Health Insurance for You and Your Family

The financial backup for your family is essential to afford medical care today. The ever rising medical services and upgradation of medical science in terms of its applications has made healthcare costly that you may drain your savings against hospital bill. Family health insurance provides coverage to your entire family against medical expenses incurred during a hospitalization or an emergency on an individual or floater sum insured basis. We at My Risk Cover offers a variety of family health insurance plans from the leading insurers with impressive benefits, a large network of cashless hospitals and quick claim settlement.
Single insurance – medicals covering you and your family members in a single health insurance policy is known as a Family health insurance policy. In this plan, the sum insured is shared by all family members with the assumption that not everyone will get sick at the same time. Family health insurance plans offer cashless hospitalization facilities which mean no deposit of money is required to be paid upfront to the hospital. Also, there are maternity benefits, pre & post-hospitalization, etc.
Benefits of Family Health Insurance Plans.
A family floater policy offers several benefits that insured family members can avail of. For example, you can get coverage for all family members, irrespective of their age, under a single policy.
Here are some of the major benefits of buying a family health insurance plan:
1. Hassle-free Hospitalization bill Coverage
Just like an individual insurance policy bearer, in this insurance also hospitalization of the insured family member can avail cashless treatment in a network hospital. In this way, you can get every family member eligible to get medical attention without compromising on their treatment on a cashless basis.
2. Parents’ coverage in the same Plan
Many health insurance companies have medical insurance for parents that allow people to include both parents and parents-in-law under the same family health plan. You can secure the health of your parents and your spouse’s parents under a single insurance plan.
3. Affordable Premium
As family health insurance plans do not require you to pay individual premiums for every family member, you can cover your spouse, child, and parents under the same plan at an affordable premium. However, it is suggested individual health cover for your parents taking into account their age-related health issues.
4. Addition of New Family Members Easily
In family health insurance plans, you can add a new family member easily on the payment of an extra premium which needless to say will be lesser than an individual policy premium. Unlike an individual cover, a family health plan doesn’t require you to take a fresh policy every time there is an addition to your family. However, if you add your parents to an existing family health insurance plan, it is recommended to increase your sum insured.
5. COVID – 19 Health Insurance for Family
You can buy family health insurance for Coronavirus to financially insulate yourself and your family members against the COVID-19 hospitalization bill. Every insurance provider is offering coronavirus treatment coverage under basic health insurance plans.
6. Add on Benefits
Various add-on benefits or riders are available under the family health plans, including critical illness cover, maternity cover, etc. Read the policy terms carefully to know about any waiting periods for PEDs applicable to any add-on covers before buying the best health insurance plan for your family.
7. Tax Benefits on Health Insurance Premium
What is more is that with U/s 80D of IT, you can avail of tax exemption for the health insurance premium paid. In case, if you are the one who is paying the health insurance premium for you, your family and parents and you are the proposer in policy, then you are eligible for tax benefits. My Risk Cover can facilitate to get you the best health insurance in India wherein you can evaluate the benefits offered.

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