Advantages of Family Health Insurance

The mediclaim policy for family has gained popularity over most of the other health insurance plans because it comes with many added advantages. The family policy allows you to buy a comprehensive coverage that safeguards your entire family, including your spouse, children, and parents. 

Advantage of family health insurance over individual plans

The individual medical insurance policy only covers the healthcare cost for you or your spouse and kids. You cannot include your parents in the policy; however, it is possible to give them adequate health coverage by opting for family or floater health policy. Also, separately buying insurance policies for each member of the family is costly. The family plan is more affordable compared to the individual plan.

Who should buy family health insurance plans?

If you are the breadwinner and have dependent parents, it is important to avail of health insurance plans for family as you can get coverage for them too under the same plan. This type of policy is also feasible if you have young children. It allows you to get an affordable cover for all the members of the family. That way, you can reduce the financial burden from the shoulders of each of your family members.

Benefits of the family health insurance policy

There are multiple benefits of the policy, some of which are given below:

  • Comprehensive cover 

With the floater policy, you can get a cover for expenses regarding hospitalization, medicine, doctor’s consultation, ambulance fee, hospital room rent, and much more for the entire family. It is beneficial in times of medical emergencies. 

  • Single pay 

For family health insurance, you have to pay a single premium. It is much cheaper compared to the cost of buying separate policies for every member. You receive an array of benefits for single pay.  

  • Flexibility 

One of the biggest advantages of the family health policy is the flexibility. If one member of your family needs hospitalization, you can use the entire sum assured of the policy for his or her treatment. 

  • Tax benefit 

The family mediclaim policy comes with tax benefits. Under Section 80D of the Income Tax Act, 1961, you can claim tax exemption on the total premium paid towards your health plan. 

Buying the family medical insurance policy is beneficial for you and your loved ones. However, you must be careful while choosing the right policy. Determine your requirements, compare different plans online, and select the one that best suits your needs.