Published on: 14/Jan/2020
Health and monetary stability are the two most important factors that need to be taken care of for the betterment of you and your family. Thus, one needs to take adequate steps towards ensuring their family’s health and well-being. Life is uncertain. Mishaps can happen anytime and a common man cannot foresee it. During those times, health insurance plans will lend you the much-needed helping hand. A family health insurance plan makes sure you and your family get financial coverage when it is needed the most.
Before moving on to why you need health insurance for your family, let us have a glimpse about family health insurance plans.
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Generally, family medical insurance gives health coverage benefits for you, your children, and your spouse. Some policies allow you to include parents, in-laws, and dependent relatives. You can pay a single premium to cover all the members under a single policy.
Why your family needs health insurance?
- To meet the cost of hospitalisation, in case of any unexpected medical emergency. This ensures that one can spend time with their family in such times.
- If you have taken an appropriate health insurance policy with sufficient coverage, you will be relieved from the hospitalization expenses and can give full attention to the patient only. This may speed up the recovery of your loved one.
- Nowadays, maternity expenses are very high thereby, it requires you to start saving from ten months before. Instead of this, if you have just planned a policy and remitted the related premium, you will be pleased to face the delivery, besides the pleasure of the birth of your child.
- There are floater policies that allow you to include new family members in the existing policy just by paying the required additional premium. You need not go for any new/ extra policy for this.
Tax Benefits from health insurance plans:
- Besides these direct monetary benefits of the health insurance plans, there are a plethora of incidental benefits like income tax benefits, discounts/ incentives, etc. You will be entitled to income tax benefits under section 80 D of the Income Tax Act, 1961. Such tax benefits may be up to Rs.25000; further, it can be more if the covered member happens to be a senior citizen.
- Also, different insurance companies have designed various plans with varied benefits for the insured, wherein they offer discounts/ incentives. Some companies have arrangements with hospitals pan India, which enables you to immediately approach the proximate hospital within the golden hour, after identifying the incident.
There are a host of benefits that a health insurance plan offers. Thus, what prevents you from covering yourself and your beloved family members with a sufficient health insurance plan?
Buying a health insurance policy is an indirect way of saving. All you have to do is to pay your premiums on time. There is one maxim as ‘electricity saved is electricity produced’. Likewise, the health insurance premium paid is actual cash saved, multiple times.
How to avail of the best policy in today’s time?
There are several policies available in the market with attractive rates. Many people fall under the trap and pick the cheapest. Although, before buying a policy, one needs to check a few things that can benefit them in the long run. One such big thing is the claim settlement ratio. As of date, Niva Bupa is providing an excellent claim settlement ratio. Moreover, if the policy is purchased online; a discount of 7.5% on the annual premium of health insurance can be availed.
Apart from the above-mentioned advantages, you can avail of the following benefits:
- Thirty-minute cashless-claim process
- Hospitalisation against the COVID-19 treatment
- More than 8300+ hospitals in India are registered for cashless facility
If a person is admitted for treatment in a hospital that does not have a cashless facility, he/she can apply for a refund from the company after treatment. The refund is directly credited into the bank account of the insured person. Many such benefits can be availed through a health insurance plan.
All in all, such policies not just offer you physical relief but also financial relief at the right time, besides actual savings of funds.