The premium for Family Health Insurance
Any health insurance policy that is eligible for covering the medical expenses of more than one family member can be termed as a family health insurance plan. In most cases, a family-specific policy offers assured coverage to at least two family members and even more— once the diagnosis is made. Moreover, the premium associated with a plan like this is often paid out annually and as a single amount. Although a family health insurance policy offers complete coverage when it comes to the individual, spouse, and children— one can also add in extra members like parents, siblings, and in-laws via customized floaters. While the addition of floaters attracts higher premiums, the entire procedure is often worth those extra bucks.
More about Mediclaim Policy for Family Protection: Premium Calculator and More
While the premiums associated with a typical health insurance plan depend on a host of factors, the first thing that comes to mind while purchasing a family health plan is the medical history of the entire family that qualifies for coverage. Put simply, the insurance premium is the amount the insured needs to pay out on a periodic basis, in order to avail significant medical coverage after a certain point of time. While most policies fix premium slabs based on the coverage amount, sum assured, and overall requirements— adding floaters and riders often end up increasing the premiums.
Why Mediclaim Premium Calculator is required?
Nothing works better for an insured than knowing the exact premium rate associated with a family health insurance plan. This is where the Mediclaim premium calculator comes in handy as it takes multiple factors into account before zeroing in on the exact slab. Factors including savings, marketing expenses, and the policy underwriting costs are some of the less obvious ones when it comes to influencing the overall premium for a family health insurance policy. However, the medical history of the insured and the mortality rate are the more important aspects which determine the premium rates. Therefore, insurance premiums are expected to be on the higher side for aged individuals and customers with pre-existing medical conditions. In case the insured is old and looks for coverage options for the entire family, the premium paid by him or her for a particular sum assured will definitely be higher as compared to someone who is younger.
Are there Tax Benefits on Premiums?
While the Mediclaim policy for family protection Premium Calculator can be used for identifying the exact premium amount, it can also give an insight regarding the tax saving benefits. Put simply, an insured can avail tax-related benefits in the ballpark of 25,000 for a financial year on the purchase of a family health plan. For senior citizens though, the slab goes up to 30,000. The best part about purchasing a health insurance plan like this is that if the insured is the sole breadwinner, he or she can avail combined tax-specific exemptions up to 55,000, followed by an additional 5,000, in case of annual check-ups.
Having a family health insurance policy to work with minimizes headaches for the insured. While there is a single cohesive policy to rely on, the premium slabs are extremely affordable in most cases. Depending on the perks offered by the insurer, a family health plan often comes with new-born coverage, grace period, assisted check-ups, automatic policy restoration, and more.