Family Health Insurance Plan
Keeping in mind the rising medical costs it is necessary for every individual to have a healthcare insurance. One can be affected by a medical emergency anytime and anywhere, leaving an individual emotionally shattered and financially crushed. Having said that, emotional loss is something that can never be compensated, but for the monetary losses during a medical emergency a health insurance can definitely be a savior.
For an individual with family, it is always recommended to buy a family healthcare insurance. A family healthcare policy is not only cost effective than a single health insurance plan, it also allows all the family members to enjoy a much larger health coverage.
For instance let’s take the case of Vijay, 45 years old a salaried individual with a family of four members including two children. Vijay buys a 3 lacs individual medical insurance policy for each member of his family. One unfortunate day his child falls sick and is taken to the hospital where the medical expenses amount to Rs 4 lacs. The remaining amount of Rs. 1 lac is to be paid by Vijay from his own pocket. Now a similar situation where Vijay had a family healthcare policy providing coverage of 5 lacs, all of his medical expenses would be borne by his insurer as each and every member of his family is eligible to make use of the total sum insured under their healthcare plan.
An efficient family healthcare plan can provide coverage for a family of 4 individuals, parents are generally excluded. But there are many health care insurance providers in the country who have introduced medical policies that can provide cover for your family including your parents. These policies not only cover your family but can also provide cover for your in-laws and other relationships under extended family plans. Such health plans are boon for those individuals who wish to provide medical coverage for their extended family.
A family healthcare plan also gives you impressive tax benefits under section 80-D of the IT act.
There is vast number of insurance companies in India that offer family health care plans. But one should look for a policy that suits best his/her needs. You should choose an affordable policy with most comprehensive coverage as your family health insurance policy.