What are the Benefits of a Family Health Insurance Plan?

health insurance plan can be financially crippling.

 

Thus, if you want to secure your peace of mind and a healthy future for all members, a family health insurance plan is an excellent investment. 

 

5 Main Reasons for Buying a Health Insurance Plan

 

1. Coverage for All

Family health insurance plan is a smart investment that provides coverage for the whole family with a single plan. Hence, an insurance plan like Niva Bupa's Health Companion is a popular option for small nuclear families or even new/expecting parents. You can cover yourself, your spouse, children (up to 3) and even parents. This brings up the question of larger joint families, can they also be covered under a single plan? The answer is yes! Up to 19 of your relationships can be covered under Niva Bupa's Heartbeat plan!

 

Moreover, getting an individual insurance cover for newborn children or senior citizens, which is usually difficult can be easily accommodated within your new/existing family health plan.

 

2. Cost-effective and Hassle-free

Purchasing an individual health insurance policy for each member of the family can be a very expensive and tedious process. The premiums tend to differ for each member (depending on their age and health status), and it will only add up the things you need to keep track of. The latter will include remembering multiple policy dates for premium payment and renewals, which can be an extremely stressful task.

 

With a family health insurance plan, you can have the ease of only having to keep track of a single policy. It is also significantly cheaper than individual policies and hassle-free to purchase. The plan will also allow you to enjoy a larger health insurance coverage within a cheaper premium amount.

 

3. Refill Benefits

When getting coverage for the entire family, there is a high chance that the insurance cover may be used by one or multiple family members within the policy year.

 

However, many insurers provide a fix for such situations as well. If due to any claims the coverage amount is exhausted, your family health insurance plan is refilled back up to the base sum insured ensuring that all members are still adequately covered under the insurance plan. As a family health insurance plan provides a higher sum insured than individual health plans, the coverage will also be relatively greater.

 

4. Value-added Benefits

Popular value-added benefits of family health insurance

 

• Refill benefit- In case your sum insured is exhausted
• Cashless facility- Avail hospitalisation services without paying anything
• No claim bonus- Get additional coverage for every claim-free year
• Renewal for life- Secure your financial coverage for as long as you like
• Direct claim settlement- Get your claims settled without any third-party involvement

 

Your family floater plan can award you host of value-added benefits such as a complimentary health check-up once a year or once every two years that allows you to monitor the overall well-being of the family.

 

Other benefits include a no-claim bonus, for example, that awards you additional coverage (up to 100%) on your sum assured for every claim-free year. Hence, within the same premium amount, you can even double up your family's insurance coverage.

 

Discounts and Tax Benefits of Family Health Insurance Plans

Not only are family health insurance plans a lot more affordable, but they also offer a lot of opportunities to save on premiums. For example, with the Niva Bupa Health Companion Family Floater plan, you can opt for a two-year policy and avail a discount of 12.5% on the second year's premium.

 

Furthermore, a family health insurance plan also allows you to claim tax benefits under Section 80D of the Income Tax Act. However, these tax benefits are subject to change in tax laws.

 

A family health insurance plan is an affordable and hassle-free option for bringing all your loved ones under the insurance gamut. However, before you select a plan, be sure to ascertain which features and benefits suit your needs the most. Niva Bupa's Health Companion Family Floater plan offers a highly customisable solution for all your insurance worries.