Covering your family under health plans is a must. Here’s why
Medical expenses are skyrocketing as medical inflation is on the rise. New treatments are constantly being developed with latest technology and these treatments are expensive. In fact, even a mere hospitalisation can amount to tens of thousands of rupees even if you have to undergo a minor surgery. Given the increasing medical costs, do you think you can afford a medical contingency yourself?
According to a survey conducted by the National Sample Survey Office in 2013-14, 36 million Indian households faced medical expenses which exceeded their annual per capita consumption. (Source: https://www.livemint.com/Home-Page/gTErhKxOcHv2BIa89RzonM/ThestaggeringcostsofIndias-healthcare-system.html ). The numbers say that 36 million households faced severe medical contingencies which put a strain on their annual household budget. Given the increasing medical costs, the numbers are not surprising. What is surprising though is that these families did not have health insurance to protect against the medical expenses.
Health insurance policies prove to be a blessing when faced with a medical contingency which threatens your finances. The plan covers medical expenses and gives financial relief to you. Though a health insurance plan is important, covering your entire family under a family floater health insurance plan is as important as buying the plan itself. Do you know why?
Here are the reasons why –
- Medical emergency might strike any loved one
Medical emergencies don’t come announced. When they strike they can strike any of your beloved family members. If any member falls ill and requires medical assistance, you need to pay for the medical expenses incurred. So, the financial burden of medical emergency remains on your head even when you don’t fall sick but one of your loved ones do fall sick. That is why a family floater health plan is needed. It takes care of the medical expenses of any of the covered member if the member falls sick.
- The plan provides an umbrella coverage
Family floater health plans cover all members under a single plan. There is a single sum insured and a single premium which is payable. Thus, you don’t have to undertake the hassle of buying separate health insurance plans for each family member and remembering to pay multiple premiums regularly. The plan is also a cheaper alternative than buying separate health plans. Moreover, the plan extends umbrella coverage for all family members. Any member can use the sum insured independently as and when needed. Thus, all members are secured of the coverage, jointly as well as independently.
- You also get tax benefits
Health insurance premiums paid towards a family floater plan give you tax saving benefits. The premium paid is allowed as a deduction under Section 80D of the Income Tax Act. You can claim a deduction of up to INR 25, 000 by paying a premium on the health insurance plan covering yourself and your family members.
Read more about All you need to know about income tax.
Given these benefits, a family floater health insurance plan is a must which should cover yourself, your spouse and dependent children. If you have dependent parents, you should buy a separate floater cover for them. Coverage for all family members is essential in today’s age when medical contingencies can strike anyone. When buying health cover for your family, however, the following points should be borne in mind –
- The sum insured should be optimal considering the members covered and the expected medical costs.
- If affordability of a high sum insured is an issue, you can buy a normal floater plan with an affordable coverage and then supplement it with a top-up or super top-up family floater plan. These plans would increase the coverage level while the premiums would be low
- Buy a plan with comprehensive coverage benefits suitable to the needs of your family members. For instance, if you are a young couple and would be starting a family in the future, look for maternity cover in the plan.
Keep these points in mind and buy a comprehensive family floater plan. Gift your family access to quality healthcare without the medical costs becoming a burden on your head.
Read more about Healthcare costs are rising. Do you have health Insurance?
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Courtesy Article: Sidharth Hampanavar / March 26, 2019