Health insurance plans are a necessity in the current age. With rising incidences of lifestyle diseases along with other critical health conditions, it is imperative to have a medical insurance cover. Living without one is exposing all your hard-earned savings to unforeseen emergencies.
To ensure your family’s health, it is advisable you purchase a health insurance cover. Medical insurance can either be bought on an individual basis or for your family together. What better way than a family floater policy to cover all family members under a single insurance cover.
What is a family floater policy?
Family floater policiesare those that provide medical cover to all family members at once under a single plan. For a scenario of multiple claims by different family members, the entire sum assured is split among the beneficiaries. A family floater policy comes handy when availing a health insurance cover for many family members at once. Moreover, health insurance plans for family are cost-effective as a single premium covers all the beneficiaries.
What are the benefits of buying a family floater policy?
A family floater policy saves the hassle of maintaining individual health insurance plans of your family members. Here are a few benefits that you can enjoy once you purchase a family health cover –
- The sum insured for a family floater policy is generally higher (depending on the SI selected) since there are more beneficiaries under one policy. This may vary from insurer to insurer.
- Some plans offer restoration benefit in case the sum insured gets exhausted.
- Family floater plans are relatively cheaper than an individual health cover under certain instances
- The Income Tax Act, offers tax benefits under Section 80D.
Noteworthy features of a family floater plan
- The main advantage of a family floater policy is that the sum assured can be selected according to the needs of your family. In case there is an elderly member, higher coverage can be opted to cover frequent hospital trips.
- The premiums under a family floater policy are based on the age of the eldest beneficiary, and the coverage opted.
- A cashless facility can be opted at any network hospital for hassle-free treatment. On the other hand, reimbursement can be received for treatments that are not availed at a network hospital.
- Some policies cover daily room rent allowance up to a specified limit for hospitalisation.
Who should purchase a family floater plan?
Family floater plan is an ideal choice if you are someone who wants to insure your entire family’s health under a single policy. Moreover, this policy can be extended to provide coverage to infants as early as 90 days. This way, all members of the family receive comprehensive coverage without having to manage multiple policies. It can also be extended to you in-laws if you are a married individual.
Keep in mind the above benefits of family floater policies. These plans can be accompanied with add-on covers that enhance the coverage significantly. While add-ons are available at an extra premium, a health insurance premium calculator can be useful to manage the necessary and useful add-ons while keeping the premiums in check. Thus make the best use of a family floater policy and ensure optimal insurance cover for unexpected medical emergencies.