While your family members may enjoy a good lifestyle, there are times when someone could fall ill. If this illness requires medical treatment with procedures, medication, doctors’ expertise, etc., it could be emotional and financial concerns. That’s when family medical insurance comes into the picture. A family health plan covers all your family members. It promises everyone equal access to medical funds and healthcare facilities during a health emergency. The best part is that a single premium payment can secure all your loved ones without any hassle.
Let’s take a deeper look at how family insurance protects your family’s health and savings against rising healthcare costs in India.
1. Family Health Insurance Premium is Affordable
A family plan can cover all your family members, including your spouse, children, and parents. This means you can secure your entire family’s financial health by paying a standard premium. To top it all, the premium rates on family health insurance are more cost effective than taking individual health plans for each family member.
2. Comes with Tax Saving Options
The more the family members, the more tax savings possible. Section 80D* of the Income Tax Act of 1961 allows you to claim tax benefits on the premium paid for upto INR 75000 for family health insurance plans.
3. Ensures Hassle-free Insurance Processing
It may be cumbersome to remember the premium payment date of separate health policies for each family member. Further, while some members may have a monthly premium cycle, others might have an annual premium. A family plan overcomes this problem with a simple process. It meets every member’s healthcare needs while promising payment and insurance booking ease.
4. Offers Customization
You can add new family members to your family medical plan. Also, you may add optional covers like OPD care and maternity benefits, among others, as per your needs. This feature of policy customization is available with some of the best family health insurance plans in India. While planning a family expansion, you can customize the policy to increase the sum insured and policy tenure. Customization doesn’t involve many formalities and is far easier than a new individual plan.
5. Promises the entire sum insured for every member
Family covers offer a standard sum insured that is available for all family members equally. Depending on the need, every family member can use the sum insured partly or entirely during medical claims. The remaining sum insured is reserved for the family during any future contingencies.
Benefits of Family Health Insurance Plans
1. Coverage for Major Medical Expenses
Health plans for the family cover all the standard medical treatments and procedures. It includes hospitalization and daycare treatment costs, medical expenses, ambulance coverage, and more. So in your time of need, you can concentrate on your loved ones’ quick recovery instead of worrying about the family budget.
2. Cashless Hospitalization
One of the most significant advantages of health insurance today is the cashless hospitalization facility. It saves you from paying hospital bills from your pocket. Under cashless hospitalization, your insurer settles the claim amount directly with the hospital. To be eligible for this benefit, you must admit the patient to one of the insurer’s network hospitals. You need to fill out a pre-authorization form and show your health insurance card to use this facility.
3. Coverage for Critical Illnesses
Your family might have a history of severe health conditions. You can lessen the financial burden during prolonged spells of such illnesses with the added benefit of critical illness coverage. Family plans with essential benefits of illness cover life-threatening diseases like stroke, transplant, etc. It shares your financial loss during a severe health disorder demanding multiple therapies or surgeries.
4. Day Care Treatment
Many medical procedures are completed with advanced treatment options within a day or two. Daycare treatment coverage helps you avail of over 540 minor healthcare procedures. You get easy claim settlement for treatments requiring hospitalization up to 24 hours.
5. Pre and Post-Hospitalization Coverage
Often, several diagnostic tests and scans lead to significant hospitalization. The cost of these tests amounts to a substantial financial burden in the end. Therefore, family plans with pre and post-hospitalization coverage come as a boon. 30 days pre and 60 days post-hospitalization expenses are covered by a family health insurance policy.
It’s always essential to have a financial safety net to safeguard your family. Health Insurance for your family takes complete care of your household health planning. You can choose health insurance for your family by Care Health Insurance. This family plan offers comprehensive coverage with affordable premium and easy EMI options. With Care Health Insurance’s Family Plans, you get a reliable health partner to support your financial well-being.