Family Health Insurance:
Family health insurance is insurance meant for a family or a person with dependents. It covers the entire family with a fixed insured amount.
Under this insurance, you can cover two or more family members/dependents for their health care expenses. The total number of family members that can be added to the plan depends on the insurance company. Few companies offer family insurance plans which can cover mother-in-law, father-in-law, or even nieces and nephews.
Most family health insurance plans like Chola MS offer cashless hospitalization facilities,cover pre & post-hospitalization expenses, ICU charges, Road Ambulance, Ayush, and so on.
Benefits of getting a Family Health Insurance:
● Affordable Premium:
Family policies are more affordable compared to individual policies. You can cover the entire family under one insurance policy. But If your parents are old, it is safer to get them individual policies.
● Insure a new family member easily:
In a family insurance plan, you can easily add in an extra member on payment of an extra premium. Unlike individual policies, you don’t need to spend time buying a fresh new policy for the person.
● Save Tax with a Family insurance plan:
Under Section 80D of the Income Tax Act, If you are paying the health insurance premium for your family and parents, then you are eligible for tax benefits. So you can save tax amount with a family insurance plan.
●Avail Additional Benefits:
You can avail several add-on benefits that are available, including critical illness cover, maternity cover, and so on. Remember to read the policy terms and conditions carefully to know about any waiting periods applicable to these add-on covers before buying the best health insurance policy.
Exclusions under this policy:
This family health insurance policy covers your spouse, and 4 dependent children aged 3 months to 25 years while financially independent children above 18 years are not covered under this policy. This can vary from one insurance company to another. Make sure to ask the company before buying the plan.
Steps to Consider before buying a new Family Insurance policy: