatement of the insured sum and hassle-free cashless medical help at any network hospital. It also covers medical expenses for organ donors’ treatment.
- Heartbeat health insurance plan
Covers treatments under 3 lakh to 50 lakh. It also offers maternity benefits, In-patient care, alternative treatment, and mental disorder treatment.
- Health companion plan
It is a cost-effective health insurance programme that simplifies protecting your health. There is no room rent cap, and all room categories are covered up to the insured sum. Its cover starts from 3 lakhs to 1 crore.
- Health Premia
It provides coverage up to 7.5 lakhs and offers maternity and new-age coverage treatment. It provides health insurance while travelling abroad and also comes with in-built travel insurance.
You can always rely on insurance platforms that provide health insurance plans for the family and offers senior citizen health insurance. Many of us put off getting health insurance until later and then realise our mistake when an emergency arises. Do not allow any unfavourable event to upset your family’s tranquillity or happiness. Obtain medical insurance to protect everyone’s well-being.