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Family Health Insurance Guide for Newly weds
Apr 6, 2024

Family Matters: 5 Reasons Why Newly-Wed Couples Should Consider Family Health Insurance

Isha, 27, and Rahul, 28, got married recently. Once all the fuss and the fun of the wedding was over, they decided to sit down and make some important financial decisions at the start of their new life. Both are working professionals, living with Rahul’s parents, and each earns a decent salary. Considering all the factors, they decided to buy a Health insurance plan that would support them and their loved ones in case of medical emergencies. However, they were confused at one point - should they buy individual health insurance plans or go for family health insurance? Here are some reasons why Isha and Rahul, and other newly wed couples like them, should opt for family health insurance.

Why Newly-Wed Couples Should Buy Health Insurance 

With the following points, newly wed couples can better understand why a family health insurance plan is the ideal option.
  1. Affordability

Many people are not sure about buying health insurance, often due to the expenses involved in the process. With family health insurance, the expenses may become manageable to an extent. If Isha or Rahul were to buy separate individual health insurance plans for themselves and their family members, the total premiums of all the plans would be quite high. On the other hand, a family health insurance plan that covers various family members may prove to be somewhat affordable compared to multiple individual plans.
  1. Easily manageable

Having one family health insurance plan for all family members can make it easier to manage the policy. If you are a newlywed, you may not want to go around shopping for multiple plans, paying their premiums, ensuring their timely renewals, and so on. With a single family health insurance plan for all, things tend to be easier to manage.
  1. Tax benefits

The Income Tax Act of 1961 allows tax deductions against health insurance premiums under Section 80D. The maximum deduction one can gain under this section against premiums paid for self, spouse, dependent children, and parents is Rs 25,000. If the parents are over 60 years of age, the limit can increase to Rs 50,000.** So, by paying for a family health insurance plan, you can enjoy tax benefits as well as ensure medical coverage for all.
  1. Comprehensive additional coverage

Isha and Rahul were both working professionals, and each had an employee group health insurance policy provided by their respective employers. However, they realised that their policy wouldn’t be useful if Rahul’s parents were to suffer some serious health issues. Even if it covered his parents, the sum insured was too small, considering today’s medical inflation rates. Hence, a family health insurance plan with a high sum insured would be an ideal option. It would ensure that whoever gets hospitalised receives high-quality treatment and the best medical care.* This would not only ensure a speedier recovery for the patient but also help the rest of the family members manage the situation more peacefully. Claims are subject to terms and conditions set forth under health insurance policy.
  1. Additional coverage for holistic health

With a family health insurance plan, you not only get coverage for hospitalisation but also a host of other health-related concerns. For instance, many plans provide convalescence benefits. Here, a payout is given to the policyholder if any of the insured members are hospitalised for more than 10 days.* You can also opt for additional covers such as the maternity/new-born baby cover. If you and your spouse are planning to have a baby, this cover can provide extensive financial support during the pregnancy and childbirth process.* Hence, a newly wed couple can give a promising start to their new life by opting for a family health insurance plan. Claims are subject to terms and conditions set forth under health insurance policy. While the above pointers emphasise the importance of family health insurance, there are a few situations in which a different type of health insurance plan might fare better, too.

When to Opt for Separate Health Insurance Plans

A separate and specific type of health insurance might be a better option in the following cases:
  1. If there are senior citizens in the family

Senior citizens tend to have medical problems more frequently. This may lead to repeated claims in a year. Hence, they need health insurance for senior citizens which can take care of their medical emergencies more extensively.*
  1. If a family member has a serious/chronic ailment

If anyone in the immediate family has an ailment that requires intensive care or repeated medical intervention, it may be a better idea to insure them under a separate plan. For instance, they may be better equipped with a plan that offers pre-existing disease coverage at the earliest.* Family health insurance plans can also be complemented with critical illness insurance coverage if required. Claims are subject to terms and conditions set forth under health insurance policy. To know the premium of any health insurance plan, you can use a health insurance premium calculator .   *Standard T&C Apply. **Tax benefits are subject to change in prevalent tax laws.  Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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