A family health insurance is the type of health insurance that covers your family members in a single policy with a fixed sum insured.
This type of health insurance for a family provides coverage to two or more family members under a single policy.
There are various benefits that you can get if you buy health insurance for your family. One of the significant benefits is that it is excellent for families that comprise children, grandparents, etc. Every member of the family can be insured under the family health insurance plan irrespective of age. There are several other advantages of this plan which include: Hospitalization Cover Family health insurance plans help you skip the task of choosing a health insurance plan for every family member.
You need to pay a single premium for the coverage benefits of the whole family. In case of hospitalization, you or any family member can avail of cashless treatment at the network hospitals.
In this way, all the family members will get the required medical attention without compromising on the treatment. Affordable Premium Another essential benefit of buying this plan is that you do not have to pay a separate premium for every insured member.
You can cover your spouse, children, and parents under a single policy by paying an affordable premium.
This helps you to save on the premium that you would otherwise pay for an individual health plan for each family member.
Insure New Family Members In this type of health plan, you can include a new member with ease. In the case of an individual cover, you need to buy a separate policy for any new member who wishes to get insured.
If you plan to add a new family member to the family healthcare plan, make sure you have a higher sum insured. This will ensure that all the family members will be financially covered in case there is a medical emergency.
Cover for Covid-19 You can buy health insurance for coronavirus to cover you and your family members. Almost all the insurers are providing cover for coronavirus treatment under the basic health insurance plan.
Several plans like the Corona Kavach policy and Corona Rakshak policy provide financial protection for medical treatment in case of coronavirus infection. Corona Kavach policy can be bought on a family floater basis and covers hospitalization costs incurred due to coronavirus infection.
Insurance for Parents Under the family floater plan, you can get insurance for your parents and your spouse's parents under one plan. This secures them financially as their medical expenses are covered, which is required at an older age.
Avail Additional Benefits There are many add-on benefits like critical illness cover, maternity cover, etc., that you can get with your family floater plan. These will help you increase the scope of your policy.
Also, read the policy documents carefully to know other benefits that you might get from the family floater plan. Tax Benefits If you buy an insurance plan for your family, you will get tax benefits under Section 80D of the Income Tax Act.
If someone is paying the health insurance premium for their family or parents, they are eligible for tax benefits.