As a responsible adult, you must secure your family with a health cover. If you’re planning to invest in a family floater health policy, then you must know what it covers in general. Read this article to know more.
With the rising medical expenses, having a health insurance plan is of utmost importance. Whether you’re living with your spouse and children or your parents, a health cover will provide the necessary financial cushion if any emergency medical situation arises. Like most people, you may perceive that buying the policy is a waste of money, and you can manage the expenses with the help of your savings. This is the biggest misconception.
You must invest in a mediclaim policy as it offers to protect your entire family in a single plan, irrespective of the age. Some health insurance plans for family cover parents, parent in-laws, and even siblings. A family floater health insurance has a fixed sum assured, which provides assured coverage if one or more family members need to get hospitalised. As per the policy, you must pay only a single premium every year, depending on the sum assured you select.
What does family health insurance cover?
- The policy covers both pre-and post-hospitalisation expenses
- No capping limit on hospital room rent
- Cashless treatment at network hospitals
- Medical hospitalisation cover in case any member has an illness or injury
- You can pay the premium in instalments
- The family health plan includes cashless home healthcare, wherein if your doctor recommends treatment at home. The insurance company bears all the medical costs in such cases
- It also covers day-care procedures
- Some family health insurance policies do not require you to go through medical tests up to 45 years
- Hospitalization charges incurred for treating mental illness
- Free health check-up for family members at the time of renewal
- Avail tax benefits on premiums up to Rs. 75,000 under Section 80D of the IT Act
- Other benefits include organ donor expenses and recovery benefit
Premium affordability is one of the biggest benefits of family health insurance. However, one should not be lured by a low premium rate. You can also choose to add a new member or extend the coverage to include your spouse’s parents in the plan by paying an additional premium. Below are some of the benefits to buy a family health plan:
- With the lifestyle diseases rising and the high medical cost, you must secure the health of your family.
- The expensive hospital bills can burn a hole in your pocket. If you buy a family health insurance, the insurer will compensate for the expenses.
- If you’re purchasing the policy at an early age, you get to pay low premiums and get maximum coverage
- At times, the insurance cover may not fulfil your all needs. In such a case, you can opt for an add-on to ensure extra protection to your family
- A health insurance cover helps ease the financial burden by paying for the medical expenses on your behalf. In fact, you can also earn discounts if you do not claim during the policy period.
There is no shortage of health insurance plans in India for family. You can easily buy one online by comparing multiple policies based on premium cost, the sum assured, policy inclusions, exclusions, and other terms and conditions.