Shielding your family from rising healthcare costs: The power of Family Health Insurance

In today’s day and age, medical costs are increasing at a rapid rate. Considering this, it is best to buy Health Insurance for not just yourself but all your family members. Notably, buying Family Health Insurance offers a better deal when compared to getting individual coverage for each and every member. You not just end up paying one single premium, but also get saved from the hassle of maintaining different health policies. Read on…

What is Family Health Insurance?

A convenient and cost-efficient method, a Family Health Insurance plan includes the entire family under one policy. Acting as a fundamental component of financial planning, these plans provide extensive and economical medical coverage to families with young children. Also, these health policies provide the much-needed peace of mind for families of varying sizes. This eliminates the need to get Health Insurance plans for each and every family member separately.

Why buy Family Health Insurance?

A vital part of the general insurance portfolio, Health Insurance is often the most neglected policy in India. According to some national surveys, less than 10 percent of the people in India buy health policies and around 72 per cent of the population is bearing healthcare costs out of pocket.

Notably, Family Health Insurance comes with all the benefits offered by a standard Health Insurance policy. But, as the needs of every family member will be different, it is important to select a plan that is not just comprehensive but also affordable. If a family member needs medical attention, then the total sum insured can be used by him/her. Besides, these plans are eligible for a tax rebate under the Section 80D of the Income Tax Act under the old regime.

Benefits of buying Family Health Insurance

As medical emergencies, which can exhaust all your savings, come uninformed, securing your family members against such unforeseen events is important to get access to quality healthcare services. Let’s read ahead to know more about the advantages of investing in Family Health Insurance.

• You only need to oversee one annual premium that covers the entire family, saving you from the hassle of monitoring premiums for individual policies. This not only ensures timely payment, but also saves time and effort of renewing multiple individual policies. 

• Offering a cost-efficient solution to insure all members of a family, these plans have a lower premium when compared to individual plans. It is to be noted that insurers capitalise on economies of scale. As the risk gets dispersed amongst multiple individuals, the overall premium reduces.

• Avail cashless treatment at network hospitals. This helps alleviate the stress and inconvenience of handling hospital bills and other related procedures during a medical emergency. As the insurer settles bills directly with the hospital involved, you can experience a seamless admission and treatment process. In addition, you get to concentrate on your family’s well-being and recovery without worrying about the financial strain of hospitalisation. 

• Buying Family Health Insurance offers you access to an extensive network of hospitals, which not only broadens your options for cashless treatment, but also guarantees access to quality medical care at well-reputed institutions. 

• To those under the old regime, Family Health Insurance provides tax benefits under Section 80D of the Income Tax Act. Offering financial relief, these plans are eligible for tax deductions that decrease your taxable income.

• You can enhance coverage by choosing riders and add-ons that address the specific needs of your family members. Some typical add-ons include critical illness coverage, maternity coverage, accidental death benefit, wellness programmes, outpatient department (OPD) coverage, and dental and optical coverage.

• These plans also come with the ease of modifying members. This means that you get to add members and also remove them. Without any hassle, you can include your newborn or in-laws as per your needs.

Conclusion

In a nutshell, Health Insurance plans for families work as a fundamental pillar of security. Family Health Insurance is not just an integral part of financial planning, but also a safety net against unforeseeable expenses during medical emergencies. If you need guidance on buying an appropriate health plan for your family, then reach out to ACKO.