Advantages of a family health insurance policy

Health insurance is an ideal way to protect your loved ones and yourself from financial ruin due to illness. It ensures that your expenses are reimbursed or better yet you get to enjoy cashless treatment when the need arises. A Family Health Insurance Policy covers members of a family i.e. spouses, children, in-laws and parents. Although it covers your family from the ever-rising cost of medical attention, there are limitations and exemptions to your policy. It is therefore advisable to ensure that you compare your family health insurance policy to avoid disappointments when you need it the most.

Advantages of a family health insurance policy

There are numerous advantages to having a family insurance plan

  • The best family health insurance policy allows all members of your family to enjoy the benefits of the sum assured and not a floating sum.
  • When you compare family health insurance plans with other insurance policies you discover it allows you to make savings as the premiums paid are considerably less.
  • The best family health insurance cover offers medical coverage for up to 15 members of the family.
  • For an annual premium, all members of the family get to enjoy health insurance for a fixed assured sum.
  • Hassle-free insurance cover for large families as it is easy to track policy payments without compromising on the family health.
  • By paying for your family health insurance policy in any mode except cash, you get to enjoy tax benefits.
  • You can easily add new members to the health insurance cover when needed and also allows for continued cover if one member dies without losing the benefits.
  • It has attractive features that appeal to young families such as provision for maternity and newborn cover.
  • An online family health insurance application is hassle-free and convenient. It allows you to compare the various options available without the misinformation of an insurance agent.
  • For a selected term, a family can enjoy continuous health insurance coverage without an increase in premium payments.

There are however some key point that one should remember to enquire before making a health insurance purchase that includes

  • Compare family health insurance plans provided by different insurance providers. This will ensure that the basic covers that are important to you and your family are included.
  • Where parents and in-laws are part of the health insurance plan, inquire on the maximum renewal age as some insurance companies have age restrictions.
  • As you seek family health insurance quotes ensure you understand an insurance provider’s claims settlement policy to avoid hassle during an emergency.
  • Compare family health insurance quotes and ensure seamless cashless hospitalization for your choice of hospital. The network of hospitals under an insurance plan may differ from one insurance firm to the other.

Comparison of family health insurance and individual health insurance plans

  • Family health insurance covers the whole family while an individual health insurance plan only covers the individual.
  • Family health insurance plan is cheaper as it is a combination of many individuals for one premium payment as compared to individual health coverage. This allows families to make savings.
  • An individual health insurance plan covers critical illness which is not covered by a family health plan.
  • An individual health insurance plan does not have age restrictions while some insurance providers have age restrictions for family health insurance coverage.

In all ensure to compare the various family health offers in the market as the cheapest is not always the best and neither is the most expensive always necessary.




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