Health uncertainties and risks are part of life, because of which it is essential to be fully equipped to deal with these situations. One way you can follow is by having medical insurance by your side. A comprehensive health insurance provides financial help in times of need.
Both individual and family health insurance policies are available in the market, each with their pros and cons. If you want an all-inclusive cover for your family, you can opt for a family health insurance policy. Such a plan will ensure that even if two family members get sick in the same year, you will have a financial back-up.
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The choice of a health insurance plan must be made based on your needs. Given below are the advantages of having both an individual and a family floater medical insurance.
Advantages of Individual Medical Insurance Policy
- Cashless Claim Service Availability
If you get hospitalized in an unexpected medical emergency or circumstance, you can avail of the cashless benefit. Many medical insurance providers offer this with their plans. This facility allows you to avail of medical treatment without paying for the same to the hospital. However, it is only available in hospitals impaneled with the insurance company. The claim will be directly settled with the hospital.
- Daily Allowance for Hospitalization
Some insurers pay a specified amount of allowance in case you spend time in the hospital. It is, however, applicable only after you have already spent a few days in the hospital. The number of days you must spend in the hospital before getting this allowance is pre-decided in the medical insurance plan. It differs from one insurance provider to the other.
If you are the bread-winner of your family, such an allowance proves to be extremely beneficial during an emergency.
- Tax Benefit
When you pay the premium for a medical insurance policy, you become eligible for tax benefits. You can get a deduction under Section 80D of the Income Tax Act, 1961. The deduction amount available is up to Rs 25,000 for individuals of age less than 60 or Rs 50,000 for those above the age of 60.
Advantages of Family Floater Medical Insurance Plan
- Cost-Effective Policy
Family floater medical insurance plans offer the benefit of a sum assured that can be shared across family members. It is a smart plan and comes in handy because the chances of all the members falling sick in a calendar year together are rare.
A significant factor that makes this medical insurance cost-friendly is that you do not have to make the payment for individual family members.
- Sum Assured
In case the family members suffer from multiple illnesses, the sum assured can be distributed amongst the family members. In the event when the sum assured gets exhausted due to one member’s hospitalization, some insurers offer automatic restoration of it by 100% as per the insurance-related terms. In this manner, you will not have to worry about more than one member’s recurring hospitalization in the same year.
- Miscellaneous Benefits
Under a family floater medical insurance plan, it is easy to add a new member. Many insurance companies offer this facility. Some Business Insurance for Manufacturing providers provide an option for two years of policy cover. With this benefit, you can get continuous hassle-free coverage without any change in the chosen tenure’s premium costs. Additionally, you can also avail of the offered discounts under the family floater medical insurance plans.
If you still have doubts and are unclear, you can visit the website of reputable insurance providers like Tata AIG. They provide all the information related to the policies on their website. You can explore their individual and family medical insurance plans and make your choice. Make sure that you read the policy terms thoroughly before you purchase any scheme.