A family floater health plan is a type of policy that covers all family members with a single premium cost. In case there are multiple claims during the policy period, the sum insured is distributed among the covered members. This policy eliminates the need to procure insurance coverage for each member separately.
Benefits of family floater health insurance
A family floater health insurance plan reduces the hassle of buying and maintaining multiple policies. Some of its advantages include:
- More affordable as compared to an individual insurance plan
- Cashless provision within the network centers
- Higher sum insured to cover the entire family, ensuring adequate protection
- Premium paid on the family health insurance plan is eligible for a tax deduction under Section 80D of the Income Tax Act, 1961
- Insurers may provide 100% restoration benefits if the total coverage is exhausted during the treatment of an insured person
When it comes to family medical insurance, you need to consider the number of people covered under the plan. This kind of health policy covers you, your spouse, three children below the age of 25, and dependent parents and in-laws.As the number of people covered under the mediclaim plan increases, the premium also rises. This is because insurers believe that the risk is higher with more insured members.
Tips to choose the right family floater plan
Several insurers in the market offer family floater health insurance plans. Select the right policy to optimize coverage and benefits. Here are three things you need to consider while buying family floater coverage:
- Sum insured
While a higher sum insured may seem beneficial, it comes at an increased premium, which may not be affordable. Consider the healthcare costs in your location. Remember to take inflation into account while analyzing these expenses. Additionally, keep your family’s medical history and the age of the oldest insured family member in mind when determining an adequate sum insured at a cost-effective premium.
- Waiting period and exclusions
These are two of the most important terms you need to clarify before buying the policy. Pre-existing conditions often have a waiting period of two to four years. Insurers may not cover alternative treatments like Ayurveda and Unani in the policy. This becomes more important to note during the current pandemic when many insurance companies are offering coronavirus health insuranceplans.
- Hospital network
Another important determinant is the network of hospitals where you may avail of cashless services. Opt for an insurance plan that offers this at a hospital near your home; this is especially important during such a time when the novel coronavirus has taken the world by storm. You may do your best to protect yourself from any illness. However, if you or any other family member tests positive and requires hospitalization, ensure that yourchosen COVID-19 health insurance plan includes a care facility close to your home.
The best way to find an affordable family floater policy is to buy online. Compare the varied offerings of different insurance providers and choose a suitable family health insurance plan today.