Why a Family Mediclaim Policy is Essential: Key Benefits for Protecting Your Loved Ones
In this dynamic world, where everyone is swamped with work, they forget to take care of their health, resulting in declining health conditions. In such scenarios, the significance of the best mediclaim policy cannot be overstated. When it comes to family, there are almost three to four generations included and the healthcare needs of each family member could vary. Given the uncertainty of life and medical inflation, the best mediclaim policy for family can offer magical solutions. To discover how? Continue reading.
What is the Best Medical Insurance Policy For Family?
The best mediclaim insurance in India offers a holistic approach and provides coverage to the entire family, including your children, spouse, and parents, under a single sum insured. It includes a wide range of medical treatments, hospitalisation costs, and surgeries for all members covered in the best mediclaim policy.
Let’s help you gain a better understanding with the help of an example.
Suppose the sum insured amount is ₹500,000 and your one family member uses ₹200,000 lakhs for hospitalisation. In that case, the remaining ₹300,000 can still be used by any other family member.
Benefits of Family Health Insurance Plans
The mediclaim policy for family offers various other benefits along with financial security. Some of them are listed below:
Comprehensive Coverage
One of the primary advantages of the best mediclaim insurance in India is the comprehensive coverage it offers to all family members under a single plan. This eliminates the need to purchase individual health insurance plans for each family member, saving you time and effort.
The best medical insurance policy for family provides coverage for the pre-and post-hospitalisation, diagnostic tests, daycare treatments, domiciliary treatments, prescription medications, surgeries, and more.
Affordable Premiums
The best mediclaim policy is generally a more cost-effective option than buying individual policies for each family member. This cost-effective feature allows you to invest in a better health plan for your family without compromising on coverage. If you’re looking for the best mediclaim insurance in India, family policies are a great option that balances cost and comprehensive protection.
Increased Sum Insured
Since the family health insurance plans offer extensive coverage, the insurance company enables you to pool a sum insured amount for multiple family members. Whereas, in individual health insurance plans the insurer offers a separate sum insured, which can be used by the insurer only. However, in family health plans, the sum insured can be used by any of the family members covered under the plan. This flexibility enables you to seek treatment timely without the fear of payments during medical emergencies.
Tax Benefits
In India, under Section 80D of the Income Tax Act, 1961, you can claim tax deductions on premiums paid for health insurance policies and expenses incurred on preventive health check-ups. Below are the key details and conditions for claiming these deductions:
- For Yourself, Spouse, and Dependent Children: You can claim a deduction of up to ₹25,000 per financial year for premiums paid towards health insurance policies covering yourself, your spouse, and your dependent children. This limit also includes expenses on preventive health check-ups, capped at ₹5,000 within the ₹25,000 limit.
- For Parents: An additional deduction of up to ₹25,000 is available for premiums paid for health insurance policies covering your parents (below 60 years of age). If your parents are senior citizens (aged 60 years or above), this limit increases to ₹50,000 per financial year. The preventive health check-up sub-limit of ₹5,000 also applies within these respective limits.
- Maximum Deduction:
- If neither you nor your parents are senior citizens, the total deduction can be up to ₹50,000 (₹25,000 for self, spouse, and children + ₹25,000 for parents).
- If your parents are senior citizens, the total deduction can go up to ₹75,000 (₹25,000 for self, spouse, and children + ₹50,000 for senior citizen parents).
Cashless Facilities
Insurance companies collaborate with a reputable network of hospitals, providing access to quality healthcare services. Seeking treatment at a network hospital can reduce your out-of-pocket costs, and enable you to receive treatments timely without the fear of upfront payments. In cashless facilities, the insurance company directly settles the bills with the hospital, ensuring a hassle-free experience for you.
Maternity Benefits and Newborn Coverage
Many of the best mediclaim policy for family also cover maternity-related expenses and newborn care. This is a significant benefit for you if you are planning to expand your family. This includes prenatal and postnatal care, delivery expenses, medications, complications during the pregnancy, and more.
Preventive Healthcare
Family health insurance policies offer preventive care, including regular health check-ups, screenings, and vaccinations. Such preventive care services help in the early detection of diseases and prevent them from becoming severe, leading to better treatment outcomes.
Wrapping up
Insurance is a small investment that can safeguard you and your family from future exorbitant medical expenses, offering financial security during medical emergencies. This ensures that all members receive the best healthcare possible without worrying about high medical bills. Whether it’s maternity benefits, cashless hospitalisation, or tax benefits, family health plans come with a wide range of advantages, making them a popular choice.
If you’re looking for the best medical insurance policy for family, consider Niva Bupa’s family health plans, which offer customisable and comprehensive coverage to meet the unique needs of your family. Their plans ensure peace of mind while keeping in mind your unique requirements.
