Health insurance that covers not just you, but your entire family is a solid deal. With a single premium you cover a maximum of 15 members of your family. Such a comprehensive health insurance plan is called a family floater plan. As it is a single policy that takes care of every member of your family; you have escaped the task of keeping track of numerous individual health policies and keeping track of their expiration dates. A family floater policy will also cost you less than taking out numerous individual policies.
As the cost of other things rises, so does the cost of medical expenses. Health insurance offers the option of increasing the insured amount after a few years. Sometimes, as a reward for your timely renewal of the policy and no claims, the insurance company will increase the amount of your sum insured. A family float policy is a life saver for the home and keeps you ready to face medical contingencies with confidence. In the case of medical emergencies, the cost of treatment often causes more anxiety and pain than the emergency itself.
Because what used to be considered a luxury is now a necessity. The service sector has grown exponentially in India in recent decades. And so this boom has also passed on economies of scale to the insurance and banking industries. The premiums are quite affordable and the service has improved. Since its inception in 1999, IRDA has taken good steps to regulate the insurance industry and gain mass confidence in insurance. People used to be very skeptical whether their claim would get paid or not, but that scenario has changed a lot since then.
It used to be that the only health insurance that people had for them was through their employer. Apart from that, only a few used to buy it. Some people used to buy health insurance just for the tax breaks. One can get a nice tax exemption under Section 80D, but this is not the only motivation to go for health insurance. With increasing awareness, people now know how beneficial health insurance is for them.
You can also take out health plans exclusively for your parents. Such plans have no age limit, cover pre-existing illnesses such as diabetes and heart disease, and 100% claim settlement with no co-payment.
Elderly parents have more medical needs to attend to. If parents are senior citizens, you can get an additional tax credit up to Rs. 20000 for the money paid as a premium.
Compare health insurance plans to avail the best deal and a plan packed with attractive and suitable features. According to the experts, one should compare plans from at least three companies before buying. Because you are better informed about the market, you can benefit from the competition. Sound advice is therefore to do sufficient market research and evaluation. A healthy family means happiness and prosperity!!