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21 May, 2022
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Top benefits of buying a Health Insurance Plans for the family

Health insurance works like armor to protect you from unexpected medical expenses. And to not have one is to risk the depletion of your savings in case of an emergency. Family health insurance plans are the safety net we need to secure our family’s finances, especially given the current unprecedented times and risky lifestyle. Insurance companies now have myriad schemes and plans on offer, but a family health insurance plan is undoubtedly an option that should be considered. That said, there are a lot of misconceptions regarding Family Health Insurance Plans and Senior Citizens Health Insurance, due to which many people believe that such health insurance plans only cover the hospitalisation expenses and nothing else. Well, that’s not the whole truth. Family Health Insurance Plans cover much more than just hospital expenses and medical facilities. To know the top benefits of buying a health insurance plan in detail, let’s understand more about Family Health Insurance Plans first.

What are Family Health Insurance Plans?

Family health insurance plans cover the entire family under a single premium policy. Under this plan, every family member is insured against any medical uncertainty, irrespective of their age difference and health conditions. That wipes out the hassle of having individual health plans for each member with respective premiums. A family health insurance plan covers children, parents, spouses, and in some cases even parents-in-law under a single premium policy. Family plans are the most sought after insurance plans only because of their benefits. 

Benefits of Buying Health Insurance Plans for the Family

Family health insurance plans are precisely created by keeping minute details in mind. It covers facilities for all age groups and health conditions. Here’s why you should consider opting for one.

  • Maternity Coverage

Family Plans offers maternity assistance to those wanting to start a family. It majorly covers delivery expenses, child care, C-sections and other pregnancy-related expenses. Additionally, it also assists in some fertility treatments and IVF related costs. It can thus aid individuals in family planning and managing related expenses.

  • Easy to add new members

Family health insurance plans cover the addition of new members to the plan. For example, one can easily add a new member in the family (say childbirth) under the existing family plan. For doing this, a request has to be made to the insurance company along with an additional premium, and the new member will get covered under the same family insurance plan. It’s as easy as that.

  • Affordable premiums

 Contrary to individual health plans, where each policy has a separate premium for every insured member in the family, a single-family plan is usually more economically viable. Paying a single premium instead of multiple premiums can be affordable while ensuring similar coverage.

  • Avail tax benefits

The Government of India has introduced deductions on insurance expenses to encourage insurance adoption. One can easily claim tax deduction up to INR Fifty-Five Thousand in a financial year on insurance premiums paid. Section 80D of the Income Tax Act, 1961 provides a deduction of up to INR Twenty-Five Thousand for an individual self and family premium and INR Thirty Thousand for parents under 60 years of age in a single financial year. Senior citizens can claim maximum deductions up to Rs. Fifty Thousand in a financial year.

  • Single policy, no management hassles

Multiple policies with multiple premiums and due dates can be a real task to manage. Instead, it is convenient to opt for a single policy with similar features as any individual health insurance plan. Having a single policy can save your time and effort in managing multiple individual plans and assist in a hassle-free experience during trying times.

  • Includes Parents-in-law

Family plans provide an inclusive meaning to the word ‘family’ wherein the same policy also covers the parents-in-law. Thus a single-family insurance plan can protect a larger family unit. However, if the parents or parents-in-law are senior citizens and above 60 years of age, it’s advisable to opt for a senior citizen health insurance plan separately for them. 

Other than the benefits mentioned here, family health insurance plans have much more to offer like personalized insurance policies, accident help, availability of discounts, assistance to senior citizens health insurance and an option for comprehensive cover. Therefore, family plans are the one-stop solution for all the healthcare and medical needs of a family living under one roof.

Summary

With increasing healthcare inflation and uncertain times where a medical emergency cannot be predicted, it is essential to have your back covered with health insurance. Having a family plan proves you as a responsible individual and relieves you from stress regarding your family’s health in unforeseen times. That is why a family plan is an essential cushion to support during times of need. 

Once you have a family health insurance plan, you can be assured about your family’s health care assistance needs. You can simplify the health insurance needs of your parent’s adult life, children’s childhood and your youth with just one family plan. Thus you should not even wait for a day longer to have one!

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