A deep dive into why you need to get family health insurance in 2023

Insurance is important to manage risk and, therefore, should be a part of your financial plan for the family. Health insurance helps you manage medical expenses due to hospitalization. Due to rising medical costs, seeking medical care is becoming increasingly expensive. A family health insurance plans helps you by covering all the family members under one insurance coverage. Lifestyle diseases and critical illnesses are so common these days, even in the younger population, that investing in a health insurance policy for families has become necessary. Let us look at the reasons why you need to get a family health insurance plan. Reasons why you should get a family health insurance plan today Below are some reasons why you need a family health insurance plan today. 1. Covers the entire family - A family health insurance plan provides coverage for yourself, your spouse, dependent children, dependent parents, and even dependent parent-in-law. Some plans even allow coverage for your extended family also. 2. Affordable premium - Family health insurance plans have affordable premiums compared to individual plans because all the family members share the entire coverage amount. Thus, you get coverage for your entire family without a dent in your pocket. 3. High and comprehensive coverage - These plans offer high and comprehensive coverage. Each family member gets a high cover with access to a number of features and benefits. You can choose features and benefits keeping in mind the needs of all family members, from the youngest to the oldest, ensuring that all medical expenses are covered. 4. Easily include new members - If you have new members in the family due to childbirth or marriage, you can easily add them even in the middle of the policy term. You need to request to the insurance company and pay an additional premium. 5. Preventive medical check-ups - Most health insurers offer preventive annual check-ups for each family member annually. This helps in detecting diseases at an initial stage and keeping a check on your health issues. 6. Discounts - Health insurance companies also offer discounts for including more than 2 members under one family health insurance policy. 7. Tax Benefits - You can claim a deduction up to ? 25000 under section 80D for the premium paid for the family health insurance plan. You can claim an additional deduction of ? 25000 for including your parents in the family health plan; if your parents are senior citizens, the deduction value is ? 50,000. Conclusion If you are young and about to start your family, go for a health insurance policy for your family. It will be cheaper and help you plan your finances. Explore Kotak health insurance plans which offer wide coverage with many benefits, including in-patient treatment, day-care procedures, pre and post-hospitalization expenses, AYUSH benefits, maternity, and new-born cover, etc. You can add riders for additional coverage suitable for your entire family. Visit the company�s online portal or the nearest branch to get more details, or contact our team to clear all your doubts. Related Blogs Family Health Insurance Plans Alternatives For Family Health Insurance Plan 6 Reasons to Buy Family Health Insurance Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.