These days, you can purchase a customized health insurance plan for families, also known as a family floater plan, online in just a few clicks. Health insurance plans for family cover all family members, including yourself, your spouse, dependent children, dependent parents and even dependent parents-in-law, in the same plan. Some more comprehensive family health insurance plans allow you to cover extended family as well. In addition to health insurance, some insurers combine with life coverage options to protect the financial future of your loved ones in your absence.
As an optional form of insurance, many Indians do not place the purchase of health insurance packages high on their list of investments. The Insurance Regulatory and Regulatory Authority of India (IRDA) reported that only 35.5% of the population had access to health insurance in its 2018-2019 Annual Report, with 2.07 crore health insurance policies covering around 47.20 crore individuals in the country. Additionally, with health emergencies burning a hole in the pockets of the average Indian, there are important reasons to prioritize health insurance coverage to safeguard your family’s future. The National Statistical Office found in November 2019 that the average cost of hospitalization1 in a government facility was Rs 4,452 and Rs 31,845 at a private facility.
Here are a few practical reasons why you should consider safeguarding your family’s health and future with a health insurance cover.
Emergencies happen when you least expect it
Many adults under 40 may feel they are healthy enough to skip out on health insurance, but the pandemic has been a grim reminder that medical emergencies can occur when it is least expected no matter your age. Sedentary lifestyles, unhealthy eating habits and work-related stress are on the rise and have contributed to chronic illnesses that are affecting the young and old alike. While these ailments can be managed, an unplanned health diagnosis can be financially stressful for the entire family to cope with. Opting for a health insurance plan for family, such as the Mera Mediclaim Plan from PNB MetLife (UIN: 117Y102V01), that covers annual medical checkups can help to avoid complications later.
Healthcare costs are rising
Healthcare costs have been rising fast in India, faster than wages and many consumer goods, making adequate health insurance a must-have. Factoring in the actual cost of medical expenses beforehand is practically impossible, so without insurance you may resort to tapping into your last available savings to deal with a medical emergency. Health insurance plans provide cashless treatment options for procedures so that your long-term financial goals are not impacted by a medical emergency.
Health insurance covers much more than hospitalization
Many health plans are also expanding to cover more procedures and services including diagnostic tests, scans, pre- and post-hospitalization expenses, day-care procedures and OPD visits. Most plans cover maternity benefits, and depending on your plan, you may gain coverage for services such as ambulance and alternative therapies too.
It can be a savvy investment strategy
Other than safeguarding your pocket from healthcare expenses, you can obtain tax benefits on the premium paid towards health insurance plans for you and your family. Specifically, you can claim a deduction of between ₹25,000 and ₹1,00,000 from your health insurance under Section 80D of the Income Tax Act. You may also receive a deduction of up to ₹5,000 for preventive health check-ups for yourself, spouse, dependent children, or dependent parents irrespective of age. The deduction benefit is also available for health insurance plans purchased for yourself as well as policies to cover a spouse, dependent children, or parents. Additionally, no-claim bonuses offered by providers are added to the sum insured for the total number of years in which there was no claim made by the policyholder to deliver additional security.
Investing in a health insurance plan for yourself and your family is a prudent choice, both in terms of securing access to quality healthcare as well as financial planning. Consider the features and benefits best suited to you and the insurer’s claim settlement ratio to make an informed choice.
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
Mera Mediclaim Plan is an Non-Linked, Non Participating, Combi Insurance Plan (UIN: 117Y102V01). It is advised to familiarize yourselves with the policy benefits and policy service structure of the ‘Mera Mediclaim Plan’ before deciding to purchase the policy. Please read the sales brochure carefully before concluding any sale. This product is jointly offered by 'PNB MetLife India Insurance Company Limited' and 'Religare Health Insurance Company Limited'. PNB MetLife is lead insurer for this product. The risks of this ‘Mera Mediclaim Plan’ are distinct and are assumed / accepted by respective insurance companies as per their underwriting guidelines. The liability to settle the claim vests with respective insurers, i.e., for health insurance benefits 'Religare Health Insurance Company Limited' and for life insurance benefits 'PNB MetLife India Insurance Company Limited'. The policyholders of the ‘Mera Mediclaim Plan' are eligible to continue with either part of the policy, discontinuing the other during the policy term. Goods and Service Tax (GST) shall be levied as per the prevailing tax laws which are subject to change from time. Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details. Cash payment is not eligible for tax benefit under Sec 80D of Income Tax Act, 1961.
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