Is Family Health Plan A Expensive Choice?
Updated On Sep 08, 2022
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The wellbeing and financial stability of one's family comes first for everyone. A family health insurance plan makes sure that your loved ones will be comfortable financially in the event of an emergency.
Additionally, accessing top-notch medical facilities has grown pricey given the rising expense of healthcare in India and around the world. If you have a good family health plan, you can use these services for a reasonable cost without having to deplete all of your money.
Advantages Of A Family Insurance
Let's examine the advantages of family health insurance as below:
- Cost-effective Single Premium
A single health policy covers everyone who is protected by a family insurance plan. As a result, you are exempt from paying separate premiums for each member of your family. A family floater plan enables you to take advantage of a significantly more inexpensive premium amount when compared to acquiring individual health insurance for each member. This one-time payment significantly reduces the cost of meeting your dependents' insurance obligations.
- With no hassles, manage policies
It could get onerous to keep track of the premiums paid and claims made on individual health insurance plans for your family members. Keeping track of your insurance coverage might be considerably less of a headache with a family health plan, though.
The prospect of compromising on medical expenses for any of your family members is also eliminated when all members of your family are covered under a single insurance plan. This frees you up to concentrate on your rehabilitation rather than worrying about how much your therapy would cost.
- Ability to Add Additional Members
Under an individual cover, you need to buy a new health policy each time you wish to insure a new member of your family. A family insurance plan, however, gives you the freedom to change the existing plan to accommodate new family members. However, it is advisable to double-check that the level of coverage you choose when including new policyholders is adequate.
- Protection For Parents And In-Laws
Some insurance providers also provide you the choice to pay a small additional cost and add your parents or in-laws to the policy. This enables you to pay for all sides of your family's medical expenses. However, if your parents or in-laws are elderly, you must take into account their age since this may result in a higher premium quote. You may choose to get them covered by senior citizen health insurance rather than adding them to your family floater plan.
- Possibility Of Customising Insurance
Health insurance policies offer add-on features that let you tailor the plan to meet your specific insurance needs. Consequently, you have the option to buy important add-ons like maternity cover, newborn infant cover, hospital cash cover, cover for severe illnesses and more! Even though you must buy these covers separately, you can still save a lot of money over time. You have the choice of selecting appropriate add-on benefits based on the plan's policyholders.
- Tax Advantages
The tax advantages of health insurance are similar to those of various other insurance schemes. Under Section 80D of the Income Tax Act of 1961, the premium for any health insurance plan may be claimed as a tax deductible. Your family's health insurance plan is eligible for a maximum deduction of up to Rs. 25,000 per year.
- Existence Of Discounts
Some insurance companies also give savings on the premium when you add extra family members to your family insurance plan.
Conclusion
The most crucial justification for purchasing a family health insurance plan is that it might save you thousands of rupees in medical costs over the course of your lifetime. Family health insurance plans come in a wide variety of forms and are sold in the market. You can pick one based on your insurance needs and stage of life.
Also read: How Much Cover Health Insurance Can Provide For Cancer?
