Advantages of Family Health Insurance

4 min read

In the current situation, health insurance has become a prime necessity for one and all. Looking at the kind of viruses and diseases that are engulfing people in the last couple of years, having coverage for each and every member of the family is very important. Further, with new variants of covid19 creating havoc in people’s lives, there is no security of health for anyone anymore, including elderly and the young children. Thus, if you are planning to buy health insurance for family, don’t think twice and get a floater plan covering all your family members.

For families with only a single bread winner, it becomes imperative for the person to ensure the security and safety of each member of the family, especially in terms of their health. So, it is advisable to choose a family plan considering the number of members in your family and the risk of health of each member. For instance, if you have your old parents staying with you and they are ailing, you need to consider a health policy as per the need of the hour.

There are many floater health plans available with different health insurance companies that cover all members of a family and allow each one to claim specific amount of sum insured. Further, another feature of such policy is that they do not expire even in the case of death of a family member. Rather the remaining members of the family can continue to avail benefits of the health insurance.

In this article, we are providing information of family health insurance plans to help you choose the best policy for your family.

Also Read: How to Compare Different Health Plans For Your Family?

Benefits of Family Health Insurance

There are many benefits of availing family health insurance plans. Some such benefits are explained below:

You can avail single premium policies to save money with family insurance – In some floater policies, you can pay a single premium to avail benefits of a family health insurance for all the members of the family. In this case,  you are not required to pay separate premiums on health insurance of individual members of the family, which helps in saving money on multiple premiums.

Family Insurances are hassle-free – With multiple insurance policies, it becomes a hassle to keep track of the premium amounts to be paid as well as claims made within a policy year. However, this issue is not there with floater policies as keeping a track of the premiums and claims becomes easy. Further, with a family health insurance policy, you don’t have to compromise on the health and medical expenses of your family members.

Family insurances offer flexibility to include family members: In case of individual health policies, the option of including family members is not always available. But in case of Health Insurance for Family, the flexibility of adding any new member to the current policy is always there.

Family insurance policies offer Tax Benefits: You get the benefit of tax on the premiums that you pay for your family health insurance plans. Section 80D of the Income Tax Act, 1961 allow tax benefits on floater plans of up to Rs. 25,000. This benefit goes up to Rs. 50,000 for elderly people above the age of 60 years.

Family insurance plans offer good discounts: Many insurance companies offer attractive discounts if you add more family members to the plan, while there are some plans which offer discounts on premiums.

Also Read: Family Health Insurance Vs Individual Health Insurance Plans

Features of Family Health Insurance Plans

Here are some of the features of family health insurance plans:

  • Family insurance plans offer cashless hospitalization facility for all family members.
  • With family plans, you can avail maternity cover for expecting mothers including facilities like delivery charges, c-sections, abortion etc.
  • Fertility treatments can also be availed with family insurance plans.
  • With family health insurance plans, you can avail the feature of accident cover as well as in the event of any permanent damage or disability, premium waiver facility is also offered.
  • Also, with family plans, you can receive remittance in case of critical illnesses on the first diagnosis of the listed medical conditions offered under the plan without producing hospital bills.

The above and many other attractive features make the family insurance plans a lucrative deal when it comes to choosing a cover for your family.

Conclusion

There are many benefits of availing a family health insurance policy rather than an individual health plan. This is because family health plans offer several advantages to the insured person, while covering each and every member of the family.

Family health plans are economical and cost-effective as compared to other individual plans when it comes to premium amount. Moreover, since you can cover all members of the family under one health plan, you do not have to compromise on the quality of medical facilities offered to you near and dear ones.

So, having a family health insurance plan is very important and everyone must have a good floater plan. In case you haven’t covered your family under a family plan, you must do that immediately by buying a family health insurance plan.

But before finalizing on the family plan, you must compare different plans available in the market and check the features and benefits of such plans well. Once you are sure about the plan and the benefits offered through it, you can finally go ahead and buy the best plan that suits you.

Also, when it comes to taking the decision of having a good cover for all the members of your family, you must consult with them before making the final purchase.  Here, you can even contact the team of PayBima to support you in choosing the best plan for your family as per your requirement.

Also Read: Best Family Floater Health Insurance Plans in India

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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