Introduction:
Investing in proper health insurance can save you tons of trouble and provide financial peace of mind in case of a medical emergency. In the current world of rising expenses, accumulating large funds during a health-related complication is not always possible, in which case, health coverage comes in handy. If you are considering family health insurance, then go through this page to get a clear idea about it.
What is Family Health Insurance?
A family health insurance plan is a type of health policy that covers the whole family. Its coverage includes the insured individual, their spouse, dependent children, and dependent parents, all under a single plan as stated by the policy document. Whereas individual health insurance only offers coverage for that one person, a family plan secures multiple family members, which is a more practical option in case you want to protect your loved ones.
With a family health insurance policy, there is no need to pay individual premiums for all the covered members. This plan has a single premium amount and offers a coverage value that is shared by everyone under it.
Benefits of Family Health Insurance Plan
If you are investing in a family health insurance policy, then here are some benefits that you will be receiving:
- Financial Peace of Mind: A family health insurance plan will cover all your loved ones under a single policy. This means your family will have financial security in case of a medical emergency, which would cover the majority of the treatment, hospitalisation, pre and post-hospitalisation, and other related expenses.
- Tax break: In India, as per Section 80D of the Income Tax Act, you can get certain tax breaks against health insurance premium payments. The annual tax deduction limit is INR 25,000 for individuals under 60 years and INR 50,000 for senior citizens. The maximum yearly tax break that you can get is INR 1 lakh.
- Cost-effective: Instead of buying separate individual health coverage plans for your loved ones, going with a family plan is more cost-effective. Also, it attracts better discounts on policy premiums than an individual coverage policy.
- Less hassle: Managing separate health coverage plans for all the members can be tiring. But with a family health insurance policy, you will only be required to manage one, and enjoy coverage for all.
How to Pick the Right Family Health Insurance Policy?
There are certain aspects that you need to consider when selecting a family health insurance plan, like:
- Affordability
- Offered sum insured
- Included benefits
- Availability of networks hospitals and cashless facilities
- Available add-on options
- Waiting period clause
- Discounts
- Flexibility in adding new family members
- Co-payment clause
Conclusion:
Choosing the right family health insurance, that fits your family’s requirements and comes within your budget, is very important. You should go through all the available options, compare everything and finalize the one that suits your needs the most.
