One of the most precious assets most of us have is ‘family.’ And, we would want to ensure their well-being and security, right? Apart from taking care of their everyday needs, you must shield them from medical emergencies with the help of a good health insurance policy.
Many insurance companies in India offer a family health insurance plan that covers all the members under a single policy on a floater basis. This means all the insured members share the same sum insured, and they can use it as required.
Today, many people prefer buying a family health insurance policy rather than buying an individual policy for each member because the premiums for such plans are affordable. Also, having a single plan that covers all is much better than maintaining several individual plans.
Importance of buying family health insurance policy
Today, due to increasing pollution levels, work stress, sedentary lifestyle, and unhealthy eating habits, even youngsters are vulnerable to suffering from various diseases. In such a situation, buying robust family medical insurance has become necessary. It allows you to get sufficient coverage for all at an affordable price. More importantly, it guarantees the financial security of your family.
Purchasing a family floater health insurance plan that covers all your family members is much better than buying an individual policy for each member. It helps you avoid the hassles of going through the formalities like filling out forms and submitting documents multiple times. Also, it is much easier to remember the due date for paying the premium for a single plan.
Apart from securing your family against medical expenses, family health insurance also allows you to enjoy tax benefits and reduce your annual tax burden. The premium you pay for the policy is eligible for deduction up to ₹25,000 under Section 80D of the Indian Income Tax Act.
A family health insurance plan allows you to add or remove a member without hassles. Suppose you have recently had a baby, you can add the newest member to your existing family plan. Also, most insurance companies give you the flexibility to increase the sum assured when you add a new member.
Inclusions and exclusions of family health insurance policy
Like any health insurance policy, family health insurance plans have specific stipulations.
- Daycare treatment
- Health check-ups for all insured members
- Hospitalisation expenses, including room rent, ICU charges, doctor consultation fees, diagnostic tests, services charges, etc.
- Pre-hospitalisation and post-hospitalisation expenses (duration of the coverage may vary from one plan to another)
- Ambulance charges
- Treatment of diseases or injuries caused due to alcohol consumption or intoxicating substances like drugs.
- STD (sexually transmitted diseases) like HIV and AIDS
- Treatment of injuries or disease contracted due to self-inflicted injuries
- Cosmetic surgeries
- Mental disorders
- Any diseases contracted within 30 days of the policy coming into effect
When comparing health insurance plans in India, you would know that family plans are incredibly cost-effective and easy to manage. You can always breathe easy knowing that you can provide the best medical care to all your family members. Once you have robust health insurance for your family, you can focus on your other financial goals.