More than 50% of Indian families still avoid the question of investing in a health insurance policy. The excuses include—“My family is healthy and fit, and that’s why we don’t need a family cover” or “I have enough emergency funds to take care of medical contingencies.” However rational, these statements are far from reality and can turn into a big mistake when things go south. It is estimated that while facing a chronic condition such as cancer, most families are not able to complete the treatment due to a lack of adequate funds.
If you, too, consider investing in medical insurance for family is not essential, read on to find out how it can impact the family’s health and finances for the worst.
Mistakes to Avoid Before Buying Family Mediclaim
Don’t let yourself fall for these excuses and misconceptions when buying a family floater cover:
- Underestimating Healthcare Costs: Medical inflation in India has shot up to 8% in the past 2 years. Especially post-COVID, there’s a spike in the number of diseases and illnesses coming with unbearable treatment costs. A minor heart surgery today can cost lakhs at a private hospital. Not availing of a family floater health insurance would compel you to bear unimaginable hospitalisation costs in the face of adversities.
- Depending On Your Emergency Fund: You have to spend a fortune out of your pocket if you do not avail of comprehensive health insurance for your family. A single medical emergency can exhaust your entire emergency fund, leaving you disappointed and financially in debt. If you don’t have a family plan in place, you will end up spending everything you have saved for your loved ones’ future. Buying mediclaim for your family can protect you against financial stress and burden.
- Overlooking Your Family’s Medical History: Your family may have a history of chronic ailments like cancer, stroke, or paralysis. Ignoring these illnesses is a major mistake. Also, not securing your family’s life against such family conditions is a bigger mistake. That’s why you must not take your family’s health lightly. If there’s a chronic condition, ensure that your family floater cover has adequate coverage for the same. Also, check if the insurer offers coverage for specific illnesses like cancer and heart disease. For instance, Care Health Insurance offers condition-specific family floater health plans for diseases such as cancer, cardiovascular diseases, and others.
- Compromising With Healthcare Benefits: Besides hospitalisation expenses, your family needs value-added benefits like annual health check-ups, OPD coverage, global coverage, ambulance cover, second opinion, etc. Thus, always look for an insurer that offers such value-added benefits to help your loved ones keep track of their health. Also, look for features like a no-claim bonus, reduction in the waiting period, AYUSH treatment, and domiciliary hospitalisation as offered by Care Health Insurance. These benefits enhance your family’s security coverage while keeping your budget intact.
- Missing out on Tax Benefits: With family floater health insurance, you can avail of tax benefits of up to INR 25,0000 under section 80D. By avoiding a health insurance plan, you are missing out on these benefits as well. So, be smart and invest in a family floater to save more on your health and finances for years to come.