Sunday, 6 December 2015

Understanding 'Family Health Plans'

In today’s times, with uncertainty and illness dogging our every step, it is important to provide the best we can for our families. This entails securing our loved ones’ future in the only way we can – with the purchase of health insurance.

family health plan
family health plan

But it is equally important to include the entire family – parents, spouse, children, and dependent siblings – in the ambit of health insurance. There is no way to predict what kind of health disaster will befall you or a member of the family. It is always prudent to be prepared to face the worst than to be stuck in a tragedy without financial help.

Many people take individual health plans; while this is a good practice, it is cheaper to include the family in one comprehensive family health plan than separate policies for all. The following questions will answer your doubts about the wisdom of taking family health insurance policies:

1. What does a family floater health insurance plan do?

It is designed to protect each member of the family from the costs of hospitalisation and treatment. It provides coverage against expensive treatment before and after surgery, hospitalisation charges and even accords daily cash allowance for those making hospital rounds every day. In short, it is a way of providing access to quality healthcare to yourself and your loved ones.

2. What kind of benefits does family health plan offer?

Most family health insurance policies cover hospitalisation, treatment costs, medical bills, doctor’s visit costs, post-surgery care, temporary or permanent loss of income due to illness/death, children’s education in case the earning member of the family passes away and some amount of money for the family’s upkeep after loss of income. Some plans also include cashless hospitalisation, which helps the policy holder get admitted to hospital and avail of treatment without paying a single rupee. Family health insurance policies are designed to take care of the family’s expenses both during the treatment period and post the death of the loved one.

3. Why can’t I simply save money for future health eventualities, instead of taking health insurance?

Because years of savings can be wiped out in just one hospital visit. After that point, there is no way to recoup your finances in a hurry. Instead of this, spending a few thousand rupees every year towards family health plan premiums can secure your loved ones in the most dependable way. You only need to pay the premiums every year or upgrade the sum assured whenever needed – at the time of a crisis, the insurer will take care of all the expenses. Thus, your savings are left untouched and can be used to create wealth for the family. 

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