Understanding The Importance Of Buying Family Health Insurance Plans

If you or anyone in your family has ever faced any medical emergency, then you must know how it affects your financial condition. 

In such situations, having comprehensive family health insurance is what saves you from facing a financial crunch due to medical expenses. 

Moreover, with family medical insurance, you ensure that you do not have to compromise on your or your loved ones’ treatment. 

So, if you are wondering why buying family health insurance is so important? I have got the perfect guide for you.

In this blog, I have covered the importance of having a family health insurance plan, things that are not covered, and how to get one. 

Stay tuned!

What Is A Family Health Insurance Plan?

A family health insurance plan is a comprehensive medical insurance policy that covers the medical expenses of all insured family members under one policy.

In family health insurance, the sum insured is shared among all family members, providing flexibility and financial security. 

So, it covers all the medical emergencies, hospitalization charges, and other treatment needs within a single policy. And the family members share the coverage in parts.

Why Is Buying Family Health Insurance Plans Important?

Buying the right family health insurance plan can benefit you in countless ways. From providing the right financial support to getting access to quality healthcare services, it can help you a lot.

Apart from these, there are many other benefits of purchasing one. Some of these include:

1. Provides Financial Security

The biggest and most obvious reason to have family health insurance is financial security against medical expenses. 

With the rising cost of healthcare services, visiting a doctor for a consultation can cost a lot, and in case your family faces any serious medical emergency, the treatment cost might wipe out your savings. 

Therefore, it is essential to have family medical insurance for financial security. 

2. Quality Healthcare Services

Having medical insurance for your family also means access to quality healthcare services during any medical emergency. 

Without medical insurance, you might compromise on healthcare services due to high costs. 

However, when you are medically insured, you do not have to worry about expenses and can provide the best healthcare services to your family.

3. Preventive Health Checkup

Prevention is always better than a cure. With family health insurance, you get the benefit of annual preventive checkups for your family. 

It is especially beneficial for your ageing parents, who are at the most risk of developing any condition due to their age. 

The best part is that you don’t have to worry about expenses, as you have family insurance coverage. 

4. High Hospitalisation Expense Cover

A single hospitalisation due to any medical emergency can cause a dent in your pocket. 

With family health insurance, you get complete coverage for most of the hospital expenses, medical bills, and emergency charges.

So that your savings stay secure and you get medical treatment without facing a financial crunch. 

5. Get Global Cover

With family health insurance, you and your family will have secure medical expenses not only in India but also globally. 

Medical insurance provides coverage for medical expenses, even when you get treatment in a foreign country. 

6. Get Pre-And Post-Hospitalisation Benefits

It is not just hospitalisation expenses that break your bank; the pre- and post-hospitalisation expenses, such as diagnostic tests and medications, also cost a lot. 

However, if you have medical insurance for your family, you also receive coverage for all pre- and post-hospitalisation expenses. 

7. Coverage For Complex Procedures

Family health insurance is also important to get financial and medical support in case anyone in the family needs to undergo a complex procedure. 

The policy then provides coverage for procedure expenses, allowing individuals to receive medical treatment, such as dental procedures. 

8. Cumulative Bonus

In today’s time, when healthcare is becoming increasingly expensive, who would not like to have extra insurance coverage without any premium increase? 

With family medical insurance, you get a cumulative bonus on every claim-free policy year. 

It means that for every claim-free year, the insurer will increase a certain percentage of your insured sum on policy renewal, without any additional premium payment.

9. Tax Benefits

Getting medical insurance is not only important for your financial and health safety, but it also provides you with tax benefits. 

Buying a family health insurance gets you tax benefits under Section 80D of the Income Tax Act. 

Buying Family Health Insurance? Know The Things That Family Health Insurance Does Not Cover

Even though most family insurance plans cover a wide range of medical emergencies and hospital expenses, they do not cover everything.

So, before buying one, you need to know what the things are that these policies do not cover

This will give you a better understanding of the entire coverage plan. So, based on that, you can compare the quotes and choose the one that best meets your needs.

Here is a list of all the things that a family health insurance does not cover:

• Obesity Treatment: Surgical treatment for obesity is not covered under family health insurance, unless they meet certain conditions, like treatment due to medical advice. 
• Gender Change Treatment: Medical expenses related to gender change surgeries and associated treatment are not covered under the plan. 
• Cosmetic or Plastic Surgery: Cosmetic surgeries done for aesthetic purposes are not covered unless done due to medical reasons, like burns and accidents. 
• Additive Conditions: Treatment for addictions like alcoholism, drug abuse, or other substance abuse, along with their consequences, will not be covered. 

Family Health Insurance With TATA AIG 

Buying family health insurance is a very wise decision that protects you, your spouse, children, and parents from medical emergencies. 

Moreover, it provides access to the best medical care in the event of an emergency. 

You can get your family health insurance from a trusted insurer for maximum benefits, such as TATA AIG. 

Read Also:

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