With the increasing rate of unhealthy lifestyles and elevated stress levels, nowadays a health insurance plan has become a necessity. According to the experts, a medical insurance policy must be conceded as a critical and compulsory investment option. Without any health plan, a medical emergency can put you and your family under stress and deplete your savings. While opting for a health insurance plan, most of us will have a lot of doubts in our minds i.e whether we should purchase a family medical insurance policy or an individual health policy. In this article, we will discuss why you should opt for health insurance family plans, their benefits, and advantages over an individual health insurance plan.
6 Benefits of Buying a Medical Insurance Policy
- Provides Stress-free Cover to Hospitalization Expense
- Option to Include Cover for Parents
- Tax Benefits on Insurance Premium Paid
- Facilitates Smooth Inclusion of New Family Members
- Additional Benefits
- Affordable Premium
Provides Stress-free Cover to Hospitalization Expense:
With a family health plan, you can bypass spending time picking a suitable plan for every member of your family individually. Also, with a family health plan, you don’t have to pay insurance premiums separately for every member. And during hospitalization, any of the insured family members can opt for cashless treatment in any of the network hospitals. Thus, ensuring your entire family gets the best medical care without compromising the expense of the treatment. With a claim settlement ratio of 93%, Care Insurance offers comprehensive family health insurance plans with hassle-free claim settlement.
Tax Benefits on Insurance Premium Paid:
According to Section 80D of the Income Tax Act, the amount paid for medical insurance premium (self or the family) is eligible for tax deductions up to 50,000 Rs. Hence, you will be eligible to avail of the tax benefits by paying your medical insurance premiums.
Facilitates Smooth Inclusion of New Family Members
A family health insurance plan facilitates the easy inclusion of a new family member whereas, in the case of an individual health policy, a new health insurance plan is required every time a new member is added to your family. Ensure a higher coverage amount if you are including your parents in your existing family medical plan. The major benefit of a family floater medical insurance policy is that, if the eldest member is not eligible to avail of the coverage amount (departs this life or due to other unforeseen circumstances), then the other family members will continue receiving the coverage benefits.
Since with a family health insurance plan you are not required to pay insurance premiums individually, this gives you an opportunity to include your parents, kids, and spouse under the same family plan at an affordable premium amount. However, we recommend having an individual health plan for parents due to their age-related complications and health issues.
A family health insurance plan comes with additional benefits of including maternity insurance cover, critical illness cover, and more. Newly married couples can opt for a maternity and new-born baby cover. However, this comes with a waiting period clause. We recommend you to read the insurance policy carefully before buying the family health plans with maternity cover.