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Benefits of Health Insurance policies for a Family

Health insurance service

Medical expenses in India are not affordable when you consider private hospitals. Around 30% of the population in India is middle-class families. It is difficult for them to avail top-class medical services considering their income. Health Insurances plans are the solution for that. Usually, this insurance covers medical expenses for one individual, but what about your family? Rather than taking multiple individual policies, it is wiser to take a family plan which covers the medical expenses of everyone in one policy. In this plan, a fixed sum insured is shared by the entire family, assuming everyone will not get sick at the same time. 

Health Insurance policies are necessary for this day and age. Amidst this pandemic, the future has become so uncertain. To cope, everyone should be insured, so that in any unfortunate times you don’t have to worry about the monetary component. Health insurances are much more accepted and sought after now. Read this article till the end to know about all the benefits of a Family health insurance plan and what they cover. 

Benefits of a Family Health Insurance Policy

As the name suggests, the plan is best suited for a family. Let’s see how the benefits are different from an individual health insurance plan.

  • One policy for all: You can cover the entire family with a single policy which will include you, your spouse and dependent children.
  •   Affordable and hassle-free: Rather than tracking and handling three individual insurance it is better to go for a family health insurance plan. That way premiums will be affordable and, you don’t have to keep in check with three individual policies, which will make your life easier.
  • Adding new family members to the plan is easy: You can not add new members to an existing individual insurance policy. You have to take an additional insurance policy for a new member. That is not the case with a Family health insurance plan. For an added premium you can add another member to your existing plan.
  • Option for adding additional benefits: You can easily add benefits like ‘critical illness cover’ or ‘maternity cover’ to your family health insurance plan and, you can avail of discounts on premiums depending upon the number of members and their ages. 
  • Tax benefits: Premiums paid up to Rs.25,000 for yourself and Rs.30,000 for parents in one year can be claimed as Tax Benefits under section 80D of the Income Tax Act of 1961.

These are some benefits that a Health insurance policy for a family has. Make sure you have availed of all these benefits when you take the policy.

Features of a Good Family Health Insurance Plan

Family health plans are a big deal for a family, the entire medical expense depends upon it. Here are some features that a policy should have:

  • Option for Cashless settlement: In a Cashless Settlement scenario, an Insurer is not required to pay any amount to the hospital for the medical services. The Insurance company directly settles the transaction with the hospital. 
  • Increased Sum Insured: Health insurance policies are usually done for a long time, so the Sum insured at the beginning has a risk of getting affected by inflation. So always make sure to opt for a policy that will increase your Sum insured over time.    
  • Renewability: Always choose a policy that has a lifetime renewability feature so that you get cover for your entire life.

Health Insurance plans are designed to be as comprehensive as possible to provide a holistic cover to the Insured. Let’s take a look at things a Family health insurance policy covers:

  • Patient Hospitalisation expense: All expenses made towards hospitalisation (like Room rents, ICU charges, Doctor visits and OT Charges) of any family member who is insured under the policy will be covered.
  • Day care Procedures: Minor operations which do not require an extended stay at the hospitals are also covered. 
  • Ambulance Charges: The policy covers the expenses made towards availing of an ambulance.
  • Maternity Cover: Most health insurance plans offer to cover the pregnancy-related medical expenses of the insured.
  • Mental Illness cover: Mental health issues of persons insured under the policy is also covered in this policy

Choosing a good family health insurance plan is very important. Make sure to check for these benefits in the policy you choose. The best place to look for a policy is now online. Search for the best Family Health insurance plans by Transcoprint right now! And protect your family from any medical emergency. 

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10 Benefits of Health Insurance You should Know

Health insurance service

COVID-19 pandemic has opened our eyes to some harsh realities; but if it has taught us anything on the health and financial end, it’s this; all that wealth you amass would amount to nothing if your health state is far from optimal. Constant illness of the body does to your bank balance what running tap water does to the tank; it just empties it. Faltering health can do that to you unless you take precautions and fortify your financial strategy with health insurance. 

One of the common problems that a lot of patients faced during the pandemic was their inability to pay the medical bills, owing to a lack of financial planning and zero health insurance coverage. In this new normal, as we cope with the remnants of the pandemic, insuring your health should be a foremost priority. If you have nary an idea where to start or what to get, then there are health and life insurance advisors, who can help in understanding the crests and troughs. On that note, here are the ten benefits of getting health insurance for you and your family. 

  1. Financial Security: That’s the biggest advantage of getting health insurance. With comprehensive medical coverage, you do not need to drain out your life’s savings, liquidate your assets or get a loan, leaving your financial status in shambles. Considering that quality healthcare these days come with a hefty bill attached to it, getting insurance should be your top priority.   
  2. Income Tax Benefits: Did you know that the premium you pay towards your insurance can earn you tax benefits? As per the Income Tax Act 1961, Section 80D, you can get tax deductions on insurance claims covering self, spouse, dependent children and parents. For more details on the exact rebates, you can consult with health insurance advisors.  
  3. Expenses Incurred on Hospitalization: Health insurance offered in India covers hospital expenses. If you are admitted to any of the healthcare centres registered under your insurance provider, then you can enjoy cashless hospitalization too. It covers:
  • Hospitalization due to accidents.
  • Hospitalization to treat an illness (there would be a list of illnesses covered under your insurance policy).
  • ICU rooms.
  • Long-term treatments like Cancer;
  • Experimental drug treatments (conditions apply). 
  1. Convalescent Cost Coverage: This covers any cost incurred before or after the hospitalization, such as diagnostic tests, medicines, recuperation treatments, etc.   
  2. Alternative treatment expenses: Under some health insurance companies alternative treatment expenses are also covered. You would have to consult with your agent to see if they offer certain coverage.   
  3. Instant Medical Bill Coverage: Once the waiting period is over and your policy commences, you can avail instant coverage on your medical bills for any healthcare services with zero delays on claims.   
  4. Protection for a Lifetime: These days the health insurance plans come with the advantage of lifetime renewability, allowing you to extend the tenure of the policy till retirement. It stands as security from health emergencies in old age.
  5. Coverage on Pre-existing Diseases: Pre-existing diseases or asymptomatic ailments can manifest over time and cause a major health crisis later on. Health insurance offers coverage against such cases as well, giving you a financial buffer for check-ups and recurring treatments.   
  6. Lifesaving: Since you save so much on the usual medical bills and expenses, not to mention owing to the offers and discounts often presented by insurance policymakers, that it substantiate your life savings by a lot.  
  7. Opportunity for Investment: Some insurance policies come with an inbuilt ULIP (unit-linked investment policy), which also enables the policy buyer to invest in market products as per the risk profile with a guaranteed cash flow for a certain duration.

Conclusion

Many people don’t fall sick that often, which gives them the impression and the confidence that they are completely fine; they do not get health insurance. Nevertheless one should remember that not all illnesses of the body come with prior notice or warning signals. Take COVID-19 for instance; it enters a healthy body and ravages it raking medical bills as high as a mountain. If you don’t have health insurance then it can lead to a financial catastrophe, disrupting your life.