Life is unpredictable and there is nothing so frustrating and worrying as a family member being taken ill. While you stress about medical treatment and recovery, at least you need not worry about the financial aspect– it will be taken care of by your insurance coverage, if you have a family health insurance plan in place.
Keeping in mind the steep rise in medical costs in the country, it has become necessary for everyone to have a health insurance plan, and more and more people are opting for family health insurance plans. A medical emergency can prove to be a setback financially and emotionally. Nothing can compensate for the emotional upheaval experienced, but having a financial buffer in the form of health insurance can prove to be a savior.
What does a family health insurance plan cover?
A family health insurance, as the name suggests, is an insurance plan that covers the whole family in case of a medical emergency of any of the member of the family.
This kind of insurance generally covers the whole family including yourself, spouse, and children. However, there are some insurance companies that offer complete protection extending to cover your siblings and parents and in laws as well. The premium on these are generally on the higher end than that of a normal family health insurance plan since it covers a larger number of people. Since this is a single health insurance intended for the whole family, it saves you the hassle of buying multiple insurance plans and maintaining track of each and every single plan.
If you are a married person, then it is advisable to buy a family healthcare insurance as it is more cost effective than a single health insurance plan.
Benefits of buying a Family Health insurance plan
Listed below are some of the benefits of having a family insurance policy:
•Assured payments for medical and hospitalization bills (depending on the plan and premium paid)
•Saves heavy future financial losses due to costly and unexpected medical expenses
•Greater sense of mental and financial security
•Eligible for tax exemption under Indian Income Tax Act's Section 80D
There are a number of insurance companies today that provide family health insurance plans in India. Decide what kind of coverage you want and choose a policy that is affordable to you and provides you and your family with the most comprehensive coverage. Read through the fine print carefully before buying a policy. Having a family health insurance policy helps you plan ahead for any unwanted and possibly heavy expenditure in the future. Stay insured, stay happy!