What Are the Benefits of Buying Family Health Insurance Cover?

You must have heard about family health plans and how it covers the members of the family under one policy. But, what are the advantages of purchasing this policy over other health plans available in the market? It not only protects your loved ones but offers much more than that. Allow us to take you through the various benefits of availing a family floater policy.

Benefits of Family Health Insurance Plans

Offers Affordable Premium

When you compare the sum of the premium for each of the individual health insurance plans required by members of your family to a family health plan, the quote comes out to be very affordable. Thus, it turns out to be a better option for families and secures you from spending a fortune on health insurance. Now, you can be worry-free about the medical needs of your loved ones with family health insurance. These quotes vary from one individual to another hence it is imperative to check your needs, evaluate the plan and go forward accordingly.

Provides Cover for the Entire Family

Family health insurance is created to include the entire family and to secure them during an emergency. You can include your spouse, dependent children, dependent parents, dependent siblings as well as dependent parents-in-law! So, you add your extended family and protect them under the insurance plan. Thus, all their medical requirements are covered under one plan.

Additional Benefits Available

You can avail additional perks with family health insurance plans by incorporating added benefits. These include maternity cover, hospital cash cover, etc. that can be easily combined with your policy. But it is advised to check the waiting period of such add-ons, for example, maternity cover has a waiting period after buying the policy. Knowing the terms and conditions will save you any problems while filing your claim.

You Can Enjoy Tax Benefits

With family health plans, you can claim tax deductions under Section 80D of Income Tax Act, 1961. The amount that you can claim is INR 25,000 if you are not a senior citizen but if you above 60 then you are eligible to claim INR 50,000. In case you get a separate family floater plan for your parents, then you can claim an additional deduction of INR 25,000 if they are below 60 years of age. But if your parents are senior citizens, then the claim amount changes to INR 50,000.

Allows Easy Addition of New Members

Not only does family health insurance plans safeguard your entire family but it also enables you to add new members with ease. If you have a newborn, the child can be secured under the plan in the mid-term of the policy. You would have to contact your insurer and pay an extra amount of premium. But, this feature may vary from one insurer to another, thus, it is recommended to check with your insurance company beforehand.

Confers You with Cashless Hospitalisation

Just like individual health insurance plans, you can enjoy the advantage of a cashless health insurance policy with the family floater plan. This only means that you do not have to pay the medical bills for treatment when you get hospitalised at a network hospital. The hospital directly settles the medical bills with the insurer, and you don’t have to worry about the cost. Hence, you can seek medical treatment without stressing about your finances if you have family health insurance!

Now you know the numerous benefits of purchasing family health insurance cover that not only safeguards your loved ones but also offers other perks. Thus, you can secure the well-being of your family with such a policy at an affordable premium!

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