The health of our loved ones is more important than our own to all of us. Whenever there is a sick member in the family, the environment gets stressful or dull. No matter how beautiful your house is, the real home resides in the people living in it. Our family is the comfort we seek after a long day at work.
Health adversity can suck your family’s emotional and financial well-being. Medical treatment has become highly expensive in recent years. Therefore, one must invest in a health insurance policy for their close ones as early as possible. Family health insurance is the best solution with a cost-effective premium. Here are five reasons why you must invest in a family floater plan.
Family health insurance plans cover your entire family in a single plan. A lot of times, it becomes chaotic to manage multiple policies for every individual in the family. This policy takes this tension off your head. All you need to take care of is about one policy that covers all the family members. Every member is entitled to an equal proportion of the sum insured. Hence, a single plan tackles all your family medical needs.
Individual health insurance policies end up burning a hole in your pocket with the hefty premiums. But a family floater plan requires you to pay only a single premium at a much lower rate. You remain in a comfortable position financially while ensuring the safety of your family. Many middle-class families prefer family insurance plans because of this advantage. Therefore, it is an affordable option against many expensive policies in the market.
Parent’s Old Age Support
Our parents provide for all our needs and desires even after we become financially independent. After a certain age, a child must take the responsibility of their parents, including medical care. Buying medical insurance is the minimum one can do for their well-being. Old age comes with higher susceptibility towards lifestyle diseases such as blood pressure, diabetes, arthritis, etc. Insurance will make them tension-free for uncertain future emergencies.
Spouse and Kids Health
Having a family of your own is a dream come true. One must ensure the complete wellness of their partner and kids. It is your responsibility as well as a token of love for them. When you see your kid sick, a part of you stays with them at home no matter where you are. Similarly, if the love of your life suffers from any ailment, it is painful. Medical insurance protects them from any health trouble.
Premium paid against health insurance is deductible under section 80D in your income tax return. A person can claim tax benefit of the premium paid for self, spouse, dependent children, and parents. If your parents are above the age of sixty, then you can claim fifty thousand rupees. Otherwise, the tax benefit available is twenty-five thousand rupees. Hence, one even saves on the taxes with health insurance.
Therefore, a family health insurance benefits an individual and his family in several ways. Medical emergencies are costly and full of uncertainty. The best way to protect your family is to prepare in advance.