Importance of health insurance plans for family
The increasing costs of medical expenses can burn a hole in your pocket in case of any health ailment in your family. At times the cost even exceeds the savings or emergency funds bringing financial instability for the entire family. To deal with such situations having health insurance plans for you and your family is imperative.
With the recent surge of the global Pandemic COVID-19, the importance of the health insurance plan has been undisputed. The expenses of getting treated for this pandemic can be huge due to the tests, medication, and renting of the isolation wards. As per the regulation of IRDAI, almost all health insurance plans in India cover treatment for COVID-19.
What is a family health insurance plan?
In a family health insurance plan, the entire family is insured under one single cover. The fixed sum provided for the family can be availed by any member or all the members of the family.
Besides offering coverage for your health ailments, health insurance plans for family provides few benefits that make it important. Let's read more about the benefits of health insurance plans.
Protects your investments
Health insurance plans for a family are a savior in times of health crisis. It saves our investments from depletion even when the family is dealing with the crisis. Health insurance plans cover a major part of the expenses incurred during the treatment, thus saving a lot from the pocket.
Most of the health insurance policies offer cashless treatment where the insurer directly settles all the bills. This cashless facility is available at all network hospitals with which the insurance company has a tie-up. In these hospitals, the insured can get quality treatments without being worried about the payment.
The health insurance plans provide coverage for different hospitalization charges such as the doctor's and nurse's fees, operation charges, ambulance charges, room rent medicine, and vaccination costs. Besides hospitalization charges, health plans also cover pre-hospitalization and post-hospitalization expenses.
Health plans also include domiciliary treatment, daycare treatment, and treatment from AYUSH (Ayurvedha, Unani, Siddha, and homeopathy).
Family floater plans
Individual health insurance plans can be expensive, but with a family floater plan, one can get several more benefits and also insure the entire family during any health crisis. There are commonly two kinds of floater plans, one that is the most common is for the spouse and children, and the other floater plan is for the parents. Having a health insurance plan for family helps in getting medical treatment for the family but at affordable premium rates.
Tax benefits on health insurance plans
Other than the above benefits health insurance also offers tax benefits on the premium that you pay for your plan. You can claim a deduction of Rs 25,000 annually for your health insurance plan under Section 80D. You can also claim a deduction of Rs 30,000 if you have health insurance for your parents.
Health insurance is now a basic requirement for people who wish to look after the family and also build their savings. With different insurance aggregators, it is far easier to choose the best health insurance plan by comparing the plans online. If you have selected one, then it's time to buy the plan for your family.