Hectic lifestyle coupled with unhealthy eating habits is causing more and more individuals to fall sick and depend on medical attention. Added to this is the increasing medical costs. It becomes impossible for the common man to bear the financial distress in a medical emergency. That is why a health insurance policy is sought after so that a sizeable amount of medical expenses are taken care of.
Health insurance plans also allow family floater plans to cover all the family members under one plan. In fact, health insurance plans for family are quite popular because of the benefits they provide.
What are the Benefits of Family Insurance Plan?
Coverage for the entire family
Health insurance plans for family cover all the family members under one plan. You can cover yourself, your spouse, dependent children, dependent parents and even dependent parents-in-law. In fact, there are a some plans which allow you to cover your extended family too. So, family medical insurance plans are a one-stop health insurance solution for all your family members. They also allow health insurance for parents who need affordable health cover.
The premiums are affordable
The premium payable for a family medical insurance plan is much cheaper compared to the premium payable for individual plans for each family member. Thus, the plan allows affordable coverage and is lighter on your pockets.
Every covered member gets high coverage
The sum insured under the family floater policy can be used entirely by any member who falls ill. As such, each family member has complete access to the sum insured and can avail a high coverage if you choose an optimal sum insured level.
Maternity coverage is allowed under many plans
For a young couple who would be starting a family in the near future, family health plans having maternity coverage is a good choice. These plans allow coverage for maternity related expenses.
You can opt for a comprehensive cover
Family health plans come with different coverage benefits, and you can compare and choose a plan which has the most inclusive coverage features. When you do so, your family can enjoy complete coverage, and you would ensure peace of mind knowing that every major medical expense would be covered by the plan.
New members can be easily added
Family floater plans allow you the convenience of adding new family members. If there is a new member in your family (childbirth), you can easily avail coverage for the child from the middle of the policy term, depending upon the terms and conditions of the policy. You would just have to make a request to the insurance company, pay an additional premium and the child would be covered under the policy without any hassles.
You get tax benefits
The last and also the most important benefit in family floater health plans is that they allow you tax benefits. You can enjoy a tax deduction of up to INR 25,000 when you buy a family floater policy. This deduction increases to INR 50,000 if you are a senior citizen. Moreover, if you buy a separate family floater health insurance for parents, you can avail an additional deduction of INR 25,000 which also increases to INR 50,000 if your parents are senior citizens.
Family health insurance plans are, therefore, an ideal solution for the health insurance needs for your family members. The plan is easily available, covers all members and is affordable. So, invest in a family health plan for your family and secure their health.
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