Posted on May 12, 2021 at 2:17 am

Health & Beauty Lifestyle

5 Benefits of Family Health Insurance You Should Know

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Among the various types of insurance available in the market today, health insurance is a must-have investment. In times of crisis, it helps a family cope with any sudden increase in expenses during a medical emergency. More importantly, it acts as a financial cover that helps in minimizing the burden of medical inflation. You can ensure your family by opting for a family floater health cover. It is a type of medical insurance for familydesigned to cover your immediate family members with a floating sum insured under the same policy. It is the most convenient way to protect your family members, especially at this time of rising health issues and the ongoing pandemic. 

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Image Source: Shutterstock

Image Source: Shutterstock

We mention below the significant benefits of a family health insurance policy that you should remember before comparing and choosing the best option: 

Comprehensive Medical Treatment Cover

If a loved one faces an unexpected medical emergency or any planned hospitalization for treating an illness, a family health plan will cover the expenses. The medical coverage incorporates in-patient care, medical costs incurred during pre-hospitalization and post-hospitalization, ambulance charges, and daycare facility. 

Moreover, a family floater health insurance makes the insured entitled to get no claim bonus for each claim-free year and annual health check-up benefit, thus safeguarding your family’s health.

Lifelong Renewability

By opting for medical insurance for your family, you can get lifelong coverage that eliminates the necessity to get another policy in the future. Furthermore, through the lifelong renewability feature, your family can renew the policy without any break. Getting a health policy is bound to be expensive as we get older. Hence, this feature is quite advantageous if we look at how premium rates might increase if we choose to get a policy after some years. 

Affordable Premium

A family floater health plan has a much lower premium than the total cost if you purchase individual health plans for each family member. The premium gets decided based on the age of the eldest member. Family floater plans are still an affordable way to go as you have to pay a single premium. Moreover, you can avail of premium discounts by choosing a 2-year or 3-year policy term. 

Cashless Hospitalization

Another remarkable benefit of investing in medical insurance for families is access to cashless treatment. You can avail of this facility at any of your insurer’s network hospitals. So, if your family member needs any medical treatment, they can approach the network hospital and get treatment on a cashless basis. The insurance company will pay the hospital bills. Cashless hospitalization reduces the stress often related to the hassle of paying medical bills.

Option to Add New Family Members

Usually, family health insurance plans allow the insured to include his/her family members in the policy.During the stage of policy renewal, you can add a new member. The premium cost varies accordingly as it depends on the number of persons insured in the policy. 

Final Words

Like many investment plans that allow tax benefits, medical insurance cover for family also enables you to claim deductions. You can claim Section 80D deductions on the premium paid. It is one of the most crucial advantages of investing in health insurance, and your family can plan for additional savings. 

You can easily find a family floater plan, as there are many trusted insurers like Care Health Insurance. The insurance company offers customized medical insurance policies at an affordable premium. Use the premium calculator to review and compare the policies and make a well-informed decision. 

Also, when looking for a family health cover, do not forget to carefully read the policy documents. Make sure to read and understand all the related terms and conditions like co-payment, a waiting period, deductible, sub-limits, and exclusions. It will keep you free from any trouble when filing claims. 

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