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Why Health Insurance Is Essential for Your Family’s Well-Being

by Byrne Anderson
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There is no denying that we all struggle to provide the best of everything to our family. As an earning member, you would surely want to ensure complete safety of your family. The best thing you can do to give your family peace of mind and financial security is to buy a health insurance policy for all the members. Today, in the purview of the rising cost of medical care in India, the need for a robust health insurance plan that provides sufficient coverage for all is hard felt.

Today, in India, many insurance companies offer a variety of health insurance plans for family. You can choose a plan to suit the specific medical needs of your family, as well as you have the flexibility to choose the sum assured. The higher the sum assured, the higher will be the premium. But, do not base your buying decision based on the premium amount alone, consider its various benefits. The financial cover it gives you in times of medical emergency in the family.

If you are still debating whether to buy a family health insurance plan, here are a few reasons that would convince you to purchase a health cover immediately.

The cover offered by an employer is not sufficient

A lot of people in India avoid buying a health insurance policy because they believe that the insurance cover provided by their employer is adequate. However, group insurance has only basic coverage, and you will get the insurance benefit only until you remain employed with the company. When you switch job, you lose not only the accumulated benefits but also lose the cover. It is therefore paramount that you purchase a personal family health insurance plan to keep your loved ones protected always.

Protection against lifestyle-related diseases

It is no denying that owing to the hectic work schedule, unhealthy eating habits and lack of exercise, most people are at a high risk of suffering from various lifestyle-related diseases. The treatment cost of these diseases can be expensive, and most people find it hard to afford. While changing your lifestyle habits can help you, a health insurance cover is a must to take meet the sudden medical expenses and give your family a financial cushion.

Health insurance offers a lot more than you think

It is a common misconception that health insurance offers coverage against only serious diseases or surgeries. But, this is far from the truth. A good health plan covers various expenses including, but not limited to:

  • Ambulance fees
  • Medical check-ups
  • Pre and post-hospitalisation expenses
  • Daycare expenses
  • Operation theatre cost
  • In patent charges such as bed charges, consultation fees, diagnostic procedures

Cashless facility

Today, most insurance companies in India have tie-ups with several hospitals across different cities. These hospitals are called ‘network’ hospitals. If you seek treatment in any of the network hospitals, you need not pay a single penny from your pocket; the insurer will directly settle the bill with the hospital. This means that you need not have to worry about completing a complicated claim settlement process.

No claim bonuses

Most health insurance companies in India reward the policyholders with a bonus for not claiming in a policy year. For each year that you do not make a claim, the bonus keeps increasing; and you can claim a bonus of up to 50% on the sum insured. The additional sum insured can come in handy to claim for expenses during the old age.

Tax Benefit

Apart from securing your family’s health and providing financial protection, buying health insurance for the family can also help you get a tax benefit. Under Section 80D of the Indian Income Tax Act, you can claim for a deduction for the amount you pay towards your health insurance premium. You can use the saved amount to increase the health insurance coverage with a top-up plan or similar other insurance products.

With so many benefits of buying a health insurance policy for your family, make sure that you buy a plan that provides comprehensive coverage to all your family members.

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