When taking into consideration the continuously growing price of medical care, it is essential for every individual to obtain health insurance. Any person, at any time, and in any location, is susceptible to experiencing a medical emergency, which can leave a person emotionally broken and financially devastated. Having said that, an emotional loss is something that can never be compensated for, but for the financial losses that can occur during a medical emergency, a health insurance policy can most certainly be a rescuer.
It is strongly suggested that any individual who has a family should invest in family health insurance. Not only is it more cost effective to purchase a health insurance policy for a family as opposed to an individual, but it also enables all members of the family to take advantage of far more comprehensive health coverage.
For illustration’s sake, let’s consider the situation of Vijay, who is 45 years old, earns a salary, and has a household that consists of four people, including two children. Vijay decides to protect his family financially by purchasing separate health insurance policies worth three lakhs for each of them. One bad day, his child becomes ill and needs to be transported to the hospital, where the total cost of their medical care is four lacs of rupees. The remaining one hundred and forty thousand rupees, or one lac, is due to be paid by Vijay out of his own personal funds. In the same manner, if Vijay had a family health insurance policy that offered coverage of 5 lacs, his insurer would be responsible for paying for all of his medical expenses. This is due to the fact that each and every member of Vijay’s family is eligible to make use of the total sum insured under their healthcare plan.
An effective family healthcare plan can offer coverage for up to four members of a family; however, in most cases, parents are not included in this coverage. However, there are a lot of different health insurance companies in the country, and many of them have started offering medical coverage that can cover your entire family, including your parents. This insurance will not only protect your immediate family, but it will also protect your in-laws and any other ties that fall under the extended family coverage umbrella. Individuals who want to provide medical coverage for their extended family are sure to find such health plans to be an incredible blessing.
You are eligible for significant tax savings under subsection 80-D of the Internal Revenue Code if you have a family health insurance plan.
There is a significant variety of insurance providers in India that provide options for family medical coverage. However, one should hunt for insurance that meets his or her requirements the finest. As a health insurance policy for your family, you should select one that is both inexpensive and provides the most complete coverage possible.