Why Buying Health Insurance for Family is Essential than Ever Before?

FAMILY HEALTH INSURANCE



Family is a tower of strength that is always there to support us and share our happiness and sorrows. Simply put, our family is an inseparable part of our lives. And, its well-being is important to us, at any given point in time. One of our first responsibilities towards our loved ones is to secure their health by opting for health insurance. These days, you can get customized health insurance plans in India for your family. Investing in a family floater plan is an affordable option and getting one is just a matter of few clicks.

With the COVID-19 pandemic, we got a grim reminder of the harsh realities of life and the fact that a medical emergency can occur when we least expect it. The first impact we witness during such events is on our finances. Without a health cover, one can see significant financial losses and unexpected burden on savings.

Here are some reasons you must buy family health insurance, a vital investment decision to safeguard your future.

1. Increasing Health Risks and Lifestyle Diseases

The number of young individuals grappling with lifestyle diseases, such as high blood pressure, diabetes, and obesity, has alarmingly increased. Besides, the coronavirus pandemic poses new health risks for our senior citizen family members and those with pre-existing conditions. Here is where the importance of health insurance comes to the fore. A health cover gives the much-required financial support when coping with any long-term medical treatment. It also proves helpful in case of immediate hospitalization during a medical emergency.

2. Cost of Medical Treatment is on the Rise

Medical inflation is a reason that surgeries and medical procedures have become expensive. A visit to the hospital due to a planned surgery, accidental hospitalization, or treatment of an injury or illness can result in hefty medical bills. The situation can be all the more challenging if one has to take care of elderly parents at home, who may be having an age-related ailment. Nowadays, there are many customized family health plans available, which help manage the expenses involved in treating a particular illness or health condition.

3. Financial Protection for the Future

Many families still believe that an employer-provided mediclaim is sufficient to cover their medical expenses. Some depend on their savings entirely. However, in the long run, that is bound to create financial hardships. Moreover, such group mediclaim policies in India, unlike health insurance plans for family, come with some limitations and cease to exist the day you leave the employer. The primary advantage you get with family health cover is the flexibility to customize, choose your preferred sum insured and optional benefits, and get discounts. The No Claim Bonus is a noteworthy feature where you get rewarded with an increased sum insured for each claim-free policy year, giving you a shield to tackle future medical expenses. 

4. Family Health Insurance offers Coronavirus Cover

Coronavirus is a contagious disease and requires access to quality medical care. With a family health insurance cover, you can secure the health of your loved ones. The health policy gives comprehensive coverage for medical treatment costs, such as in-patient care, room rent, ICU charges, day care treatment, quarantine at government authorized centres, and medical expenses incurred during the pre and post-hospitalization stage.

>>Click to read about Coronavirus Health Insurance

5. Tax Benefits on the Premium Paid

Every household tries to achieve additional savings. One looks for the best investment option that can give tax benefits. Health insurance is a valuable investment that can help an insured save tax by claiming a deduction on the health insurance premium paid annually. One can get a maximum deduction of up to Rs 1,00,000 if the proposer and insured covered in a floater plan is above 60 years.

Final Thoughts!

A careful analysis of your present insurance needs before you plan to buy a family health insurance policy will help you make the right decision. Consider the number of family members, their current medical condition, and other factors so that you pick the best sum insured to cover your expenses. Go through the policy documents to understand the inclusions, exclusions, and terms and conditions.

Moreover, check if you have easy access to cashless medical treatment near your locality. That will lessen your stress and save you from the hassle of paying hospital bills.

Care Health Insurance offers comprehensive family health insurance with the cashless facility at over 8,350 network hospitals. Visit the official website and secure your family without a moment’s delay.