Family Health Insurance
Family health insurance is a type of health insurance that covers your family members with one policy with a fixed amount. Family health insurance policy provides coverage for two or more family members at the same time if they are hospitalized or diagnosed with a medical condition.
You can get insurance coverage for yourself, your children, and your spouse on a floating sum insured that allows your family members to claim up to the full sum insured. Plans can be customized to suit your family’s requirements.
With the ongoing pandemic, meeting your family’s health needs should be your top priority. To ensure that your family members receive adequate health insurance against rising medical costs, health insurance is becoming an absolute must. Currently, COVID-19 treatment coverage is also included in your current family policy.
However, you may also want to consider COVID related health insurance products such as the Corona Kavach policy. It covers all costs related to COVID, including hospitalization, home treatment, and Ayush treatment. It also pays for medical supplies such as PPE kits, gloves, masks, oximeters, ventilators, foot covers, and more.
Why is it worth buying a health insurance policy for yourself and your family?
Medical costs are skyrocketing. Today they are high, and shortly they will be even higher. Floater family health insurance is a great way to protect your savings during a medical emergency.
The health policy provided by the employer is not enough.
Health insurance provided by your company or employer stops covering you after you change jobs. Also, you cannot choose the coverage or benefits that suit your needs.
Lifestyle diseases are on the rise.
Unhealthy lifestyles and stress at work have made even the younger generation prone to lifestyle diseases. Thus, the need for family health insurance is undeniable, even if you are young.
You can save a little on your family health insurance premium.
By dividing your insured amount, you can reasonably cover your entire family with one health insurance plan. This will help you significantly reduce your premiums. You also save yourself the hassle of managing multiple policies and updating them.
Family medical needs are met in one go.
Sometimes you pay out of your pocket for a family medical check-up, viral flu, seasonal illness and ailments. These costs, taken together, can weigh in your pocket, and family health.
You get tax credits on health insurance premiums.
Under section 80D of the Income Tax Act, you can take advantage of health insurance premium tax benefits. Thus, a healthcare policy will not only save you from bankruptcy during a medical emergency but also help you save on taxes.
Benefits of purchasing family health plans
One of the most significant benefits of family health insurance plans is that they are suitable for large families, including children, grandparents and others. There are several other benefits that insured members can enjoy with marine family insurance plans. You can get coverage for all members, regardless of age, under one policy. Here’s a quick overview of the main benefits:
Stress-free coverage of hospitalization costs
Family health plans reduce the task of choosing separate individual health insurance for each family member. Plus, you don’t have to pay a different premium for health insurance for each member. In the event of hospitalization, the insured member can benefit from non-cash treatment at the network hospital and individual health insurance plans. This way, you can ensure that everyone in your family has the right to health care without compromising treatment.
Provide peace of mind for new family members
You can easily add a new family member to these health insurance plans. With individual insurance, a new policy must be taken every time a new family member is added. If you add your parents to an existing family health plan, be sure to select a higher coverage. If the oldest member dies or is no longer eligible for coverage, the remaining insured members will continue to receive health insurance benefits. This is one of the biggest benefits of family health insurance.
Because family health plans do not require you to pay individual premiums for everyone, you can cover your spouse, child, and parent with the same plan at an affordable cost. However, parents are advised to purchase individual health insurance for age-related health problems.
Get parent health insurance in the same plan.
One of the main benefits is that you can keep your parents and your spouse’s parents healthy under the same plan. By paying the additional premium, you can also get personal health insurance for dependent parents or even your relatives.
COVID Family Health Insurance
You can purchase coronavirus health insurance to cover yourself and your family members. Almost all insurance companies offer coverage for coronavirus treatment under basic health insurance plans. Several health insurance companies have also launched corona-focused health insurance policies, along with Corona It covers hospitalization costs incurred while treating this deadly virus, including the cost of drugs, PPE kits, intensive care costs, doctors’ fees, and the like.
Corona insurance policy also covers COVID treatment, but coverage is individualized for a minimum of 72 hours of hospitalization.
The opportunity to take advantage of additional benefits
Various add-on benefits are available, including critical illness insurance, maternity insurance, and more. For example, young couples can get maternity and newborn coverage. However, this function has a fallback clause. If you are looking to purchase the best maternity health insurance plans, please read your policy documents carefully.
With family health plans, you can take advantage of discounts and other benefits in the policy’s form of benefits. This is one of the simplest and easiest ways to protect your family’s health.
Tax Benefits on Health Insurance Premium
According to section 80D of the Indian Income Tax Law, health insurance premiums are exempt from tax. If someone pays the health insurance premium for their family and parents, they are eligible for tax credits.