Why is Buying Family Health Insurance So Important Nowadays?

Family is the basic support system we all cherish and value in our lives and go beyond all measures to take care of them. As a breadwinner and responsible adult, one of the primary obligations one needs to fulfill is to ensure that your family remains healthy and receives the best healthcare services in times of need. Factoring in the rising costs of healthcare, it is ideal to purchase health insurance for family members so that it comprehensively covers them.

Why is Family Health Insurance Important?

A family health insurance offers coverage for all healthcare costs incurred by you and your immediate dependents under one umbrella policy. The dramatic onslaught of events brought in by the pandemic made many of us realize the importance of health coverage to deal with unforeseen medical expenses.

Following are the reasons why family health insurance is becoming an essential investment choice:-

1. Increase in lifestyle diseases

There has been a significant rise in diseases such as obesity, scoliosis, high blood pressure, diabetes, etc. amongst young adults which are often a result of poor lifestyle choices. In such a scenario, it is even more essential for us to ensure that proper healthcare is given top priority so that these problems can be dealt with early-on and it doesn’t transcend into something bigger.

2. Rise in Medical Inflation and Cost of Healthcare

The most primary reason for the rise in medical expenses in India is the inflation being witnessed in the healthcare industry. It is estimated that medical inflation stands at around 15% at present and is much higher than the overall rate of inflation, which stands at around 6-7%. This has resulted in a manifold rise in the cost of medical treatment, especially for critical illnesses. Hence, it has become essential to buy health insurance for family members in such times to cope with the rising costs of medical treatment.

3. Tax Benefits

To incentivize health insurance schemes, the government makes special provisions that allow one to claim deductions towards premiums paid for the health insurance policy. Under Section 80D of the Income Tax Act, you can claim a deduction of up to Rs. 42,744 on your family health insurance plan. You can also get deductions up to Rs. 1 Lakh if the proposer and the insured in the plan are above 60 years of age. Hence, family health insurance plans not only protect your family but also act as effective tax saving investments for your hard-earned money.

4. Coronavirus Protection

The pandemic has been an eye opener for many to realize the importance of planning for medical contingencies and purchasing health insurance. Since coronavirus is extremely contagious, chances are that it would likely affect you and your loved ones around the same time. To ensure that you are financially covered to manage such unforeseen medical expenses, it has become all the more important to purchase a health insurance plan for your family.

These plans provide coverage for services such as hospitalization expenses, in-patient care, and even reimburse you for quarantine services availed at authorized governmental centres so that you don’t have to bear the burden all by yourself.

5. Stress-Free Living

The last aspect of purchasing a health insurance plan is the security of having your family covered for all future unforeseen medical expenses. As adults, one of the most intense situations one goes through is when their child or parent fall ill. Purchasing a family health insurance plan ensures that you can truly be there with your loved ones in trying times with one less stress that you need to take.

Conclusion:

As seen above, the advantages of a family health insurance plan are many, such as protection from a variety of diseases that are covered under the plan and even tax benefits. Moreover, if one wants to live a stress-free life and ensure that their family’s medical expenses don’t cause a dent in their budget, a family health insurance plan is a must have.