Top 9 Advantages of Family Health Insurance Plans

The times are unpredictable and scary. It took a healthcare crisis for the world to shake itself awake. We must rise from our healthcare vacuum- humanity is collectively alive to the inefficiencies of our medical system. In such times, investing in a family health insurance plan becomes imperative.

Protection for the Whole Family

Our healthcare system is fragile, and medical expenses are skyrocketing each day. Especially in these trying times, no one is safe. The best way forward is to take pre-emptive measures for the protection of you and your loved ones.

  • A family health insurance will make quality healthcare accessible for each family member should the need arise.
  • Each family member remains stress-free, knowing that they would not have to scamper for financial resources in case of a medical emergency.
  • It minimises unforeseen losses, especially those that are all-draining in magnitude.
  • There are many policy options providing coverage for even daycare procedures.
  • One gets to skip tedious paperwork and enjoy cashless hospitalization.

High Coverage

The typical customer is apprehensive of having to scamper into the world of insurance. There are so many policies that investing in insurance is bound to feel daunting. We must optimise policies for high coverage and low premiums. Investing in family health insurance makes the entire processes smoother, as:

  • One insurance policy covers all the family members.
  • This includes immediate family members, dependent parents-in-law, and extended family members.

Affordable Premiums

  • The premium paid for a combined family health insurance plan is always less than the premiums to pay for individual healthcare plans.
  • The premium is generally calculated according to the age of the eldest member of the family.
  • The premium payment in family health insurance is about 15-20% lower than in individual policies.

Flexible Cover Benefits

  • One can choose from the various cover benefits available as add-ons to your basic family health insurance plan.
  • It will help you curate your plan according to the medical history of each member of your family. You may take preemptive measures concerning prevailing diseases if any.
  • This way, every significant medical expense will be covered by your chosen plan.

Hospitalization Expense Cover

  • As mentioned earlier, family health insurance allows a seamless, quick, and hassle-free entry of the patient into the hospital.
  • There is no need to fill tedious paperwork to admit a family member to a hospital if one has family health insurance.
  • As mentioned earlier, those with family health insurance enjoy cashless hospitalization.
  • This cover also allows you to save precious time in case of an emergency.

Maternity Cover

  • This feature is handy for young or expecting couples.
  • As part of the maternity cover and indicated by its name, all maternity expenses will be covered by the insurance plan. You will remain stress-free with the knowledge that all necessary- and expensive- pregnancy-related medical expenditures will be taken care of by your policy.
  • It is an optional but recommended add-on to your family (or individual) health insurance plan.

Addition of New Family Members

  • Usually, new family members can also easily be added to your family insurance plan on request.
  • This is possible even in the middle of the policy term. Of course, the possibility of addition is subject to the individual terms and conditions of each plan.
  • One must request the insurance company and pay an additional premium to add new family members to an existing insurance plan.

Discount Offers

  • Floating family plans are offered at discounted rates. Other financial benefits accrue from family health insurance plans, as elucidated below.
  • Claims are easy to settle and hassle-free due to digitisation at all levels of operation.
  • Do research the claim settlement ratios of various companies before investing in a specific policy. It is always advised that insurance-related investments should be well-informed financial decisions.
  • Since this is a long-term insurance plan, your premium as ascertained at the beginning of the tenure remains static, despite rate fluctuations, for up to two years.

Tax Benefits

  • Under section 80D of the Income Tax Act, for making premium payments up to INR 55,000/-, the policyholder can avail of tax benefits.
  • Of this, up to INR 25,000/- is for oneself, and up to INR 30,000/- is for the policyholder’s parents, provided they are senior citizens.

Cover 360 gives you a consolidated database of all available insurance plans because we collaborate with many insurance companies. Expert assistance from us helps you make the right choice. For more information, reach out to us via phone, chat, WhatsApp, or email.

Leave a Comment

Your email address will not be published.