Protecting Your Family with Health Insurance

Health insurance is a policy that provides cover for the policyholder against a financial burden caused at the time of a medical emergency, any hospitalization or surgery expenses. It provides financial support in case of expenses related to health. The policyholder is covered up to the sum insured at the time of requirement. This is done by raising a claim on the policy. The policy can be of two kinds – in the first kind, the insured pays for the expenses and gets reimbursed by the insurance company. In the second kind, the insurance company directly deals with the hospital and pays them the claim amount.

Now, there are different types of health insurance policies that you can choose from, depending on your requirement. There is the policy amount and additional covers that you can opt for over and above the policy amount. This gives you coverage against specific diseases, expenses, etc.

Types of Health Insurance

Another differentiation of health insurance policies is based on the people covered in the plan. Naturally, you will want to ensure that you and your family are covered under an insurance policy. This need is typically called family health insurance.

You have a choice here. You can opt for individual health insurance that will cover a single person or you can opt for the family floater policy that will cover you and your family in one plan.

The people covered in the family floater plan are you, your spouse, your dependent children, your parents, and even your grandparents.

So you can purchase individual health insurance policies for every member of the family or you can purchase one family floater and add all the people mentioned above to the plan for family health insurance.

Benefits of Family Floater Plan

1. The premium on a family floater is considerably more affordable than the premium on an individual plan. This depends on the sum insured and the type of cover in the family health insurance.
2. You can add members from your family very easily to this family health insurance.
3. You can sign up for multiple covers depending on the health condition of your family members.
4. One family floater health insurance policy takes care of the insurance requirements of your entire family.
5. Under Section 80D, you can get tax benefits for the premium paid on a family floater health insurance plan.

Whether you opt for individual health insurance policies for all your family members or you decide on the family floater plan, it’s imperative that you have an insurance policy that indemnifies you and your family against medical emergencies of varied kinds that are covered in the plan. This way, you are prepared for any unforeseen medical/surgical expenses not only for yourself but your family as well.

You can understand more about health insurance and what kind of health insurance policy can be beneficial for you and your family based on your requirements. Make an informed decision after you’ve understood the outcome of both options.

Learn more about family health insurance for your loved ones and yourself here. Read up and if you wish to, you can speak to one of our representatives before arriving at a decision.