Importance of Family Health Insurance Cover | AU Small Finance Bank
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Importance of health Insurance cover for Family

    It is the innate desire of everyone to build a good corpus for the future. To accomplish this goal, people invest in different investment tools like stocks, bonds, life insurance, etc. But, often, people ignore the importance of a health insurance plan. A good health insurance cover is vital to take care of your physical and financial health during a medical emergency.
    A medical emergency can strike anyone at any time, irrespective of gender and age. It is the general misconception that older people are more prone to falling ill. But many reports suggest that even youngsters, because of their sedentary lifestyle, work-related stress, and bad eating habits, are equally at high risk of suffering from illness. In such a scenario, it is paramount that you have a health insurance plan for family that covers everyone, including parents, spouse and children.

    Why is it important to buy a family health plan and what are its benefits?


    Health cover for parents

    Your parents have always protected you, so you must now protect them too. Studies suggest that about 70-80% of senior citizens in India suffer from some or the other kind of lifestyle diseases such as diabetes or blood pressure. Thus, they are at a high risk of falling sick and facing a medical emergency.
    Additionally, old age has a significant impact on the immunity system and increases the risk of illness. The risk is higher among senior citizens. As such, getting an insurance cover for your parents is vital. If they fall ill, a significant part of the treatment expenses will be taken care of by the insurance company. Apart from getting financial protection, a health insurance policy is an excellent way to get tax-deductions.
    You can get a tax exemption up to 25,000 INR under Section 80D for the premium paid towards the health insurance for you, your spouse and children. You can also avail tax benefit up to Rs. 30,000, if you pay your parents’ insurance who are above 60 years of age. Thus, you can avail a maximum tax benefit of up to Rs. 55,000 by purchasing insurance for himself/herself and their parents.

    Health cover for children

    Statistics suggest that infants and teenagers are more prone to falling ill or meeting with an accident. The reason can be attributed to the underdeveloped immune system or raging hormones. Not to forget, every kid goes through the occasional fracture and illness that require hospitalisation. Having a comprehensive family medical insurance that covers the kids would help you reduce financial liability.

    Health insurance for Spouse

    You may have purchased an individual health insurance policy for yourself. If you are planning to start a family, it is paramount that you insure your spouse against medical ailments. Your spouse requires as much medical attention as you do and having an insurance cover will give you the peace of mind knowing that you need not pay huge hospital bills.
    You have two options to cover your family members. You can buy an individual health insurance policy for each family member or you can cover your family under a single, family floater plan. Make sure that you carefully assess the health condition of your family members and the extent of protection you need, to accordingly choose the best health insurance plan.

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