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Which Health Insurance Plans Cover Your Family Members?

dateKnowledge Centre Team dateAugust 02, 2021 views114 Views
Best Health Plan Online | Family Health Insurance Plan

What if you could cover your family’s needs with one health insurance policy? A family health insurance does exactly that - it covers all your family members. Why is it necessary to cover your family members? After all, most health insurance plans are to protect you during your old age.

Well, covering your family members is an act of reassurance. During emergencies, you do not have to worry about liquidating your assets. Instead, you can choose to find the best resources for your family.

Getting a family health insurance policy saves you both time and money during financial problems. It can also be extended to include new members of the family. Find yourself a plan that can adequately cover your entire family.

Family health insurance plans cover your whole family under a single policy. This type of health insurance serves as a financial cushion for your loved ones. Family health insurance policies secure your family’s needs and cover more than one person.

6 Benefits of Buying the Best Family Health Insurance Policy

A family health insurance plan helps you recover some expenses, including Covid-19. Thus buying a family insurance plan is a necessity.

Family health insurance policies can have multiple benefits for you. Consider this: you want to leave a legacy behind for your children. You invest your income wisely in multiple income instruments. Unfortunately, such investments do not account for the medical expenses of the family. In case of a terminal illness or an injury, you will have to tap into your savings.

Choosing a health insurance plan that covers your entire family can take care of the expense. It is also a wise income instrument. A family floater health insurance plan takes care of your medical needs. It also ensures that every member of the family is well protected.

Here are six reasons why you should opt for health insurance policies that cover your family:

1. Covid-19 health insurance for the entire family

Covid-19 protection does exist in family health insurance plans. With it, you can ensure the best treatment for your family through compensation. Moreover, it helps you during emergencies and can be added as a clause to your existing family floater.

2. Covers medical expenses

One of the most important functions of family health insurance is medical expenses. With rising rates of medicines and treatments, it is better to have insurance cover. Moreover, the cover is adjusted for inflation.

3. Budget-friendly premiums

The affordable pricing of family health insurance plans makes them more accessible to the masses. You can choose a plan according to your budget and calculate the premium online.

4. Add-ons for greater benefits

Family health insurance plans come with additional benefits. The plan can be upgraded to include maternity cover, newborn baby cover, and more.

5. Tax benefits with health insurance plans

Section 80D of the Income Tax Act states that health insurance covers are exempted from taxation. This is a great advantage of health insurance plans. It helps you with both savings and wealth creation.

6. Health insurance for new members

Expecting parents can also cover their newborns. Newborns are often prone to illnesses which make a health insurance plan necessary.

Read why new parents should buy a life insurance plan.

Six Things to Consider While Buying the Best Family Health Insurance Plan

Any step towards getting a health insurance plan involves self-assessment. You need to keep track of your current financial situation.

1. Coverage

Your premiums depend on the kind of coverage you want for your family. This includes skimming through the clauses of the policy. Premiums are based on your needs. They seek to provide you maximum benefits. For instance, if you are an expecting parent, you will need to include the new member in the plan.

2. Price point

Family health insurance plans are flexible. They are tailored to suit the Indian market and have a range of low-premium policies. Find a plan which suits you best, and stick to it.

3. Family plans instead of individual plans

The pandemic has taught us that nobody is immune to deadly viruses. Therefore, you need a plan that can cover your entire family. Instead of adding just your parents to the list, include your children too. More members mean that you save more money in the long run.

4. Renewability

Find a plan which offers lifetime renewability as opposed to limited renewability. This is because most of us require a health insurance plan for the later years of our life.

5. Good claim settlement ratio

Claim settlement ratio is nothing but the number of claims settled by an insurance company. The insurance provider must have a good ratio, so you know that they will deliver their promise.

6. Online premium calculators

You can check your premium online before choosing to invest your money. This helps you plan for your health insurance premium in advance and allows you to achieve your financial goals.

Buy the Best Health Insurance Plan Online

For a paperless, fast, and convenient transaction, buy Health First Plan by Canara HSBC Oriental Bank of Commerce Life Insurance. With unprecedented lockdowns, getting your family insured as fast as possible is best. Family health insurance plans cannot be ignored in a post-Covid world. Without a comprehensive cover, you can be prone to medical expenses. A health insurance plan that covers your entire family will be crucial in the coming years. It will help you prepare for medical emergencies and cope with the economic downturn. Thus, getting a family health insurance plan is pivotal to a financially secure future.

