{"id":40007,"date":"2019-02-14T15:18:01","date_gmt":"2019-02-14T09:48:01","guid":{"rendered":"https:\/\/www.newsilike.in\/?p=40007"},"modified":"2019-06-06T12:16:29","modified_gmt":"2019-06-06T06:46:29","slug":"how-to-secure-your-family-with-extended-cover-in-health-insurance-plan","status":"publish","type":"post","link":"https:\/\/www.newsilike.in\/how-to-secure-your-family-with-extended-cover-in-health-insurance-plan\/","title":{"rendered":"How to Secure your Family with Extended Cover in Health Insurance Plan"},"content":{"rendered":"\n
\"family-health-insurance\"<\/figure>\n\n\n\n

With medical expenses staying on an ever-increasing trajectory, it is no\nsurprise that one of the biggest worries facing a bread-winner today is the\nprospect of a loved one’s hospitalization. A persistent nightmare that can keep\nanyone awake is the thought of a medical treatment being available but out of\ntheir reach due to the prohibitive expenses involved. <\/p>\n\n\n\n

Health insurance providers are waking up to the fact that India is still\na country where a large population lives under the aegis of a joint family, and\na simple individual insurance cover will not work for everyone. <\/p>\n\n\n\n

Q1. What are the alternatives for family\nhealth cover?<\/strong><\/h2>\n\n\n\n

There are three alternatives that can be explored by individuals looking for health insurance plans for family<\/a><\/strong>: <\/p>\n\n\n\n

1. Individual\ncover: One can purchase an individual plan tailored to the needs of each family\nmember. While the advantages of this kind of coverage are obvious, the costs of\npremiums for each policy can quickly add up to unmanageable amounts. <\/p>\n\n\n\n

2. Floater policies\n(with immediate dependents): A family\nhealth cover with a single premium and a significant sum\ninsured to cover a family. However, most such policies include coverage for two\nadults and two children, thus excluding the elders in the family. <\/p>\n\n\n\n

3. Family policies\nwith cover for extended family: This new arrival in the insurance market has\ncoverage for parents, in-laws and other people in your family like siblings and\ncousins. <\/p>\n\n\n\n

Insurers like Bajaj\nAllianz Life, Max Bupa and Oriental, among other players, have introduced\nmultiple family plans to take advantage of this gaping void in the market.  <\/p>\n\n\n\n

Q2. What are the advantages of <\/strong>health insurance plans for\nfamily?<\/strong><\/h2>\n\n\n\n

1. Manageability: With one policy covering\nthe entire family, you are freed from the burden of having to keep track of\nvarious individual plans. A single premium is all that is needed to protect\nyour entire family from any health emergencies. <\/p>\n\n\n\n

2. Easy to add new members: Every time there\nis a new addition to your family or a new responsibility in the form of an\nelder family member, you can simply modify your policy to add them in. The\nsum-insured can be correspondingly increased depending on the age of the member\nand their health status. <\/p>\n\n\n\n

3. Cover for Parents and In-laws: Not only\nyour parents, but even your in-laws can be covered under the same policy. Thus,\nyou can ensure the continued protection of both sides of your family. <\/p>\n\n\n\n

4. Tax Benefits: Whether you buy health insurance online or offline, as long as you do not make cash payments, you can take advantage of a tax deduction of Rs. 55,000 (25,000 for you, plus 30,000 for the elders in your family) under section 80D.<\/p>\n\n\n\n

5. Policy tenure: Many plans in the market cover your family for two to\nthree years, thus locking in your premiums and avoiding the year on year\nincrease. <\/p>\n\n\n\n

6. No-claim advantage: For policies where there is no claim made during\nthe policy tenure, there is usually a bonus provided in the form of an increase\nin sum insured for the following period. <\/p>\n\n\n\n

Q3. What are some crucial points I need to be\naware of?<\/strong><\/h2>\n\n\n\n