Not everyone can afford the high escalating cost of medical treatment for different illnesses. Most of us are not even prepared for the high bills because we may have different plans for saving. A health insurance policy for a family is a must-have in today’s time. Though the size of the family has reduced the medical facilities come at a heavy price. Let us see situations where the Family Health Insurance Plan will save you.
1. Wider Family Cover
You want to be sure that each family member is covered properly against diseases but at an affordable rate. Under an individual mediclaim policy, no doubt that the members covered will have independent Sum Insured. But under a Family cover, the premium amount is less as compared to an individual plan.
2. City Inflation Rates
The younger population of India is settled or living in the metro cities. The cost of living is already high in metros and so for them, the Family Health Insurance policy will be beneficial because the premium is comparatively less.
3. No Claim Bonus and medical cost
For every claim-free year under the Family Health Insurance Policy, a bonus gets accumulated to the Sum Insured. It will help you in the long run and at the time of claim after a few years. This is an added benefit because every year it is expected that medical inflation rises at the rate of 15%-20%. This accumulated bonus for every claim-free year can be used by any of the members covered under the policy.
4. Expenses other than medical bills
Suppose any of your family member who is covered under the Family Health Insurance has chosen an alternative treatment under AYUSH. You may worry about the alternative therapeutic expenses. But your family health insurance will save you as it covered multiple expenses that include medical bills, pre and post hospitalization expenses, maternity benefits, Ayush Treatment, animal bites, and a whole lot more.
5. Critical Illness Cover
Your family is covered under Family Health Insurance. One of the family member suffers from Cancer for which the cost of treatment is extremely high. But in such a situation, you will get a breather because the Family Health Policy covers medical expenses related to Critical Illness.
6. Complimentary Health Checkups
There are insurance companies that offer you a complimentary health check-up if you buy their Family Health Plans. Imagine you have an elder person covered under the policy for whom an annual check-up is essential which may cost you around Rs.5000 to Rs.10,000. In such a case, you will save money.
7. Loyalty Benefits
There is an appreciation in the cost of living and the percentage of this increase is higher when you live in metropolitan cities. Every year, the premium is said to increase under the Health Insurance Plan but there can be insurance companies that may offer you loyalty benefits if you renew with them. They will not raise the premium for you. So you save money. In the nutshell “Gareebi Mei Ataa geela Nai hoga.”
8. Animal Bites
Imagine your child was playing in the garden and suddenly your neighbour’s dog bit him. You had to take him to the hospital for the vaccination. The Family Health Insurance Plan covers your treatment & vaccination charges.
9. Maternity Benefits
You may not be planning a child at the time of buying a Family Health Insurance Plan. But it will be wise if you buy a maternity add-on cover. It will cover your delivery and other expenses. The waiting period applies but maybe by the time when you need it actually, the expenses can be reimbursed.
10. Organ Donor Expenses
Think of it that your cousin needs a kidney that you plan to donate because your blood group matched his. Now, for the treatment, you will also be hospitalized. Such organ donor expenses will be covered under the Family Health Insurance Plan.
