It is increasingly becoming important to safeguard your family from diseases and accidents. There are several health insurance plans for a family that provide comprehensive coverage to all members, against a single premium. You are not required to pay separate premiums for each member, and spouses, children, parents, and even parents-in-law are covered under a single policy. 

Nowadays, medical costs are rapidly increasing, and it is quite expensive to cover doctor fees, medication, hospitalisation, and other expenses for all members of the family. A health insurance scheme is essential as it acts as a financial buffer, protecting all members in case of unplanned health issues. 

Considering getting a health insurance plan for the family? Read ahead to know the importance of it. 

Features of a health insurance family plan 

Designed to provide a comprehensive healthcare coverage to all members of the family, any health insurance plan has attractive features and benefits. While the specific features differ from one plan to the other, the basic features that are mostly common are: 

  • Accidental cover: Health insurance plan for a family provides accidental cover in case of accidental disability, injury, or death. In case of permanent disability, premiums are also waived. 
  • Cashless hospitalisation: Family health insurance plans provide cashless hospitalisation, allowing the insured to get immediate medical attention, without worrying about payments. An attractive feature, cashless hospitalisation provides liquidity to the insured. 
  • Maternity cover: Health insurance plans for family offers the feature of maternity cover for expecting mothers. In some plans, fertility treatments costs are also covered. Delivery expenses and hospitalisation charges are covered under this cover. 
  • Critical illness coverage: In case the insured has any critical illness, a payout is received immediately, after the first diagnosis of the listed medical illness. In order to receive this payout, it is not required to present hospital bills. 
Benefits of a family health insurance plan 

It is always better to get a family health insurance plan, as compared to individual insurance plans for the members. Some benefits that you will get are: 

  • Greater affordability: Today’s world of unpredictability just proves that ailments can strike at any time. New illnesses are coming to light, stress levels are higher, food is becoming impure, and climate changes are drastic. A health insurance plan is not optional, but critical and necessary now. Family health insurance plans are more affordable as they provide coverage to all members against a single premium payment. Instead of paying for multiple policies, one payment covers everyone. 
  • Convenient: A health insurance plan for a family is more convenient, as a single premium payment has to be made. People often forget to make payments for different policies, as each of them may have different instalments and schedules. A family health insurance plan tackles this problem, and makes access to healthcare stress free and easy. 
  • Tax benefits: As per Income Tax Act of 1961, any premium paid against family health insurance plans has tax benefits. As per Section 80D, a total of Rs. 25,000 for self, and Rs. 30,000 for parents can be claimed in a financial year, adding up to Rs. 55,000. 
  • Easy addition of new family members: if the insured has just had a baby, and they wish to insure the new member, they can easily do so by adding them to the existing family plan. It is not required to buy a new policy. The option of adding parents-in-law is also available. 
  • Additional covers: A health insurance plan for a family provides additional benefits like maternity covers and family discounts, depending on the number of members on the plan, and their ages. These additional covers and discounts makemake a family health insurance plan more lucrative in comparison to individual plans. 
Inclusions of the plan

A health insurance plan for a family includes the following costs:

  • Psychiatric benefits and costs of such treatments are covered.
  • Annual medical checkups for all members of the family who are covered under the health insurance plan.
  • Maternity benefit to expecting mothers, including costs relating to delivery, emergency c-sections, infertility treatments, and even termination.
Exclusions of the plan

The health insurance plan for a family has these restrictions and limitations.

  • The plan can only include members who are older than 91 days.
  • Once children become adults, i.e. cross the age of 18 years, they are no longer eligible to be included in the family plan.
  • Family health insurance plans have a waiting period. 
  • Any pre-existing medical conditions are not covered under these plans, unless specified.
Key takeaways

Cost effective and convenient, health insurance plans for families are becoming the need of the hour, with each passing day. It provides financial stability and easy access to quality healthcare benefits, covering all the members of the family against a single premium payment. Compare the different plans available, and select the one that best suits your needs.

Leave a comment