Family Health Insurance: What You Need To Know


Health insurance policy is an absolute necessity in today’s day and age. With increasing instances of lifestyle diseases, it has become a necessity rather than an option for the elite. The most basic insurance coverage you can select depends on your healthcare needs. If you have a not so favourable medical history, a policy with broader coverage of ailments will be a prudent choice.

Now you may ponder about buying multiple medical insurance plans for each member of your family. But a family health insurance policy is the solution to include all your family at once. Health insurance plans for family ensure comprehensive cover for all the beneficiaries which range from infants (above 90 days) to your parents. Thus medical treatments required by any of the beneficiaries can be included under the policy’s scope.

What are the advantages of purchasing health insurance plans for the entire family?

#1 Savings in cost: Buying a comprehensive cover can sometimes be heavy on your wallet. Getting a single insurance plan that includes all the members of your family ensures maximum savings in the form of premiums.

#2 Avail greater benefits: Family floater policies may provide concessions upon addition of family members or while opting for long-term cover. Since the overall risk for the insurance company is spread among all the beneficiaries, these plans offer at a more reasonable price point when compared to individual plans.

#3 Tax benefits: Akin to other policies, the premiums paid under health insurance plans for family are also eligible for deduction in the return of income. This benefit is available under section 80D as per the Income Tax Act, 1961.

#4 Hassle-free: A family health cover is the best way to ensure complete protection for the entire family at once under a single blanket policy. It also eliminates the hassles of maintaining multiple policies and keeping track of separate renewal dates too.

How to select a family insurance cover?

The first step in choosing a family insurance cover is researching the market offerings. Comparing the various plans will help you estimate what features are offered at a specified price range. The inclusions and exclusions are of prime importance when selecting one. You need to make the choice considering which features check your requirements.

Selecting a policy solely based on the premium is a rookie mistake and will often result in a policy with inadequate coverage. Also, check the reliability of the insurance company. Comparing the claim settlement ratio of the various companies will help you evaluate the reliability of an insurer.

Do not forget to consider the terms and conditions of the policy. Exclusions are those medical events that are not covered under your policy’s scope. Make sure you understand all the terms and conditions so that you make an informed choice when buying one. Finally, take a note of the network coverage of your insurance plan. A hospital network facility helps you avail cashless health insurance benefits. Here you need not pay any cost for your treatment since your insurance has you covered.

There’s no better way than health insurance for your entire family to have mental peace and financial backup in crucial times of medical emergencies. Make sure to compare among the myriad choices and purchase a suitable plan.