Health Insurance policies protect your funds from sudden medical costs. It's comprehensive insurance that covers you and your entire family and is designed to meet most of your healthcare requirements. It also offers the option to protect your whole family in one insurance policy known as the family floater. You can pick the coverage for the health of your entire family policy in accordance with your medical needs, including maternity insurance, OPD cover, critical illness coverage, donor expense insurance, etc. The most notable features include no limits on the cost of hospital rooms, no co-pays, no pre-medical health check-ups until 50 years old, and two complimentary health check-ups every year for an annual medical floater family health insurance plan. It's the reason it's one of the most popular health insurance plans in India.
The family members who are insured can get many benefits from family floating health insurance plans. For instance, you could receive coverage for all family members, no matter their age, on the same policy. Here's a summary of the main benefits of buying a health insurance plan for the entire family. Plan:
Suppose you are hospitalized in the event of hospitalization. In that case, the insured family member can get treatment for cash in a hospital network owned by the insurance company, just as in private health insurance plans. In this manner, you can make all qualified family members eligible for medical treatment without compromising their treatment.
Many health insurance companies permit individuals to add parents and parents-in-law under an individual health plan at no extra cost. You can get the health of your parents as well as your spouse's parents with the same plan.
Family health insurance plans don't require you to pay separate fees for all family members, and you can include your spouse, child, and parents under the same plan with affordable costs. However, purchasing individual health insurance for your parents is recommended in light of the health risks associated with age.
Adding a new family member to family health insurance plans is possible by paying an additional cost. As opposed to an individual policy, it is not necessary to purchase a new policy every time there's a new member of your family. If you've added your parents to a health insurance policy, add more money. You are covered.
Many additional benefits are offered under family health insurance plans, such as critical illness insurance and maternity coverage, among others. Be sure to review the policy's terms of service carefully to be aware of the waiting period for any of the add-on coverages before purchasing the most suitable health insurance plan to cover your entire family.
According to Section 80D of the Income Tax Act, health insurance premiums receive an exemption from tax. If you pay the premiums for health insurance for your parents and family members, you qualify to receive tax advantages.