“Health insurance plans are for the ones who are prone to diseases, but I lead a healthy lifestyle” – this is what most of the people used to say in their defence for not buying health coverage. The prevailing misconceptions about insurance plans led people to think that it is not necessary to have one.
Today, things stand changed as the COVID-19 pandemic has startled the world with its impact radius. All the doctors and scientists are giving their cent per cent dedication to finding a cure for this disease. The only positive takeaway from this adverse situation is that it has created an awareness among people about the need for health insurance.
In 2020, it is extremely important to buy the best health insurance for family members to create a financial backup for unforeseen situations like the COVID-19. The benefits of health insurance plans are worth paying the monthly premiums. There are plenty of compelling reasons to buy the best health insurance for family members. Consider all the possibilities to make a wise decision. After all, it is better to start saving as early as possible than wait for the health crisis to drain out all the income.
The health insurance plans provide coverage to every member of the family.
Reasons To Buy Family Health Insurance
All the health organisations of the world have been stressing the importance of keeping the immune system strong and adapting to healthy habits. This has made a positive impact on people as suddenly everyone has started prioritising good health. While regular exercise and yoga, mediation, a balanced diet can help in boosting immunity, it is vital to take the final health measure by buying the best health insurance for family members. It is like carrying a power bank to work. We charge our phone before leaving the house yet keep the power bank as the backup option in case the battery drains out.
1. Provides Coverage To All Family Members
Some people make the silly mistake of buying individual health insurance plans for all the family members while some only buy for those who might need it as per their opinion. This idea ends up increasing their expenses and costing them a huge amount of money every month. To make a wise choice, one should go for the best health insurance for family members. The package plans cost comparatively lower than individual ones. Also, some companies offer additional discounts on family plans.
2. Protection Against All Types of Diseases
The insurance companies have largely developed their plans, ensuring that all the possibilities of a health crisis are covered. From minor health issues to cancer and heart surgeries, one can avail health coverage against all the diseases. The plans are designed cautiously by the experts, covering some similar issues in one plan. One can also customise any plan as per their requirements, making it the best health insurance for family members.
The insurance companies have also taken the initiative to design some plans considering the COVID-19 pandemic. So, one can now buy a plan that covers quarantine costs, Coronavirus testing costs and hospitalisation charges. The waiting period of these coverages is also capped at a minimum of 3 months. The insured individuals have welcomed this improvisation in plans very happily.
3. Secured Financial Backup During Crises
No matter how much one has saved for his future, buying the best health insurance for family members is the ultimate form of saving money for a health crisis. There is no point in spending all the hard-earned money for paying hospital bills when one can conveniently pay monthly premiums for insurance. Also, it eliminates the need for taking personal loans for affording the expensive treatments. Why pay such high-interest rates on loans when you can rather earn it by buying health insurance?
4. Offers Tax Benefits
Almost all the best health insurance for family members can help the insured to avail tax deduction benefits under Section 80D of the Income Tax Act. The premiums that one pays for the insurance premiums are not included in the income tax payments. So, if one buys the insurance for his whole family, he can avail a higher amount of deduction than the other who has individual health insurance.
5. Comes With Additional Benefits
The family health insurance plans come with some additional benefits like a discount on premiums, free health check-ups, maternity benefits, etc. It also offers the advantage of increasing the insured sum in the plan during the time of renewal. So, the family health insurance buyer is always in a win-win situation.
In a situation as grave as what the world is in during the pandemic, a comprehensive and all-round family health insurance plan is the need of the hour. The ever-rising health infrastructure costs can burn a hole in the pocket at a lightning-fast speed. Thus, one should not waste any time pondering over the idea of buying health insurance.