The unpredictable nature of life never allows successful prior planning of all things. You never know when you or a family member could fall ill. If a family member suffers from any disease, then along with the mental stress the family suffers, one also needs to be prepared for huge medical bills. With the growing number of diseases, there has been a substantial increase in the number of people buying health insurance. But to cover your entire family, buying a comprehensive family medical insurance
plan would be the smarter choice.
Health insurance companies have specially designed family medical insurance plans that benefit the entire family. Unlike other health insurance policies, family medical insurance plans protect your entire family under one single cover. It means that you need not buy individual health insurance policies for each of your family members.
Family medical insurance policies are similar to the health insurance policies but they only differ in their origin. These may be private, corporate, social and government. One can buy a family medical insurance policy from any private insurance company. Government provides their employees with family medical insurance plan and there are also many companies that provide their employees with medical insurance for their family.
There are various reasons why family health insurance is beneficial:
A person remains at peace mentally when he is aware that his body is fit. Also, being aware of the diseases one is prone to, helps one take the necessary precautions to avoid it. With a family medical insurance plan, your entire family can avail of free health check-ups up to a stipulated amount..
Health insurance plans help one save tax up to Rs 1 lakh under section 80C of the Income Tax Act, 1961. Also as per section 80D of the Act, a deduction can be claimed by an individual in respect of the medical insurance premium paid up to Rs 15,000 for himself and his dependents.
With a family medical insurance plan, one can avail cashless facility on being admitted to a hospital. The benefit of the cashless facility is that the insurance company settles your bill directly with the hospital. You need not worry about arranging funds when faced with any medical emergency. It is taken care of by the insurance company on your behalf.
Like cashless facility, this plan also compensates for hospitalization expenses. The difference here being that the policy holder has to settle the bill himself, which would be reimbursed by the insurance provider later.
Some family medical insurance plans also allow one to choose the hospital facility for treatment. With this, you can avail treatment from a selected list of hospitals.
These family medical insurance plans have higher premium rates as they cover more than one individual. A detail and comprehensive search on the internethelps in getting a great bargain on family medical insurance plans.