Mediclaim plans have seemingly become quintessential in the past few years. The pandemic, followed by the increasing cost of medical facilities, has highlighted the need for a well-rounded medical insurance policy for family or at least individual health insurance. In the past, most people have baulked at having a medical insurance policy for themselves or their loved ones. But times have changed, and nowadays, a routine visit to the hospital can put a massive dent in your budget.
A medical insurance policy protects you from unexpected medical expenses and ensures that you will be provided with the best medical services in case of health emergencies. Further in this article, we will discuss the advantages of having a mediclaim policy for family.
Benefits of having a mediclaim policy for the family
Compared to an individual insurance plan, a comprehensive medical insurance policy for a family is a much safer and more convenient choice due to its different benefits.
Much higher sum covered
One of the first noticeable benefits of having a medical insurance policy for a family is the coverage amount one can opt for, ranging from anywhere between 1.5 lakhs to 2 crores. This high coverage amount means that in the case of medical emergencies, you are never short of funds for expensive medical procedures.
Single monthly premium
Most people shy away from mediclaim policies since they do not want to pay a monthly premium amount for each member of the family. A mediclaim policy for the entire family solves this problem since one has to pay a single monthly premium amount for the whole family.
Most mediclaim policies offer add-on features like maternity covers, critical illness, etc. It is beneficial if a family member needs maternity care in the future. Most medical insurance policies cover pregnancy-related expenses, including normal and C-section deliveries. Additionally, they might also include pre and postnatal care.
Critical illness cover
The critical illness cover rider provided by most medical insurance policies can be a great addition for people with elderly parents in their families. The critical illness cover offers lump sum compensation in case of such a diagnosis. Sometimes hospital visits and ambulance charges are also covered by the mediclaim policy.
A mediclaim policy for the entire family offers a unique form of flexibility to the policyholder, where one can easily add members to the existing policy in case of childbirth or marriage.
A family mediclaim policy offers comprehensive coverage for all existing family members. With the help of numerous add-on riders provided by the policy, one can easily customise the policy better to suit the needs of the different family members.
The mediclaim policy can also include additional accidental cover, which covers any hospitalisation costs due to an accident. Also, in the case of death or permanent disability, the family is entitled to receive lump sum compensation from the insurance company.
Most mediclaim policies include a cashless hospitalisation feature. You do not have to pay anything during hospitalisation because the bill is settled cashlessly between the insurance company and the hospital.
Under the Income Tax Act section 80D, individuals paying monthly individual health insurance for the entire family can avail of tax benefits up to INR 25,000, which can rise to INR 50,000 if their parents are both senior citizens and are included in the mediclaim policy.
A comprehensive mediclaim policy for the entire family can be one of the best investments in this day and age due to its different benefits and the added mental peace it gives.