Why a good family health insurance plan is the best investment

A health insurance plan has become an absolute necessity, especially in these times. One health scare is enough to push a middle-class family into a debt trap without health insurance to cover hospital bills. If you have a family or are thinking about starting one, a comprehensive plan like the ACKO health insurance for family is something you should consider investing in to secure your family’s health and wealth. Here’s why you should invest in a good family health insurance plan. 

Financial protection
Whether you have a big or small family, the effects of medical inflation will be felt. Every trip to the doctor can be costly. And these trips can be more frequent if your family is made up of the elderly and young children, both of whom are vulnerable to diseases. And oftentimes, we might end up spending all of our hard-earned financial savings on health-related issues. While every penny spent on keeping a family member comfortable and disease-free is worth it, your out-of-pocket expenses can lead to financial ruin down the line. With a family health insurance plan in hand, you can face any health crisis head-on without having to think about your savings vanishing overnight. 

Convenience 
A family health insurance plan usually covers your spouse, children, and parents. Managing the paperwork for multiple health insurance plans for the entire family, along with making premium payments, can be a significant hassle. With a family health insurance plan, you save time and money. Often, a single family floater plan can be less expensive than multiple individual health insurance plans, as family floater plans typically have lower premiums. This can vary depending on the ages and health status of the individuals insured, but overall, you end up paying a lower premium on a family health insurance plan. This works out great, as every member of the family gets coverage for a lower premium. Family floater plans also give the flexibility to add more members to the plan at a later date, so you don’t need to worry about a member going without coverage. 

Preventative care
Health insurers know that prevention is the way to go when it comes to your health. Prevention leads to better outcomes for both your finances and your health. Treating a disease that has taken root is far more expensive than preventing it or catching it at an early stage. The best health insurance plan for your family is the one that provides access to preventive healthcare. This can come in the form of free annual health checkups and screenings. These checkups help identify many health issues and help protect your health and finances. Some insurers may offer discounts on diagnostic tests and provide access to wellness programs and apps. They encourage you to lead a healthier lifestyle, thereby preventing many lifestyle-related diseases.

Emergencies
Dealing with emergencies can be a very frightening experience. You never know what the outcome will be, and this can often leave you in severe distress. Adding money worries to this scenario is like adding fuel to the fire. It will leave us with a bigger burden to carry, scrambling to gather money in any way we can. A good family floater plan can help you manage any unexpected emergencies that may arise within your family. This enables you to focus on what is truly important at the moment: your loved one's treatment and recovery process. 

Tax benefits
Health insurance plans attract tax benefits under Section 80D of the Income Tax Act. This also applies to family floater plans. Individuals who are under 60 years of age can claim a tax deduction of up to INR 25000. If you have parents who are over 60 years of age, the deduction can increase by INR 50,000. So in total, you can get a tax benefit that can range anywhere between INR 25000 and INR 1 lakh per annum, depending on the age range of your family members.

Conclusion
A comprehensive family floater plan acts as a shield that protects your family from the toll that life can take on them. It can give you peace of mind, allowing you to focus on building wealth for your loved ones and lead a stress-free life. This makes a family health insurance plan a key part of your investment portfolio on par with real estate, gold, and stocks. So invest in one at the earliest and protect your health and wealth in one go.