In the current unprecedented times, when there is a drastic increase in healthcare costs and a health emergency can strike anytime to affect individuals of any age, health insurance has become more crucial than ever. You can protect yourself, your spouse, aging parents, and children with the right financial cushion – Family Medical/Health Insurance Plan.
A family medical/health insurance policy covers all your family members irrespective of their age, with a fixed sum insured shared by all members. Most of these policies offer cashless hospitalization facilities and maternity benefits. You can buy medical insurance online within a few steps.
Here is a quick rundown of key benefits of a family health insurance policy:
1. Affordable Premium
With a family medical insurance plan, you can provide financial cover to your loved ones at an affordable cost. You need not pay separate premiums for different policies. Instead, pay a single amount to secure the entire family.
2. Pre and Post-Hospitalization Expenses Coverage
Most insurers cover the expenses before and after the hospitalization under a family floater. This policy covers the diagnosis and other costs even before hospitalization. Several tests like blood tests, X-rays, etc., are among pre-hospitalization expenses. The specific period covered for pre/post-hospitalization expenses differs by insurers.
3. Cashless Medical Treatment
You can avail of the cashless medical treatment facility in any of the insurance company’s network hospitals. The hospital/healthcare center and the insurance company will settle the payments. You need not make payments for treatment to the hospital directly from your pocket. When you buy the medical policy online, you can explore the insurance company website to get the list of its network hospitals.
4. Hassle-free
Different insurance companies follow different schedules with monthly installments or yearly installments. Managing multiple payments for different insurance plans along with many other commitments in life can be hectic. You can buy a medical policy online to cover your spouse, dependent parents, and children under a single policy to make the process stress-free.
5. Tax Benefits
Under Section 80D of the Income Tax Act, 1961, you can claim a tax exemption. The deduction is up to Rs. 25,000 if the age of the insured is 60 years, whether the insured is spouse, kids, or parents. If you pay premiums for your parents who fall under the senior citizen category, you can claim additional tax benefits up to Rs. 50,000.
6. Protect new members of your family quickly.
You can quickly provide coverage to your newborn baby under the existing family plan. You need not complete the entire process to buy an insurance cover again. However, it is easy to buy medical policies online. Still, you have the option to avoid this process.
7. Sum Insured Split
The sum insured is available to all insured family members individually or together. If multiple members fall sick at a time, you can still avail of plan benefits. You can make single or multiple claims within a year.
8. Discounts and additional covers
A family floater offers you benefits like maternity cover and family discounts depending on the number of insured members. Such add-ons make it a preferable option over individual insurance plans.
Thus, you can compare how a family insurance plan is incredibly cost-effective and manageable over individual plans. You can stay stress-free with a financial backup for each family member. Make sure you compare policies with different insurance companies to get the best family floater health insurance plans in India 2022.
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