‘Family’ is the one word which holds your entire world together. While most of you toil day in and day out to provide for your family, a medical emergency might put a big question on the adequacy of such a provision. When any member of your family falls ill, you ensure that the member receives the best treatment. But without a comprehensive health insurance plan, can you afford the cost of such treatments?
Why take a chance when a family floater health insurance policy is available?
A family floater health plan is one that covers all family members under a single policy. Every member can enjoy coverage up to the sum insured and the premiums are affordable. In today’s age, a comprehensive family floater policy has become the need of the hour. Here are some reasons why:
- High medical costs
Medicine is advancing by leaps and bounds. So are medical costs. Today, a simple hospitalisation can easily cost tens of thousands and if any treatment is involved, the costs end up in lakhs. As per studies, the average cost of private hospitalisation in an urban area is Rs.31,845/day. (Source: Times of India) Add to it an extended hospital stay and you are looking at a considerable figure.
In the face of these high medical costs, you need security which ensures that if there is any medical emergency, the costs would be handled. A comprehensive family health insurance policy gives you this security and becomes important.
- Increasing illnesses
While on the one hand medical costs are rising, on the other hand, illnesses are also increasing. Whether it is lifestyle-related illnesses or hereditary conditions, you can find diabetes, asthma, hypertension, and other conditions in almost every household. These conditions increase the chances of medical emergencies and need to be provided for. A health insurance policy covers the complications arising out of these conditions and helps you cover your medical bills.
- One family, one policy
The benefit of a comprehensive family floater policy is that it covers all the family members under a single policy. This cuts down on the need to manage multiple policies for multiple family members. Moreover, every member gets insured up to the sum insured allowing them to avail of quality treatments whenever needed.
A family floater policy is cheaper than independent individual policies for each family member. Even when you opt for a comprehensive scope of coverage, the resultant premium can be made affordable with the instalment premium payment option offered under the plans.
- Comprehensive coverage
As the name suggests, a comprehensive health plan provides an all-inclusive scope of coverage, right from the time that you have prescribed hospitalisation till the time that you recover. Moreover, there are other coverage benefits too which enhance the scope of coverage further, like sum insured restoration, maternity cover, OPD cover, air ambulance, and the like. This ensures that all your medical costs get covered under the policy and your out-of-pocket expenses reduce.
Insurers understand that the coverage needs of different families vary. Hence, they allow you to customise the policy as per your requirements. You can choose the family members who should be covered under the policy. Some plans even allow you to include your extended family under the coverage. The choice of the sum insured and tenure is also in your hands. Then there are optional coverage features, called add-ons or riders, which you can add to the base coverage for wider protection at an additional premium.
Thus, comprehensive family floater plans allow you to customise your policy so that you get the coverage that you need.
- Tax benefits
Lastly, you also get tax benefits on the premium that you pay for a comprehensive family floater plan. The premium, up to INR 25,000, is allowed as a deduction under Section 80D if you are aged below 60 years. For higher ages, the limit increases to INR 50,000. If you also include your parents, you can claim an additional deduction of INR 25,000/50,000 (depending on your parents’ age). You also have INR 5000 for preventive health checkup within the limit of INR 25,000.
These deductions bring down your taxable income and help you save tax.
A comprehensive family floater plan should, thus, feature in the financial portfolio of every family. It not only provides financial security, but it also allows your family to avail of the best treatments without worrying about their affordability.