Why Should Newly Married Couples Opt For Family Health Insurance?

Marriage is a bond between two individuals who pledge to be with each other through the good and bad times. One of the first financial decisions you make as a couple is investing in a health insurance plan together.

You and your spouse may have individual health insurance plans or may be covered by your respective employers. However, it becomes necessary to evaluate your needs post marriage.

With the extension of the family, you may review your existing mediclaim policy to cover your partner. For this purpose, you may consider purchasing a family floater health plan.

Understanding the family floater health plan

As the name suggests, a family floater mediclaim policy covers multiple members of the family under a single plan. You may select a particular sum assured amount, which may be used by any member of the family. This acts as an umbrella of coverage for your entire family and provides the much-needed financial protection in case of a medical contingency.

Benefits of family floater plans for newly married couples

Family health insurance plans offer numerous benefits, especially to newly married couples. Following are five advantages of purchasing such a type of health insurance policy post marriage.
  1. Easy addition of members in the future-Investing in a family health insurance after marriage is a wise decision as it is beneficial in the long run. You may add your new members to your family health policy easily in the future. The good news is that you may cover maternity and baby care expenses in your plan. This provides a great degree of financial protection in case you are planning for a baby in the near future.
  2. Easy to manage-Managing multiple policies is a cumbersome task. It becomes necessary to remember the date of renewal of every policy and make the premium payment towards the same before the due date. Failing to do so may incur late payment charges. In order to do away with such hassles, you may consider investing in a family floater mediclaim policy. By doing so, there is no need to keep track of different renewal dates. You may, therefore, manage your policy in a hassle-free manner.
  3. Addition of parents and in-laws-You may also seek medical insurance for parents and in-laws under a family floater plan. This ensures that your dependent parents and parents-in-law are covered under a mediclaim policy. Such an insurance plan ensures that they receive the best medical treatment without having to worry about making financial arrangements during medical emergencies.
  4. Availability of discounts-Family health plans are considered as value-for-money. Health insurance companies tend to offer discounts as numerous members are covered under a single plan. This proves to be a great benefit to you if you are seeking to cover your family members at an affordable rate.
  5. Tax benefits-One of the greatest benefits of a family floater plan is tax benefit available as per the Income Tax Act, 1961. Under Section 80D, you may claim health insurance tax benefit of up to INR 25000 for self. In case your parents or parents-in-law are senior citizens, you may enjoy a higher exemption amount of INR 30000. This helps to reduce your tax liability largely.
Marriage brings along with it the responsibility of securing your partner’s life. Buying a family floater mediclaim policy ensures that your partner is financially secure – no matter what. You may, therefore, consider investing in such a plan and reap the numerous benefits such a plan has to offer.