You must be aware of the significance of a health insurance policy, which can not only provide you financial support in a time of need but also ensure that you remain stress free during any medical emergency. A family health insurance plan offers your family the same support along with you. You can purchase a family medical insurance policy and make sure that your family as well as you are armoured to deal with any medical eventuality.

Family health insurance is an excellent financial-aid device that gives you and your family a safety net to fall onto. In addition to this, a family health insurance plan offers you various benefits such as no-claim bonus, flexibility of cashless and reimbursement claims, and free health check-ups for all the beneficiaries of the policy. Such advantages of family health insurance make it a lucrative choice for many.

What are the benefits of family health insurance?

In a medical emergency, a family health insurance can provide you with the necessary financial aid when a member of your family requires medical attention. Some of the advantages of having a family health insurance are presented here.

1. Cover for the whole family

   As specified earlier, family health insurance provides coverage for all the members of your family. With this policy, you can get cover for your spouse, your dependent children, your dependent parents, and your dependent parents-in-laws, along with coverage for yourself.

2. Freedom to add new member

   A family health insurance policy gives you the flexibility to add a new member to your plan. In case that you welcome a newborn in your family, you can easily add the baby to your family insurance policy, depending on the terms and conditions of your plan. To add a new member to the policy, you only have to inform the insurance company about it and pay an increased premium. The baby or new family member can be easily added even in the middle of a policy term.

3. Low premiums

   For most family health insurance plans, the premium rates are lower than those for an individual health insurance plan. Thus, you can save considerable amount by investing in family health insurance instead of buying individual medical insurance plans for all members of your family.

4. High coverage

   The overall sum insured for a family health insurance plan can be utilised by a single member of the family if required, which ensures that your loved one gets the best possible medical assistance in a time of need. Moreover, each family member has access to the sum insured and can avail the benefit of high coverage, depending on the terms and conditions of your policy.

5. Free health check-ups

   Some family insurance plans offer you and your family members a free check-up every 2 to 4 years, depending on the terms and conditions of your policy. These health check-ups can provide a detailed understanding of your and your family’s health, thereby making you aware of a hidden or new medical condition, which can lead you to seek an early medical intervention.

6. No-claim bonus

   Some health insurance policies offer a reward to the beneficiary as an annual bonus; this bonus is rewarded for the year the beneficiary doesn’t raise a claim. This reward is termed as no-claim bonus. Some family insurance plans also offer no-claim bonus.

7. Cashless claims

   Family insurance provides you with the facility of a cashless claim along with the reimbursement claim option. Insurance companies have tie-ups with a network of hospitals. In these hospitals, you can avail treatment without paying anything. At times, you may be expected to pay a very small fee to avail this facility. Cashless claims allow you and your family members to get optimal medical care without the burden of arranging the amount to pay the medical bills. With a cashless claim, your insurance company settles the claim directly with your hospital.

8. Tax benefits

   Under Section 80D, you can get tax benefits on the premiums paid for the family insurance plan. With family insurance, you can avail ₹25,000 in tax deduction; this amount can increase up to ₹50,000 if you or one of your dependent parent is a senior citizen.

How to keep your family healthy and secured?

Worrying about your lover ones’ well-being or seeking out ways to secure them both physically and financially is natural. You and your family can make small modifications to your diet and lifestyle to lead a healthy lives. Although this approach can help you and your family be fit and active, it may not be able to secure you against some medical events. For this reason, you require a family health insurance policy.

This policy ensures that your and your loved ones’ future is secured against any kind of medical emergency. Family health insurance allows you to seek out proper medical care for yourself and your family without worrying about the expenses.

FAQs

A family health insurance policy or plan is a tool that offers you and your family coverage against various medical conditions in exchange for an annual or monthly fee termed as premium.

Yes. Most family health insurance plans are cheaper than individual health insurance plans. If you are an individual with dependent parents and/or spouse, you can opt for family insurance instead of an individual insurance plan so as to secure your and your loved ones’ future against medical anomalies.

Yes, you can buy a health insurance policy for your family. You can add your spouse, dependent children, as well as dependent parents and parents-in-laws to this policy as members. This allows your entire family to avail the benefits of the policy at a low cost of premiums.

The sum insured for your family insurance must be an equivalent of half of your family income. This amount allows you to remain worry free about any financial burden that may be experienced during a medical urgency.

A family health insurance policy offers you numerous benefits, such as facility of cashless claim, coverage for your entire family, low premium rates, and tax deduction, while ensuring that you and your family are secured against any future medical event.