Health insurance has become an absolute requirement in today’s changing world. Unfortunately, the need for routine medical care has become a reality as our lifestyle has become more stressed, and the food quality has deteriorated, making us malnourished and weak. Further, with the increasing cost of healthcare, getting the required medical assistance can leave a hole in our pockets. In such a scenario, a healthcare insurance policy comes handy.
It can protect you and your family from any medical emergency. Best health insurance plans in India cover every family member from unforeseen medical expenses and enable them to access top-notch healthcare before serious illnesses arise.
But despite this fact, several people do not understand its importance. This blog will discuss why healthcare insurance is important for your family.
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Reasons Why Health Insurance is Crucial for your Family
Here are the top 6 reasons why having health insurance is crucial:
1. Provide Coverage To All Family Members
A family healthcare insurance policy provides coverage for all members. It covers the cost for your parents, children, and spouse. It also provides coverage to the parents-in-law who are dependent on you. You may even be able to cover your extended family under some policies. Thus, family health insurance plans provide coverage for all family members.
A family insurance policy is quite affordable compared to an individual plan. This is because you have to pay the premium for one policy instead of several other policies. This significantly reduces the cost of premiums while providing you with all the healthcare facilities you need.
3. To Fight Medical Inflation
With the advancement of medical technology and inflation touching new marks, medical expenses will continue to rise. Furthermore, medical expenses are not limited to hospitalisation; there are consultation fees, health checkups, ambulance charges, medicines, rent of the room etc. The cumulative sum of all these medical expenses can be huge, putting a strain on your financial condition. With the help of the best health insurance plans for family, you can save yourself from this burden.
4. To Safeguard Your Future
Medical emergencies can happen at any point, which can create an environment of stress and tension. To add further to it, if you do not have a healthcare insurance policy for your family, it can also add financial burden. With the help of a family healthcare insurance policy, you can safeguard your family against any medical issue. Moreover, several family healthcare insurance plans provide cashless treatment, which allows you to get medical treatment without paying any money. This way, you can save your hard-earned money to buy a new home, give your children the best education, and have an early retirement.
5. Easy to Add New Family Members
The best health insurance plans for family have the option to add new members. This comes in handy as you do not have to buy a new policy every time a new member is born. A family healthcare policy will provide coverage to the newborn. All you have to do is call the healthcare insurance company and provide the required detail, and they will tell you about the premium you will have to pay. Once the payment and documentation are over, the member will be covered under the policy.
6. Tax Deductions
A family healthcare insurance provides relief against the tax you have to pay against your income. Under ITA (Income Tax Act) section 80D of the , you can get a tax relief of up to INR 25000. As a senior citizen, you can get tax relief of about INR 50,000. In addition, if your parents are senior citizens and you buy a family healthcare insurance policy, you can save upto INR 50,0000. This can significantly reduce the premium cost, making it affordable for you.
Considering the various health insurance benefits and the reason stated above, everyone must have a family healthcare insurance policy. Moreover, choosing the right insurance policy is not as simple as buying a phone.
You should review various policies and the type of coverage they provide. You should pay close attention to inclusion and exclusion before making the right choice. Moreover, if you are looking for the best health insurance plans for family, then look no ahead. Niva Bupa Health Insurance offers the best insurance policy for your family. With more than 70 lakh satisfied customers, Niva Bupa is a market pioneer providing insurance at affordable rates.