Family Health Insurance: 5 Reasons why Newly-wed should Consider It

• Written by Anjali Sharma

  Reviewed by Munmi Sharma

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The union of two families through marriage is a turning point in anyone's life. Amid these new beautiful changes in life, you may also want to look out for each other's physical and mental well-being. Health insurance for newly married couples can be one way to ensure collective healthcare. Family health insurance covers all the family members under a single health plan. Since a wedding introduces new members to the family, like your spouse and in-laws, having comprehensive family health insurance can be a great choice.

Health issues remain unforeseen, and diseases and mishaps may affect your health and savings. With a health insurance plan, you can manage the medical expenses and emotional strain. Read on further as we discuss how newly married health insurance can benefit the whole family.

What is Family Health Insurance?

A family health insurance plan is a policy that covers the medical expenses of the entire family including the policy holder, spouse, children, parents, and in-laws. It enables access to quality healthcare and helps managing the medical treatment costs. It works as a shield during the time of medical crisis and avoids any sudden burden on the family for the medical purposes. 

Significance of Family Health Insurance for Newly-wed Couples 

A family health insurance plan has become necessary for everyone, especially amid rising medical expenses that may otherwise impact your savings. As marriages come with responsibilities and expectations, you need to plan your finances as well. As a newlywed couple, it is essential to consider adding health insurance to your financial portfolio to keep your savings protected during a medical emergency. Here’re the 5 reasons why you should consider investing in the best health insurance policy for newly married couple:

Comprehensive Healthcare

A family health insurance plan covers all family members in a single policy. With a higher sum insured, comprehensive coverage, and a single premium, the policy is easier to manage. .

Maternity Coverage

As a newlywed couple, you may want to consider extending your family in the nearby future. While planning a baby can be one of the most exciting journeys, it also comes with additional expenses. From prenatal to newborn care, the expenses can be endless. Mostly the maternity coverage includes the newborn up to 90 days after birth. 

Hassle-free Addition of New Members

With family health insurance in place, adding a new family member in the policy is easier. Adding new members to the existing family floater plan is relatively easy and hassle-free with most health insurers. All you need to do is inform your health insurance provider and do the needful to complete the process. Your spouse or baby will be eligible to enjoy the existing policy benefits of the family floater plan. 

Easy on Pocket

Family health insurance is easy on the pocket since a single premium has to be paid for the entire family’s coverage. With the concept of family health insurance, the premium is no longer costly due  to the types of coverage offered under the plan. Also, if you or any of your family members already have covered under a corporate health plan, the family health plan may act as an additional cover.

Saving through Tax Benefits

Tax saving is a major benefit that you can get when you opt for newly married health insurance. Under Section 80D of the Income Tax Act of 1961, a policyholder can enjoy a tax deduction of up to ₹25,000.

Factors to Consider While Selecting Family Health Insurance

When choosing a family health insurance plan, it is important for the newlyweds to consider the number of family members to be covered and the sum insured. The cost of a family health insurance plan can vary based on several factors, including age, medical history, and sum insured.

Let us discuss these factors in detail:

• Amount to be Covered: It is very crucial to decide the amount or the sum insured to cover medical bills for the whole family.
• Network Hospitals: It is advised to always check the list of network hospitals where cashless medical treatment facilities are available.
• Premium: Before buying any policy it is advised to first check the premium amount of various policies so that you can find one which you can afford.
• Exclusions in the Plan: One should know all the details of the policy, including the exclusions. As this would avoid any kind of confusion and you do not miss the payment deadline for the claim.
• Claim Settlement Ratio: It is very important to check the insurance company’s claim settlement ratio to analyse their effectiveness in handling claims.

Exclusions in Family Health Insurance for Newlywed Couples 

Despite being comprehensive in nature, offering coverage for certain extreme health conditions is not feasible under most health plans. These conditions, called exclusions, usually include:

• Self-inflicted injuries
• Suicide
• Claims during a waiting period of 30 days, except for accidents
• Infertility and in-vitro fertilisation expenses
• War, riots, strikes, etc.
• Drugs or alcohol abuse
• You can refer to the complete list of exclusions to avoid any consequences during a claim.

Let’s Wrap it Up

The family health insurance for newly married can be a health shield for both partners. Ensuring your partner's well-being can be one of the best gifts you can give them. Investing in a family health plan can be a great decision if you have marriage on the cards or are already married. . If you already have a family health plan, you can contact  your insurer to add new members to the plan, like your spouse, child and in-laws. The single premium policy makes it extremely affordable for many families to avail of quality healthcare. Cashless features further make the process light on your pocket.

At Care Health Insurance, we offer an affordable and comprehensive family health plan for your entire family. Choose a plan that meets your needs and stays covered.

>> Also Read: What Happens to a Family Floater Policy if the Proposer Dies?

Disclaimers: All plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.