Having a family is among the greatest gifts. It generates a feeling of togetherness along with the responsibility of watching out for one another. A big step in that direction is ensuring that your family is ready for all unforeseen medical emergencies. The best way to keep yourself and your family safe from all health crises is through a family health insurance plan. Family health insurance plans offer protection to the family with a specific sum insured. Under such policies, coverage is provided to more than one member of the family at the same time. A family health insurance usually covers self, spouse, parents and a maximum of 4 children.
Family medical insurance plans are also known as family floater insurance plans. It is an insurance instrument that protects your family in times of distress by providing extended cover to members of your family, together in one health plan. Family health insurance plans usually cover hospital expenses, daycare services, cost of ambulance, etc.
It is best to browse through various plans and compare those that fit your needs while getting a health insurance plan for the family. You should check how much sum insured is being offered, the claim-settlement ratio, features of the policy, etc. A newborn baby can be added to the plan as soon as he/she turns 90 days old. It is a great option for new parents and their young children as well as individuals with aged parents. It must be noted that most floater plans go on to cover children up to the age of 25. The pricing of premiums in a family floater plan is based on the eldest member in the policy.
Buying a family health insurance is a cost-effective way of ensuring that your family is protected as you have to pay a single premium for all members instead of paying premiums individually for each member. For example, Ajay and his spouse have individual health plans for Rs. 5 lakh each, for which they pay a premium of Rs. 10,000 each. The total premium which they are paying for their respective health insurance plans is Rs 20,000. Now, if Ajay gets a family floater plan of the same coverage i.e. Rs. 10 lakh, he will have to pay a lesser premium of Rs. 15,000 only while enjoying the same benefits.
Designed specially to cover multiple individuals, a family health plan maintains the safety of each member under one policy. There is even a provision to append more members to a family floater health plan. And, in the unfortunate event of a member’s death, remaining members continue enjoying coverage benefits. These days, many insurers also allow adding extended family members to an ongoing plan for an extra additional premium charge.
The family floater insurance plan enables the policyholder to make several claims for treating several family members during the tenure of its coverage. It is advised to choose a higher sum insured in case parents are also added to the plan.
Often insurers offer lucrative concessions and incentives on purchasing a family health insurance plan. The availability of such discounts depends upon predefined terms and conditions, for example, discounts offered upon opting for a multi-year policy, etc.
The premium paid for family health insurance is tax-deductible under Section 80 D of the Income Tax Act. Policyholders can save up to Rs. 25,000 on the premium paid for self, spouse and children. If the plan includes parents as well, then an additional saving of Rs. 25,000 is received. In case the parents are over 60 years of age, the policyholder may avail tax exemption of Rs. 50,000.
Therefore, a family health insurance plan acts as a cost-effective and holistic solution to the medical needs and emergencies of your loved ones. It comes with several useful benefits that help you provide holistic coverage for those who are closest to you. So, be sure to check out various family health plans in the market and secure the safety of your whole family.
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