Long-term financial planning necessitates the inclusion of family health insurance, an often-neglected component. This vital investment ensures perpetual coverage for unforeseen medical exigencies, granting solace to the financial aspect of a family’s future.
However, with so many alternatives in the market, selecting the perfect family health coverage may be daunting. But there is nothing to worry about, as this article will give you a detailed overview of how to choose the right family health plan for your needs.
What is a Family Healthcare Insurance?
Family health insurance coverage covers the medical expenditures of the entire family. It covers you and your family members, such as your spouse and children. You have to pay a yearly or monthly premium, and in exchange, the insurer covers the covered family members’ medical expenditures in the event of hospitalisation, surgery, or other medical emergencies.
What are the Benefits of Having Family Healthcare Insurance?
Having a family health plan provides various benefits, including:
1. Medical Emergencies Coverage
Health insurance plans for family provides financial security in the event of any unforeseen medical emergency that can arise and challenge the peaceful environment of your family. It pays for hospitalisation, doctor’s fees, surgery, and other medical expenses.
2. No-Cash Treatment
The majority of family health plan provides coverage to a wide number of in-network hospitals. This implies that covered family members can get medical treatment at these hospitals without paying anything in advance.
3. Tax Advantages
A family health plan can also help you save money on taxes. The policy premium is tax deductible under Section 80D of the Income Tax Act. Individuals can avail of upto ₹ 25,000 annually, while senior citizens can avail of upto ₹ 50,000.
4. Pre and Post-hospitalisation Coverage
A family health plan can act as a financial support system which can cover your pre-hospitalisation and post-hospitalisation costs. It can also cover the cost of diagnostic tests, consultation fees, and follow-up visits.
5. Critical Illness Coverage
Some critical and life-threatening diseases such as heart attack, cancer or organ failure are also covered by few family health insurance policies available in the markets. This gives additional financial security to your family.
How to Choose a Family Health Policy?
A number of variables must be carefully considered when you are looking for the best family health coverage for your loved ones. The following are some important steps you must take while selecting health insurance for your family:
Step 1: Shortlist Health Insurance
After assessing the available options, you can filter out the top health insurance options based on your family’s medical requirements.
Step 2: Compare the Health Insurance Plans
The next step is to compare the family best health insurance plan you have shortlisted. You must compare the coverage, the network hospital of the hospital, cashless treatment options etc.
Step 3: Examine Your Co-Payments and Deductibles
Co-payments and deductibles are the amounts that policyholders must pay out of pocket in the event of hospitalisation. Before you buy, make sure you understand the ratio of co-payment and deductible that you will have to pay out of your pocket.
Step 4: Consider the Premium
The most important step when choosing health insurance plans for the family is the premium. It should be affordable financially and well within your budget. However, don’t sacrifice coverage in exchange for a reduced price.
Step 5: Examine for add-ons Apart From the Health Coverage
Add-ons such as maternity, dental, and critical illness coverage are available in several family best health insurance packages. Look for such add-ons that are relevant to the demands of your household.
Step 6: Make Payment
If a family health insurance adheres to all the parameters mentioned in the steps and checks them off, you can go ahead and finalise it for your family and make the payment.
Conclusion
When finding the right family health plan, you should choose the best health insurance policy that gives you the most value for money in terms of services and add-ons. Moreover, you must check the policy’s fine print before you purchase it.
If you are looking for a leading insurer, then consider Niva Bupa health insurance, as they provide a variety of family health plans with wide coverage and benefits. So, buy their health insurance for your family today to ensure their future well-being and protection at all times.
