Here are 8 Benefits on Why Your Family Should Get Health Insurance

1. Here are 8 Benefits on Why Your Family Should Get Health Insurance In current times, a health insurance plan for family is a must. After all, you never know when a medical emergency could strike, forcing you to spend a large sum of money. This is where a medical insurance plan is an excellent investment option. But what exactly is meant by “Health Insurance”? Health insurance is a sort of insurance that covers a person’s medical expenses incurred while hospitalized for any medical treatment or operation. This may include hospitalization expenses such as hospital room rent, doctor’s consultation fees, and other pre-and post-hospitalization expenses. This insurance also covers one-day procedures or surgeries that do not require hospitalization. Every family should have some form of insurance. However, you may be questioning why it is beneficial to get a mediclaim policy for family. Here are some of the reasons why you need a family health insurance policy – Coverage for the Entire Family Health insurance policies for families cover all family members under a particular policy. You can insure yourself, your partner, your dependent children, your dependent parents, and even your dependent in-law. Some plans offer you to cover your extended family as well. As a result, mediclaim policy for family provides yet another health insurance solution for all members of your family. They also enable health insurance for parents who require low-cost health care.

2. Covid Coverage for Family Source: edelweiss.in You can purchase Coronavirus health insurance to protect yourself and your family from COVID-19. Although all insurance companies give coronavirus treatment coverage under basic health insurance plans, a coronavirus-specific plan called the ‘Corona Kavach policy‘ has also been introduced, which pays hospitalization costs incurred during coronavirus treatment on a monthly basis. Affordable Premiums Although health insurance plans for family do not force you to pay separate premiums for each member of the family, you can cover your partner, children, and parents under the same plan at a low cost. However, because of their age-related health risks, it is recommended that you purchase individual health insurance for your parents. The premium for a family medical insurance plan is substantially lower than the premium for individual coverage for each family member. As a result, the plan provides reasonable coverage while being easier on your wallet.

3. Stress-Free Hospital Expense Cover In the event of hospitalization, the insured family member, like in individual health plans, can receive cashless care in a network hospital of the insurer. In this manner, you can make sure that all of your family members are qualified for medical care without compromising their treatment. This is due to the fact that a health insurance policy provides specific advantages and provides coverage for charges related to various medical and healthcare facilities that would otherwise have to be borne by the unwell or his family. The benefits of health insurance coverage can go a long way toward easing the financial strain that comes with astronomical medical costs. When the financial component is taken care of, a medical emergency becomes slightly less stressful, and all attention may be diverted to the care of the sick. Covers Health Insurance for Parents in the Same Plan Various medical insurance plans for family allow customers to incorporate both parents and parents-in-law in a family health plan at no additional cost. You can safeguard your parents’ and your spouse’s parents’ health under a single plan. This saves a lot of time and money, as well as protects one’s family.

4. Easily Ensure New Family Members Source: michrxconsulting.com In medical insurance plans for family you can easily add a new family member by paying an additional charge. Unlike individual coverage, you do not need to purchase new insurance each time a member of your family is added. Make careful to raise your sum insured if you add your parents to an existing family health plan. If you have a new family member (childbirth), you can easily obtain coverage for the child beginning in the middle of the policy term, depending on the terms and circumstances of the policy. You would simply submit a request to the insurance company, pay an extra premium, and the child would be covered under the coverage without any complications. Maternity Benefits Motherhood is the most significant transformation that a woman undergoes. Motherhood expenses and duties begin the day you get pregnant and continue indefinitely. If you are unprepared, expenses may put you in financial jeopardy. To avoid this predicament, it is critical to obtain financial support through a maternity insurance plan.

5. Maternity insurance covers all expenses for your birth up to a predetermined maximum. Coverage is offered for both conventional and C-section deliveries. Some plans may additionally cover the cost of cancelling owing to problems. Certain insurers provide pre-and post-natal expenses, as well as newborn baby coverage, in exchange for a certain amount of maternity insurance. Tax Benefits Health insurance is one of the most important investments that anyone can make to secure complete protection for themselves and their families during medical emergencies. Health insurance policies do more than simply help you save money on medical bills; they also provide appealing tax benefits. Many people invest for tax advantages, even in life and health insurance. The yearly amount paid for health insurance is tax-deductible. Section 80D of the Indian Income Tax Act allows you to deduct your health insurance premiums. That is, the amount you pay for health insurance premiums can be deducted from your taxable income (subject to certain limits). This reduces your taxable income and, as a result, your applicable tax. Regularly reviewing your coverage ensures that it remains relevant at all periods of your life. Furthermore, health insurance for family provides coverage for the rest of one’s life. So, renew your policy on time, every time, to ensure that you have continuous coverage in the event of a medical emergency. A health insurance policy is unassailable. When purchasing the same for your family, be cautious in selecting the proper package. Consider the aforementioned points and evaluate several plans to discover the best one, then purchase appropriately. Furthermore, because health insurance plans for family can be moved, i.e. switched to any insurance company at any renewal, you do not have to wait for the perfect fit. You can always change your mind afterwards. But keep in mind that the most crucial thing is to buy it right away. Author Bio Smriti Gala works as a Digital Marketing Manager with Coverfox. As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise towards informing and educating the masses about the importance of health insurance. When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less travelled territories.

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