Make medical insurance a must for your household

Posted on: Jan 3, 2019 | | Written by:

Make medical insurance a must for your household

Published on March 1, 2019. EST READ TIME: 4 minutes

Most people want adequate health care cover for their loved ones, they look up to the government to provide affordable and accessible health care. The conditions of those facilities are in shambles as can be seen across the country except for a few premier institutions. A large part of the population makes use of these government-provided facilities for the lack of other alternatives because of their exorbitant cost. But that will entail longer waiting period and below-par medical care.

There are several benefits that the insured family members can avail with family floater health insurance plans. For instance, you can get coverage for all the family members, irrespective of their age, under a single policy. Here is a quick rundown of the major benefits of buying a family health insurance plan:

Importance of Medical Insurance for Household

1. Hassle-free hospitalization coverage

In case of hospitalization, cashless treatment can be availed for the insured family memberat a network hospital of the insurer. So, you can get all your family members get medical attention without compromising on their treatment.

2. Parents can also be added in the same plan

Many health insurance companies have the option to include both parents and parent-in-laws under a family health plan for no additional premium. Hence, the health of your parents and your spouse’s parents can be secured under one plan.

3. Reasonable premium

For family health insurance plans, you do not require to pay individual premiums for all the family members, hence several members are covered under the same plan at an affordable premium.

4. Add new family members easily

You can add a new family member easily by paying an additional premium. Unlike an individual cover, you don’t need to buy a new policy every time there is an addition to your family.

5. Avail additional benefits

Various add-on benefits are available under family health plans, including critical illness cover, maternity cover, etc. Read the policy terms carefully to know about the terms and conditions before buying the best health insurance plan for your family.

6. Tax benefits on health insurance premium

Under Section 80D of the Income Tax Act, health insurance premium is given a tax exemption. If you are paying the health insurance premium for your family and parents, then you are eligible for tax benefits.

Conclusion

When you have a medical emergency, all you can think of is state-of-the-art medical assistant, qualified doctors, accessible laboratories and the rest at your disposal. You can avail all these with your medical insurance policy which will provide you the cover you seek in times of medical emergencies. It prevents your saving from depletion and thus save you from a financial catastrophe after an emotional assault on your mind. Unfortunately, the majority of the population is unaware of the benefits that will accrue if they buy medical insurance for each and every individual of their household. People who can ill-afford advanced and timely heath care service due to their cost can access such facilities with their properly maintained medical insurance policy. A comparatively small sum of money needs to be ear marked as premium payment towards the policy will save you from the trauma of raising money when you actually should be taking care of your loved ones.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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