Ensuring Family Wellbeing: The Importance of Health Insurance for Families

For families, one of the important things in life is the well-being of everyone. If they can ensure their health while protecting their wealth, what can be more fortunate than that? Hence, by purchasing health insurance, one can easily remove their worries about health and guarantee financial protection and access to quality healthcare for all the members.

To learn more about how health insurance policy can positively impact a family, continue to read this blog. 

Why is Health Insurance so Important for Families?

Family health insurance is an excellent idea for any family that wants to avail advantageous healthcare benefits in exchange for affordable premiums. Along with that, here are some of the key reasons why it is essential:

1.    Financial Protection Against Rising Healthcare Expenses

Healthcare treatments and procedures are getting more and more expensive for the common people to bear. Medical bankruptcy is a common occurrence in India that has destroyed many families. In such cases, a health plan can protect one’s hard-earned savings during any medical emergency.  

2.    Cashless Hospitalisation

Arranging funds at a moment's notice is not always possible, it is tougher when it is a medical emergency. Many health plans allow you to avoid any upfront payment and just get the treatment at any hospital of your preference. It does not have to be a network hospital with the 'Cashless Everywhere' facility. Your family members can focus on recovery only as the hospital and insurer settle the bill on their own.

3.    Holistic Coverage for the Family

There is a type of health plan known as Family floater plan which covers all family members under one single plan. This plan meets everyone's healthcare needs by sharing the sum insured among all the members.

4.    Emphasis on Wellness and Preventive Care

Health insurance providers nowadays put more emphasis on preventive healthcare and overall well-being through various programmes. Many wellness initiatives and regular health check-ups help your family to stay healthy.

5.    Comprehensive Coverage

A family floater plan does not only cover expenses for hospitalisation, it also includes costs concerning pre-hospitalisation (such as tests, doctor visits, medications etc.), post-hospitalisation costs (such as follow-ups, medicines, tests, etc.)  and more.  Depending on the policy the coverage options increase.

6.    Critical Illness Coverage

Be it cancer, heart attack, kidney failure, or diabetes, critical illnesses can heavily affect your family. A health insurance policy will allow your family members to get access to top-notch healthcare without worrying about finances.

7.    Tax Benefits

This is another great advantage for policyholders as it allows him/her to invest in their family’s well-being while saving money.  Under Section 80D you can reduce your overall taxable income up to Rs. 1 lakh.

8.    Peace of Mind

This is one of the most fundamental reasons behind purchasing a health policy for a family. Financial preparation is one of the most necessary preparations for any unexpected medical challenges. Taking care of that brings invaluable reassurance and peace of mind.

The Bottom Line

No one is immune to ailments of the body, therefore, it is important for everyone in a family to have healthcare coverage. However, buying separate plans for each family member can not be the cost-effective solution when you have the option to choose family floater plans which is the ideal health insurance plan for families.