Customers can take family floater health plans to deal with unexpected health emergencies. This type of plan is best suited for the complete protection of your family. If your family has more than 2 members then rather than taking an individual plan you can choose a single-family floater plan. You can cover your parents, kids, spouse, and yourself in an extended family floater plan. These plans have a comparatively low premium as compared to individual insurance plans. Family insurance plans provide a high sum insured.
What All Features Does A Family Floater Health Plan Cover?
- A single Family floater plan can be sufficient to cover the entire family of 4-6 peoples. Apart from this, you can also choose to add on covers for additional protection. With a family floater plan, you can take quality treatment in any network hospital. Customers can compare online quotes to get the best health insurance plan for their family.
- If you have more than one earning person in your family then you can split a family floater plan to reduce the burden on yourself. Like if you and your wife both are working then insure your kids with your wife and insure your parents with yourself. This will also help you to manage your premiums easily.
- We all know that old age people are at high risk of being diagnosed with the illness. The premium in family floater plans will be decided according to the age of the oldest person. So, you have to pay a high premium for them. That’s why insurance experts will always suggest you purchase an insurance policy at a young age. Also, at a young age, you will get the best insurance deals at a low price.
- These days all the family plans come with customizable features. You can add members to an insurance policy as per your requirement. If you have purchased an insurance plan before your marriage then you can cover your spouse in the policy after marriage. You don’t have to purchase a separate insurance plan again to cover your better half. You can also add your kids to the policy after 90 days of birth. In addition, maternity benefits are provided by all insurance companies on purchasing a family floater plan.
- In case, if one member has to move out of the city then you can transfer the benefit of the previous plan to a new plan.
Choosing a family floater health plan at the right age will be a relief for your expanding family’s needs.
Points to remember while choosing a family plan:
Determine your needs: Generally, Family health insurance plans don’t come with reinstatement. So, planning plays an important role in purchasing an insurance policy. Like you plan your daily expenses for household works, it is important to determine your health expenses also. If the availed insured amount gets shorter while treatment then you have to pay from your pocket.
- An example will make it clear. Suppose you have chosen a sum insured of 10 lakhs of your family. You take the first claim of 8 lakhs for a member of your family. Now again you need to make a claim for 6 lakh for the health emergency of other people in your family. In this case, the insurance company will pay the amount of 2 lakh. You have to pay the rest of 4 lakh from your pocket. That’s why you have to plan for your medical expenses otherwise you will end up spending your savings.
- Health insurance policies have high premiums so most of the companies only provide annual renewal options for customers. However, some companies provide a 2-year policy at once. The premium amount gets doubled for a 2-year policy. But you can also avail of multiple discounts on purchasing a 2-year policy at once.
- As per the income tax act, you can avail of mandatory tax benefits on health insurance plans for a family.
Salient features of a family floater health plan:
Family floater plans provide wider coverage of sum insured. You can take a sum insured of 5 lakhs to 10 crores as per the requirement of your family. You can take extended family plans to cover more than 10 people in a family.
Customers can compare online quotes from various companies to get the best health insurance in India. Premiums for a family floater insurance plan are way much less than purchasing multiple individual plans. So, if you need more coverage at a low premium then choose a family health insurance plan. Apart from this, you can even reduce your premium by availing deductibles and co-payments.
If you get married recently then a family floater plan is perfect for you. This will cover you, your spouse, and maternity coverage. This insurance policy will cover all the expenses related to maternity and also cover post-maternity expenses up to a certain period. Some insurance companies enable a waiting period on maternity benefits. So, choose well to avoid any problem in the future.
Family floater plans are flexible as per the view of premium as well as coverage options. You can add members anytime in a family floater plan. The coverage will also get increased on increasing the members in the policy. To add a member to your policy you have to inform the insurance company and have to pay an additional premium.
This is the most beneficial part of a family floater plan. Under section 80D of the income tax act, you can make a claim to get a tax deduction. Apart from this tax benefit, you can also avail of no claim bonus for not making a claim.