The primary aim for which we work for long hours and stay away from our home is to provide a comfortable life for ourselves and our families. We strive and slog through our working lives because we want to provide our loved ones with a secure life.
To do so, it is essential to be financially secured so that we can handle any unfortunate event that may require huge funds. This is why we create a financial portfolio to save for the future. Life insurance, gold, shares, real estate, etc. form a crucial part of our financial portfolio. However, many of you forget that health insurance is one aspect that needs to be included in your financial portfolio. Many of you consider health insurance as an expensive investment. But a good health insurance policy can take care of your financial well-being during a medical emergency.
Let’s read further why family health insurance is important.
Lately, people are becoming aware of the importance and benefits of health insurance. However, many people are still ignorant when it comes to protecting their family with a health insurance policy. Medical emergencies are unpredictable. They can attack anyone, anytime and anywhere, regardless of their age and gender. It is a misconception that only older people are prone to illnesses, and therefore only they need health cover. But it is important to understand that the level of pollution we are exposed to, the adulterated food we consume, and the level of stress we have developed, are posing a significant threat to our immune systems.
Family health insurance policy is a type of health insurance plan, which is also referred to as a family floater plan, covers all the family members against healthcare expenses arising out of diseases, accidents, and illnesses. The family health insurance policy covers your entire family at the lowest premium. The premium amount depends on the number of family members included in the plan, the sum insured, and the age of the oldest family member.
Covers the entire family: A health insurance plan for family allows you to cover your entire family, including your spouse, dependent children, and parents. Some insurance companies also allow you to include your parents-in-law and relatives in your family health insurance policy.
Offers rebate on the higher sum insured: Many health insurance companies offer discounted premiums and rebates when the sum insured is higher.
Increased sum insured: Policyholders receive a bonus when no claim is made during the policy term. As a bonus, the insurer increases the sum insured at the same premium.
Cashless claim settlement option: Policyholders can avail cashless hospitalisation facility at network hospitals of the insurance company. The insurance provider will directly settle the claim with the hospital. This facility saves you from the burden of arranging finances at the time of medical emergency and gives you access to quality healthcare facilities without you having to pay anything.
Policy term: The health insurance companies offer a policy term of 1, 2, or 3 years, after which you need to renew your family health insurance plan in order to continue receiving its benefits.
The following are a few notable points that explain why family health insurance is important.
One of the key reasons why family health insurance is important is the ever-increasing healthcare cost. Regardless of the amount of money you earn, your family needs protection. Furthermore, if any member of your family comes across a medical contingency, you will have to take responsibility for paying the medical bills. You can give your beloved family the best gift by taking care of their health insurance requirements. Buy a good health insurance policy for your family to avoid draining all your savings with huge medical bills in the future. It saves your money, provides financial assistance, and relieves your tension during a medical emergency.
Recommended Link: Why Family Health Insurance Plan Needs a Timely Re-evaluation
