We live in uncertain times. Health is the topmost priority for most of us. However, despite taking all possible actions to stay in top form, we need to account for unpredictable illnesses. The rising healthcare costs, not just for our own self but also for our entire family can cause immense financial inconvenience and the only way to protect ourselves from that is through a health insurance plan.
A family health insurance plan covers all members of your family on a single premium under a fixed insured sum. Every member of the family insured under the plan can claim the assured sum and in the event of passing of any member, the policy does not lapse.
Benefits of Family Health Insurance Plans :
- Insurance premiums are affordable as compared to individual plans, since this requires a single payment throughout the year for the entire family instead of separate premium payments for every individual.
- Medical check ups, hospitalization costs, cashless claims and much more, are all taken care of as stated in the policy.
- New family members can be easily added to the plan.
- Under Section 80D of the Indian Income Tax Act, tax exemptions are allowed on insurance premiums.
There is a wide range of plans available under family health insurance, providing cover to the spouses, children, parents, in-laws and any other dependent family members. However, a family plan may not be suitable for every family. The following factors can help you in deciding if you should consider a family health insurance plan:
The sum insured is shared amongst all members of the family in a family health insurance plan. If you believe that this sum is sufficient for your family’s medical needs, you should opt for the family insurance plan.
A family health insurance plan usually covers you, your spouse and two children. However, there are provisions to add your parents, in-laws or other dependent family members, as per the scope and flexibility of the plan. In the case of a nuclear family, it could be ideal, but where large families or senior citizens are involved, the cover might not be sufficient for all. Here individual plans, or a combination of individual and family health insurance plans can be considered.
This is an important factor when deciding the kind of plan to buy. By understanding your family’s medical history, you would be able to make a more suitable decision. If there is no history of critical ailments within the family requiring more insurance coverage, a family health insurance plan could be more reasonable.
Sources of Income
The burden to pay the insurance premium while purchasing a family health insurance plan can be split if there are multiple earning members or additional sources of income in the family, making it an affordable choice.
Having a family health insurance plan is an investment towards the sound future of your loved ones, making it absolutely imperative. Check out Chola MS` Healthcare plans, and pick the one that is best suited to the requirements of you and your family.