In this fast-paced life, a medical emergency can arise at any time. So, you should be ready with a good health insurance plan for your family. A good family medical insurance plan can help you fight any financial crisis arising at the time of medical emergencies.
What is Family Health Insurance Plan?
Family health insurance plan is a type of health insurance plan which will cover all your family members against various diseases and illnesses. It covers both you and your family members in unpredictable medical emergencies.
There are two types of Family Health Insurance Plans:
Medical Insurance – Under this type of insurance policy, the insurer will reimburse your hospitalization cost incurred in relation to the medical treatment. It gives you the cashless facility of reimbursement.
Critical Illness Insurance – Under this type of insurance policy, the insurer will cover all chronic diseases like kidney failure, heart attack, stroke, etc. The insurer will pay a lump sum amount in such cases.
You can choose any type of family medical insurance plans depending on the requirements of your family. Family health insurance plans are customizable. You can cover the health of your family members in two ways.
Firstly, you can buy individual insurance policies for your family members. Secondly, you can also buy a family floater plan where you along with your whole family can be covered under a single policy.
Benefits of choosing the Best Family Health Insurance Plans
You can take care of your family by choosing the best family health insurance plan which has the following advantages:
Medical umbrella for the whole family – The best family medical insurance plan can cover your whole family under a single umbrella. You need not have to opt for individual insurance policies for each family member.
Easily add new members – If at any time, you want to add a new member to the existing family floater plan, you can easily do so without any hassle. It provides flexibility in regards to the addition of new family members without much additional cost.
Save money – Buying individual health insurance plans for your family members can burn a hole in your pocket. A good family floater plan helps you to save money and cover the whole family under one single policy. In this way, you can save money and invest in other required policies and plans.
Restore exhausted coverage – A few family health insurance plans offer exclusive benefits known as restore benefit. It helps to reinstate full coverage once exhausted during the time period of the policy.
Tax benefit – Family medical plans also provide a tax advantage. You can get a tax rebate on the premiums paid for health plans under Section 80D of the Income Tax Act.
The Bottom Line
There are several family medical insurance policies available in the insurance industry that caters to the growing needs of people. The best family health insurance plans in India provides numerous advantages.
You just need to choose the best one that suits your family’s requirements. The best family health insurance policy can be a savior at the time of medical contingencies. So, you can go ahead and secure your family with one such capable plan.