Benefits of a Family Health Insurance
Worried thinking how to keep your family safe from the financial burden arising due to hospitalization? The below pointers would make you understand about the family health insurance and its benefits.
The family health insurance plans are tailor-made plans for you and your family together on a shared basis. It is somehow like an individual health plan but the coverage here is extended to your entire family.
Having a family health insurance is like having an umbrella protecting you and your family from the rainy and stormy days.
Advantages of a family health insurance
The consciousness about the need for health insurance on rise comes as a good news. Let’s look into the benefits and understand why to opt for one:
- Tax benefits
Under Section 80D of the Income Tax Act, you can declare an amount up to Rs.15, 000/- for tax deduction. This can be declared on health insurance premium for self, spouse and children. Additionally, you can also be exempted from the tax of Rs.20, 000/- on premium paid for your senior-citizen parents. That means, you can save up to Rs.35, 000/- if you buy a family floater plan for family and senior-citizen parents.
Family health insurance plans protect the entire family under one roof. Here, the benefit of the sum assured is shared across all the family members. This makes it easier, since the chances of all the family members falling sick at the same time would be rare. The payment for the premium has to be made only once which is relatively cheaper than buying individual policies.
- Restore benefit
Once your entire sum insured is exhausted, the restore benefit comes to your rescue. Here, the basic sum insured does not include the bonus, unless restored inevitably for re-utilization. That means if there are recurring hospitalizations in a year, restore benefit would come as a cherry on the cake.
- Cashless treatment
You can avail cashless facility at any network hospital. Also, you would be relieved from paying doctors high consultation fees, room rent, diagnosis tests etc. The expenses up to the sum assured would be taken care by the family health insurance.
- Easy Addition
You can easily add a family member in a family health insurance plan. Usually, in this type of a plan, you, your spouse and children can be added. In some cases, you can also add your dependent parents, parents-in-laws and siblings.
- Higher Coverage
In a family floater plan, you and your family members get maximum coverage. Doctor’s consultation, hospitalization fees, ambulance cover etc. for all the family members are covered. Some insurers also provide family health checkup.
- Eye-catching features
Certain plans include features like maternity and new-born cover that are usually not included in any health plan. Though such benefits come along with a waiting period, yet becomes like a striking feature.
So, the family health insurance comes like a comprehensive plan. You and your family members would be covered under one roof with greater coverage and high sum insured.