Life is hectic for a majority of us nowadays. Balancing work and family responsibilities can often take a toll on health. However, there is no way we can neglect ensuring the well-being of our family. Caring for elderly parents and handling any emergency hospitalization can be stressful without the financial support that health insurance plans offer. Leading health insurers, like Care Health Insurance, now offer customized family floater plans that is the best option for any family to stay secure against unforeseen medical expenses.
A family health cover becomes the need of the hour because healthcare and medical treatments are getting costlier every year. Besides, factors like lifestyle-related illnesses and ageing parents’ health issues increase the chances of medical emergencies for a family. In such a situation, one should never be without health insurance.
The following benefits of a family health plan make it a suitable option among the different types of health plans:
Table of Contents
Comprehensive Cover for Various Medical Expenses
A visit to the hospital can make anyone anxious. Besides, if a loved one is hospitalized, it demands constant attention and financial support to bear the medical expenditures. Family health insurance plans give coverage for various healthcare expenses, such as in-patient care, ICU charges, room rent, day care medical procedures, and ambulance. They also cover costs one incurs on diagnostics tests, consultation, and medication during the pre-hospitalization and post-hospitalization phase. Further, pre-existing diseases and specified ailments also get covered, subject to a waiting period. So, surgeries related to the knee and cataract will be covered after the waiting period.
Coronavirus Treatment Cover
Nowadays, family health policies include coverage for coronavirus treatment. The world is observing that the pandemic is far from over. In this scenario, it is necessary to protect your family against any new health risks. However, when unforeseen circumstances create stress, a family floater plan comes to the rescue. These plans offer coronavirus treatment along with AYUSH benefits.
The Choice of Cashless Hospitalization
Many health insurance companies, including Care Health Insurance, HDFC Ergo, etc., offer cashless claim facility for the policyholders. It is the most helpful feature of family floater plans. Under this facility, an insured person can access cashless medical treatment at a network hospital empanelled with the insurer. One does not need to go through the process of arranging funds to pay medical bills. The insurer will directly settle the expenses, subject to policy terms and conditions. Thus, it saves crucial time, mainly when there is an emergency.
Affordable Health Coverage
Affordability is among the top benefits of family health insurance plans. They come at an affordable premium rate compared to the total premium you will have to pay if you choose individual covers for each family member. So, before you proceed to buy a policy, make sure to compare various policies and the premium costs. It will help you understand what is best for your loved ones. Additionally, there are premium discounts available, and you can make the most of such benefits.
Numerous Policy Benefits and Optional Covers
Investing in a family health insurance cover helps you manage your family’s health and ensure its overall well-being. That may not just involve dealing with hospitalization. Such plans also help you keep track of your loved ones’ health through the annual health check-up benefit. Besides, there are optional covers like OPD care that you can choose.
Many family health plans now include maternity coverage. Thus, they are the ideal choice for young individuals who are looking forward to starting a family. Apart from these, family floater plans include no claim bonus, lifelong renewability, and automatic recharge of sum insured, thus giving comprehensive financial protection.
Tax Benefits
Under the Section 80D provision of the Income Tax Act, an individual can get a deduction of up to Rs 25,000 on the health insurance premium. If he or she is an elderly above 60 years, then the tax deduction one gets is up to Rs 50,000. By going for a comprehensive family health policy, one can avail tax deduction of an amount up to Rs 1 lakh if the insured members (including parents) and the proposer are senior citizens.
Those who are planning for investment should certainly consider family health cover as a priority. Considering that it offers various benefits, it will secure a family’s finances and eliminate potential financial difficulties.