The healthcare inflation in India jumped from 4.39% in 2017-18 to 7.14% in 2018-19 as per data from the Central Statistics Office (CSO). With the increasing disease rate, the cost of quality medical treatment has become an expensive affair today. Any medical emergency leads to significant expenses, often drawing out one’s lifetime savings.
This makes medical insurance plans a feasible option to protect you and your family against such obligations financially.
Whether it is an illness or accident, health insurance for family is a one-stop solution offering comprehensive protection with attractive benefits.
What is a family healthcare plan?
Health insurance for family is a type of insurance policy that provides financial coverage against medical expenditures to more than one member of a family. The plan generally includes husband, wife and their children. However, some policies may also allow you to add your parents or extended family members.
Benefits of a family healthcare insurance plan
Different insurance providers offer various features and benefits to their insurance plans. Below are some of the basic ones –
- It is hassle-free
A family health insurance policy is hassle-free as you don’t have to maintain multiple plans for different members. Such policies eradicate the need to pay several premiums, saving significantly on the investment. This makes every member of a household eligible for better medical treatment, without compromising on its quality.
- Adding a new member is easy
An individual health insurance plan requires you to take a fresh policy and go through the same procedure for a new member. With this health insurance plan, you can easily add whenever there is a new member in the household.
In case of the sudden demise of a member, the rest of the insured can enjoy all the features and benefits without any interruption.
- Affordable premiums
The best family floater health plans in India come with a nominal single premium, making it more affordable.
- Flexibility in utilising the sum assured
The sum assured with a family health plan is applicable to every family member. An individual can use it entirely or multiple members can make several claims for the same. Usually, the term of a family health insurance policy can be 1, 2 or 3 years.
- Cashless facility
Several insurance providers offer cashless facility under which policyholders need not pay treatment costs at network hospitals.
Choosing the best family protection cover
Opting for health insurance for families where individuals can receive coverage up to Rs. 50 Lakh for various medical expenses and ambulance costs up to Rs. 20,000 is beneficial. The best plan must cover various expenses, including bariatric surgery, maternity and new-born baby, organ donor, Ayurveda and homeopathy hospitalisation, etc.
Additionally, as a policyholder, you can enjoy the following benefits too.
- Irrespective of the claim, you are eligible for preventive health check-ups for free, after every 3 years.
- You need not undergo any medical examination till up to an age of 45 years.
- Receive 8% long-term policy discount for 3 years and 4% for 2 years.
- Enjoy tax-saving benefits of up to Rs. 60,000 under Section 80D.
This exclusive plan is applicable if family members’ age is within 18 – 65 years and the dependent children’s age is between 3 month and 30 years.