A type of medical insurance called health insurance plans for families insures every member of the family for a certain amount. You can cover two or more family members under family health insurance for a variety of healthcare costs, such as inpatient hospitalisation costs, pre- and post-hospitalisation costs, childcare costs, etc.
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Family health insurance plan benefits
You can gain from purchasing a family health insurance plan in a number of ways. The advantages of having health insurance for your family include the following:
- Stress-free hospitalisation: Mediclaim policies for families keep you at peace because they spare you the time-consuming job of buying individual health insurance policies for each member of your family. It also does care about the burden of having to pay separate health insurance premiums for each relative. As with individual insurance policies, the covered person can receive cashless care while in the hospital from a network hospital.
- Easy to add new family members: Unlike an individual health insurance plan, a family health insurance coverage makes it simple to add new family members. – You should always think about increasing the sum promised when adding new family members to the current medical care coverage strategy to ensure adequate inclusion for all. Additionally, if the oldest family member passes away, the remaining family members who are insured might still benefit from the coverage. This is one of the most incredible advantages of family health insurance policies.
- Section 80D tax benefits: You can receive tax advantages on the premium paid under Section 80D of the Income Tax Act of 1961 in addition to the other coverage benefits. **
- Less dependence on group policies: As an incentive for hiring new staff, many businesses provide health insurance plans. Nevertheless, only occasionally is the coverage offered by these plans sufficient for both you and your family. Therefore, investing in a different health insurance plan can be beneficial in this scenario because it provides thorough inclusion and continually maintains your security. Additionally, any health insurance benefits provided by an employer are only valid while you are employed there; if you leave, no further benefits will be granted. So choosing a family health insurance policy is a good decision.
- Prepares you for all emergencies: Family health insurance plans give you the protection you constantly need, preparing you for crises. A health insurance premium calculator is a tool you may use online to determine the amount of coverage required based on your needs.
- Complete coverage: The market is filled with a number of family health insurance plans that offer comprehensive coverage and keep you protected at all times. These family medical insurance packages provide you and your loved ones with sufficient inclusion in accordance with their needs.
How many members can a family medical insurance plan cover?
Family floater plans typically allow for the inclusion of individuals, spouses, and dependent children. A few plans also allow for ward guardians to be taken into account. Additionally, some family health insurance plans include coverage for the individual, the spouse, the dependent children, and the dependent parents, as well as relationships like siblings, in-laws, grandparents, great-grandparents, grandchildren, sons-in-law, daughters-in-law, sisters-in-law, and nieces and nephews.
Documents needed for family health insurance plans purchases
The following list includes some of the paperwork needed when buying family health insurance plans:
1. Proof of age:
- PAN Cards
- Voter ID Cards
- Aadhaar Cards
- Passports
- Driving Licenses
- Birth Certificates
2. Proof of address:
- A driver’s licence
- A ration card
- A PAN card
- Aadhar card
- Rental agreement
3. Identity documentation:
- Driving licence
- Passport
- Voter ID car
- Aadhar card
- Medical reports
- Authentic passport-size photo
- Properly completed and signed proposal form
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
