Why a Family Health Plan makes a lot of sense
Family health insurance offers an umbrella of health cover for the entire family. In other words, a family health insurance plan covers your entire family under one single plan, for which you pay one single premium. You can cover self, spouse, children and parents. This unified policy is quite affordable, and it also saves you from the hassle of maintaining individual health policies.
Why buy a family health insurance plan?
One of the best health insurance policies if you have a family to support, a family health insurance plan offers the same benefits as a standard health insurance plan, but for the entire family. With that said, the specific health needs of every family will be quite different. Hence, it is wise to select a plan that suits best to your needs. A top health insurance policy for family is one which is not only affordable, but also comes with the most comprehensive coverage.
A key advantage of a family plan, as already iterated before, is that it is more affordable compared to individual health plans as you do not have to pay individual premiums for each member in the family. Another benefit of family health insurance is that in case one family member needs medical treatment, then the total sum assured of the policy can be utilized by that member during his/her treatment. And just like individual plans, you are eligible for a tax rebate under Section 80D of the Income Tax Act.
Benefits of a family health plan over an individual plan
Even though health insurance is an important part of the general insurance portfolio, it is often the most neglected policy in India. Less than 10 percent of the people in India purchase health insurance, and about 72 percent of the population are spending out-of-pocket for the healthcare costs, according to national surveys.
Health problems generally come uninformed, and you would never want to spend all your savings on treatment of a health issue. Hence, securing your family against the unforeseen is a pragmatic thing to do. Here are the main benefits of buying a family health insurance plan: -
1) One policy covers all
With one policy to cover for the whole family, you will save time and money. Plus, you will save yourself from the redundant hassles of buying individual plans for each family member.
2) Better premiums
Buying one plan instead of many will save you from paying several premiums of individual health policies, which in turn will save you a lot of money, and a whole lot of hassle.
3) Improved coverage
As the number of insured members is more in family plans when compared to individual plans, it offers a relatively larger coverage than individual plans.
4) Ease of modifying members
Family health plans are easily customizable when it comes to insured members. You can add members on birth or for other reasons, and also remove members with ease. Add children, your parents, in-laws, according to your need at the time.
5) Restoration of sum assured
There are family health plans which offer sum assured restoration benefit, to reestablish full coverage of the policy if it gets exhausted during the policy period.
Family is the biggest support system you have in life, safeguarding which is your prime duty. The paradigm shift in our lifestyle, the rise in health issues and the high costs of health care, all stress on the need to have a family health plan in place, to stay well-prepared for the medical exigencies in life.
**To understand exactly about the policy coverage, exclusions etc. read the Policy Wordings carefully.**