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Frequently Asked Questions (FAQs) for Life Insurance

Buying health insurance online is cheaper and more convenient than getting a policy through an agent. Insurance companies work on the premise that people who have access to the internet and are willing to buy policies online are more likely to be better-off and healthy. Moreover, online plans save a lot of money for the companies as the administrative costs such as documentation and office space get eliminated. The insurance companies pass on the savings to the customer and offer lower premiums on online health insurance plans. With online plans, you do not have to visit the bank of the insurer’s branch and can buy the policy sitting in the comfort of your home.

Canara HSBC Oriental Bank of Commerce Life Insurance provides a comprehensive health insurance plan named Health First. It is a fixed benefit plan that provides a lump-sum amount on the occurrence of heart or cancer-related conditions, besides 26 other major critical illnesses. It is a flexible plan that gives you the freedom to choose the cover you need along with various options to customize the plan according to your requirements.

Diseases can strike without any warnings. Having a health plan protects you from unforeseen financial hardships and helps you lead a stress-free life. A health plan also ensures that you receive quality treatment in case you are diagnosed with a serious illness. A health plan creates a buffer around your savings, which remains unscathed even in cases of substantial treatment costs.

There are no uniform rules to select an insurance policy as the needs and medical history of people vary. However, Health First plan from Canara HSBC Oriental Bank of Commerce Life Insurance offers comprehensive coverage, which could be adequate to take care of all your health insurance needs.

The health insurance premium depends on a variety of factors such as age, geographical location, lifestyle habits and occupation. The best way to calculate health insurance premiums is to use a good online premium calculator which is easily available.

With the change in lifestyles, the incidence of diseases has increased drastically. Health insurance is necessary to cover against lifestyle diseases, which are on the rise due to poor nutrition, lack of physical activity and pollution.

A health insurance policy ensures that you and your loved ones do not have to think about the finances while opting for treatment. In the event of hospitalisation, a knowledge of the claim process saves the policyholder from undue hassles. A hospitalisation can generate reams of bills and documents. The claim process of fixed-benefit health insurance is very simple as the payout does not depend on the cost of treatment. In case a critical illness is diagnosed you just have to intimate the insurance company. The insured just has to fill a claims form and attach the doctor’s report on the illness. One doesn’t need detailed bills and prescriptions to claim the sum assured. The entire process is very simple and hassle-free.

Health insurance premiums can help you in reducing tax outgo, as it is eligible for tax deduction under Section 80D of the Indian Income Tax Act, 1961. If you choose a health insurance plan for parents aged 60 years and above, you can claim Rs. 50,000 as a tax deduction. Senior citizens up to 60 years can also claim up to Rs 25,000 as a deduction for the health insurance premiums paid for themselves, or for their spouse or children. This deduction will be available with respect to payments towards annual premium on a health insurance policy, or preventive health check-up of a senior citizen. It is also available for any other medical expenses related to senior citizens. In such a case, if you are paying the health insurance premiums for your senior citizen parents, the total deduction you can avail is Rs. 75,000 per year.

There are no fixed guidelines for choosing adequate health insurance cover, but the cover should depend on factors such as income, family history of diseases and geographical location. Considering the high cost of medical care in metro cities, one should have a minimum cover of Rs 10 lakhs. The cost of hospitalisation and associated costs are higher in large cities. Smaller cities have lower cost of living and a cover of Rs 4-5 lakhs would suffice.

Health insurance plans do not cover all the diseases and certain conditions are excluded from the cover. Some of the common exclusions are:

  • 1.Pre-existing medical conditions
  • 2.Alternative therapies
  • 3.Cosmetic treatments
  • 4.Pregnancy and child birth
  • 5.Diagnostic expenses
  • 6.Dental
  • 7.Injuries caused due to a suicide attempt
  • 8.Waiting period clause
  • 9.Permanent exclusions: Injuries due to war, HIV, intentional injuries, congenital diseases, and others are permanent exclusions

Diseases can strike without any warnings. Having a health plan protects you from unforeseen financial hardships and helps you lead a stress-free life. A health plan also ensures that you receive quality treatment in case you are diagnosed with a serious illness. A health plan creates a buffer around your savings, which remains unscathed even in cases of substantial treatment costs.

Employer waiting period: Waiting period is the length of time that an employer will make a new hire wait before the employee is eligible for coverage access under the company's health

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