Health insurance has become the need of the hour, mainly when we face increased health risks due to new ailments. Besides, most of us are prone to unhealthy lifestyle habits, and the risks increase all the more. You and each member of your family require the best financial protection. So, it is essential to do careful research when selecting a health plan. A family health plan is perhaps an ideal choice for your loved ones.
Getting a family insurance plan is only a few steps away as several leading insurers, such as Care Health Insurance, now offer family floater plans online. You just need to pay a single premium and get your family safeguarded financially.
We share the major reasons why you should opt for a family floater cover.
- Financial Security
If you are married and live in a nuclear family, then buy family health insurance, which is undoubtedly the best option for you. In particular, if you have dependent parents at home, then having this type of plan will give you the required financial security during a medical emergency. It will reduce the necessity of spending money from your reserves, and you can focus on fulfilling the financial responsibilities you have towards your family with confidence.
- Comprehensive Protection
In case you come across unexpected medical expenses, your family insurance plan will offer coverage for hospitalization, pre and post hospitalization, daycare procedures, and ambulance charges. There is a cashless hospitalization facility you can opt for at any of your insurer’s network hospitals. Additionally, you receive benefits, like annual health check-up and no claim bonus. In short, you get comprehensive health coverage by investing in a family health plan.
- Affordable Premium
If you opt for an individual cover for each member of your family, you will pay far more for the premium costs. Compared to this, a family insurance plan is much affordable as far as premium is concerned. Although the premium also depends on the eldest member’s age besides other factors, if you look at the bigger picture, it is an affordable option as you pay a single premium for the policy term.
Apart from offering the policy benefits, the insurers also allow some discounts that help policy buyers achieve savings. There could be premium discounts on choosing longer policy tenure. Also, discounts are available if you include your family members in the family insurance plan.
- Tax Saving Opportunity
Every family looks for smart investment options for saving taxes. Investing in a health cover, too, makes you eligible for tax benefits. As per Section 80D of the Income Tax Act, you become eligible to get a tax deduction on the health insurance premium you pay to the insurer. The maximum deduction you can get is Rs 25,000, and if you have senior citizens covered, then the maximum deduction is Rs 50,000.
Individual health insurance covers may be suitable for your elderly parents above 60 years of age or those members who have a particular medical condition. Otherwise, going for a family health plan is always a sensible choice. To conclude, we can say that family floater plans are affordable, give complete protection, and help you meet financial obligations for your family.