Monday, May 16, 2022

Why your family needs health insurance

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Shreya Christina
Shreya has been with for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Health and financial stability are the two most important factors that need to be taken care of for the betterment of you and your family. Appropriate measures must therefore be taken to ensure the health and well-being of their families. Life is uncertain. Accidents can happen at any time and an ordinary man cannot foresee it. During those times, health insurance plans will give you the much needed helping hand. Family health insurance ensures that you and your family get financial coverage when you need it most.

Before we move on to why you need health insurance for your family, let’s get a glimpse of family insurance.

Generally, family medical insurance provides health coverage benefits for you, your children, and your spouse. Some policies allow you to include parents, in-laws and dependent relatives. You can pay a single premium to cover all members on one policy.

Why does your family need health insurance?

  • To cover the cost of hospitalization, in the event of an unexpected medical emergency. This ensures that one can spend time with one’s family during such times.
  • If you have taken out appropriate health insurance with sufficient coverage, you are freed from hospital admission costs and you can only give the patient your full attention. This can speed up your loved one’s recovery.
  • Nowadays the maternity costs are very high, so you have to start saving from ten months before that. Instead, if you have just drawn up a policy and transferred the corresponding premium, you will be happy with the delivery in addition to the joy of the birth of your child.
  • There are floater policies that allow you to include new family members in the existing policy by simply paying the required additional premium. You do not need to take out a new/extra policy for this.

Tax Benefits of Health Insurance:

  • In addition to these direct monetary benefits of the health insurance plans, there is a plethora of additional benefits such as income tax benefits, rebates/incentives, etc. You are entitled to income tax benefits under Section 80 D of the Income Tax Act, 1961. Such tax benefits can amount to Rs.25000; further, it may be more if the insured member happens to be a senior.
  • Also, different insurance companies have designed different plans with different benefits for the insured in which they offer discounts/incentives. Some companies have agreements with hospitals across India, allowing you to directly approach the nearest hospital within the golden hour after identifying the incident.

There are many benefits that health insurance offers. So what’s stopping you from covering yourself and your loved ones with adequate health insurance?

Taking out health insurance is an indirect way of saving. All you have to do is pay your premium on time. There is one maxim: ‘stored electricity is produced electricity’. Likewise, the health insurance premium paid is actually saved several times over.

How do you take advantage of the best policy in today’s world?

There are various policies on the market with attractive rates. Many people fall into the trap of choosing the cheapest. However, before buying a policy one should check a few things that could benefit them in the long run. One of those things is the claims settlement ratio. Per date, Niva Bupa provides excellent damage control. In addition, if the policy was purchased online; a 7.5% discount on the annual health insurance premium can be obtained.

In addition to the above benefits, you can take advantage of the following benefits:

  • Thirty Minutes Cashless Claim Process
  • Hospitalization for the COVID-19 treatment
  • More than 8300+ hospitals in India are registered for cashless facility

If a person is admitted for treatment to a hospital that does not have a cashless facility, he/she can request a refund from the company after treatment. The refund will be credited directly to the insured’s bank account. Many such benefits can be availed through health insurance.

All in all, such policies not only provide you with physical relief, but financial relief at the right time, in addition to actual savings.

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