We all plan to lead a life without any concern about finances, and so we pick investment options that guarantee us the best returns. Investing in health insurance should also be on the list since it will keep us stress-free when unexpected medical expenses begin to drain our savings. Opting for a family health cover is the right choice if you have a family to take care of. Finding health insurance plans in India for family has become quite easy, as many health insurers now offer them online.
In India, most people still think they do not need a health cover as they are healthy. Some rely on the mediclaim policy offered by an employer. It is not a good idea. Firstly, ailments and injuries are some of life uncertainties that can strike without warning. Even young individuals are becoming susceptible to diseases like diabetes and hypertension owing to lifestyle-related factors. Further, a mediclaim policy an employer provides may not be adequate. Also, such plans are no longer valid if one leaves the current employer.
If you have decided to get a family health insurance cover, you can rest assured to get the following benefits that will financially protect you.
Cover for Medical Treatment
Opting for health insurance plans in India for family will provide comprehensive coverage for a host of medical expenses when undergoing treatment. It covers hospital expenses, including room rent, ICU charges, and ambulance costs. The plan also covers daycare treatment and domiciliary hospitalisation. Further, the facility of cashless treatment at a network hospital eases the hassle of paying for hospital bills. A family health plan will also cover medical expenses incurred during pre-hospitalisation for 30 days before admission and post-hospitalisation for up to 60 days.
Annual Health Check-up
We need to keep a constant track of our health condition,andhealth check-upshelp detect any hidden ailment. The feature of annual health check-upsgives the insured the comfort of timely monitoring of the health to decide on any medical treatment.
The popularity of alternative treatment in treating conditions like diabetes is growing in India. Considering this, many health insurers, such as Care Health Insurance (formerly Religare Health Insurance), are now offering alternative treatment cover in their family health insurance plans.
No Claim Bonus
An insured person gets rewarded for spending a year without filing any claim under the health policy. Through the No Claim Bonus feature, the insured becomes eligible to get an increased sum insured. Therefore, it provides an additional cushion, which is necessary if we consider the rate at which healthcare costs are rising.
Health insurance plans also help you save on taxes, which is significant for an average family in India that aims to see savings grow every month. You are eligible to get a tax deduction of up to Rs 25,000 on the family health insurance premium, as per Section 80D of the Income Tax Act. For senior citizens, the amount of tax deduction one is eligible for is up to Rs 50,000.
There are many other benefits of choosing health insurance for a family. An insured person can select add-on covers like OPD cover to make the most of the policy. More importantly, family health policies come at an affordable premium. One has the convenience of managing a single policy for all the members instead of individual plans for each person. So, consider the points discussed in this article to make an informed decision.