Health Insurance Plan for Parents and Children
A health insurance plan that covers not only you but your whole family is a solid deal. In a single premium you get to cover up to 15 members of your family. Such comprehensive health insurance plan is called a family floater plan. Since, it is a single policy that takes care of every family member of yours; you are escaped from the task of maintaining records of numerous individual health policies and keeping track of their renewal dates. Also, a family floater policy costs you cheaper than taking numerous individual policies.
As cost of other things rises, the cost of medical expenses also rises. Health insurance policies offer the feature of increasing the sum insured after some years. Sometimes, as a reward for your timely renewal of policy and no claims, the insurance company increases the amount of your sum assured. A family floater policy is a life saver for the house and keeps you ready to face any medical contingency with confidence. In case of medical emergencies, many times the cost of treatment causes more fear and pain than the emergency itself.
For what was earlier considered as a luxury is now a necessity. The service sector has boomed exponentially in India over the past decades. And thus, this boom has passed on economies of scale to the insurance and banking sector as well. The premiums are quite affordable and the service has bettered. The IRDA since its setup in 1999 has taken good measures to regulate the insurance industry and win the trust of masses in insurance. Earlier people were very skeptical whether their claim would be paid or not but that scenario has changed a lot since.
Earlier the only health insurance people used to have was the one done by their employer for them. Apart from that only a select few used to buy it. Some people used to buy health insurance only for the tax benefits. One can get a handsome tax exemption under section 80D, but is not the only motivation to go for a health insurance plan. With increasing awareness people now know how beneficial a health insurance plan is to them.
You can also take health plans exclusively for your parents. Such plans have no entry age limit, cover pre-existing diseases like Diabetes and Cardiac conditions and 100% claim settlement without co-pay.
Aging parents have more medical needs to tender to. If parents are senior citizens you can get additional tax rebate up to Rs. 20000 for the money paid as premium.
Compare health insurance plans to avail the best deal and a plan loaded with attractive and suitable features. Following the experts, one should compare plans of at least three companies before buying. Being more informed about the market, you can take advantage of the competition. Thus, a healthy advice is to do ample market research and evaluation. A healthy family signifies happiness and prosperity!!