Among the various types of insurance, health insurance is a must-have investment option in the present times. It helps a family cope with any sudden increase in expenses during a medical emergency. More importantly, it acts as a financial cover that helps in minimising the burden of medical inflation. You can insure your family by opting for a family floater health cover. It is a type of medical insurance for family designed to cover your immediate family members with a floating sum insuredunder the same policy. It is the easiest and convenient way to protect your loved ones, especially in the age of rising health issues and pandemic situation.
We mention belowthesignificant benefits of afamily health insurance policy that you should remember beforecomparing and choosing the best option:
Comprehensive Medical Treatment Cover
If aloved one faces an unexpectedmedical emergency or any planned hospitalization for treating an illness, a family health plan will cover the expenses. The coverage includes in-patient care, medical costs incurred during pre-hospitalization and post-hospitalization, ambulance charges, and day care treatment.
Additionally, a family health insurance plan makes the insured eligible to get no claim bonus for each claim-free year and annual health check-up benefit, thus safeguarding a family’s health.
By opting for medical insurance for family, you can get lifelong coverage that eliminates the necessity to get another policy in the future. Through the lifelong renewabilityfeature, your family can renew the policy without any break. Getting a health policy is bound to be expensive as we get older. Hence, this feature is quiteadvantageous if we look at how premium rates might increase if we choose to get a policy after some years.
A familyfloaterhealth plan has a much lower premium than the total cost if you purchase individual health plans for each family member. The premium, however, is decided based on the eldest insured member’s age. Yet, it is still an affordable choice as you have to pay a single premium. Moreover, you can avail premium discounts by choosing a 2-year or 3-year policy term.
Another remarkable benefit of investing in medical insurance for familyis access to cashless treatment. This facility is available at any of the insurer’s network hospitals. If your loved one needs any medical treatment, they can approach the network hospital and get treatment on a cashless basis. The insurance company will pay the hospital bills.So, this feature reduces the stress often connected with the hassle of paying medical bills.
Option to Add New Family Members
Usually, family health insurance plans enable the policyholder to include family members in the policy.Duringthe stage of policy renewal, you can add a new member. The premium cost will accordingly vary as it depends on the number of persons insured in the policy.
Like manyinvestment plans that allow tax benefits, medical insurance coverfor familyalso enables you to claimdeductions. You can claim Section 80Ddeductions on the premium paid.It is one of the key benefits of having health insurance, and your family can plan for additional savings.
It is easy to find a family floater plan, as there are many trusted insurers like Care Health Insurance. The insurance company offers customised medical insurance policies at an affordable premium. Use the premium calculator to review and compare the policies, and make a well-informed decision.
Furthermore, when selecting a family health cover, do not forget to read the policy documents. Read and understand the terms like a waiting period, co-payment, deductible, sub-limits, and exclusions. It will keep you free from any trouble when filing claims.