The advent of the Internet surely simplified healthcare procedures and brought innovative treatment methods. But does that mean that a breadwinner can stay peacefully without worrying about the medical expense for his/her family members? Given the exorbitant cost of life-threatening ailments, a breadwinner has to think of purchasing health insurance plans for the family without causing financial harm.
This is where the role of health insurance becomes more prominent. As the family health insurance plans cover family members in one single premium policy, these are the best Mediclaim cover for your family. Here’s presenting the multiple benefits of purchasing this plan.
Insuring New Members Easily
Adding a new member to the family insurance policy can be accomplished easily. However, an individual cover always ensures that a fresh cover is taken every time a new member gets included. If you add your parents to the current family insurance cover, always opt for a higher sum assured. When the eldest member dies or isn’t any longer eligible, other family members receive coverage benefits.
No Requirements for Paying Separate Premiums
By reducing the job of selecting individual health plans separately for every member, it offers stress-free cover. You no longer require paying separate premiums only to get the plan for each of your family members. When it comes to hospitalization, the insured can opt for cashless medical treatment. Thus, you get to make your family members eligible for medical attention without any compromises in treatments.
Get Inexpensive Premiums
In the family health covers, you can include your parents, children, and spouse under one single health insurance plan. The reason is family insurance coverage doesn’t require paying individual premiums for every family member. Additionally, the premium rate is extremely affordable. But it is recommended to buy individual health cover for parents (as older people have more risks for developing critical health issues, especially during the pandemic).
Get Health Covers for Parents too
Although it is recommended to purchase individual plans for parents, you can still be on a beneficial side with the family insurance covers. A significant benefit of purchasing it is you get to secure the health of parents too under the same plan. You only need to pay an additional premium if you wish to include your parents in the plan. But by paying the additional premium, you can get health coverage for your dependent parents as well as in-laws too.
Perks of Availing Additional Benefits
You can get a myriad of additional benefits with the family insurance coverage, like maternity cover, critical illness plan, and more. For instance, young couples can get maternity coverage as well as the new-born baby cover too. But this feature can be availed in accordance with a waiting period clause. You need to read the documents in detail when and if you intend to purchase the insurance coverage for the family alongside maternity coverage.
Tax Benefits and Other Discounts
It is already a fact that under the Section 80D of Income Tax Act, the insurance premium gets the tax exemption. When someone pays the premium for health insurance coverage for family and parents, they can enjoy the tax benefits. Besides, the insured person can also get discounts alongside other perks and incentives with the policy.
After Everything Else,
Health insurance coverage for your family will cover your whole family for one pool of sum-insured. So that makes it evident that the insured requires paying only one premium to the company. If you compare premiums, then a premium for family health coverage can benefit the insured. The only thing required is to check for the details of the insurance company before purchasing the coverage.
