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Family Floater Health Insurance

Best Family Floater Health Insurance Plan in India


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Lives covered

A family floater health insurance is a type of insurance policy that covers several family members under a single umbrella, ensuring that all family members get benefits from a common pool.

Table of Content:

What is Family Floater Health Insurance?

Family floater health insurance is a health cover available to an entire family under a single policy instead of individual covers for each family member. Best family floater plans offer a high sum insured, at a single premium per year, which is available to all the members and multiple claims can be made.

Key Features of Family Floater Health Insurance

The key features of best family floater health insurance are;

  • The health cover can be availed by several members of the same family.
  • Considering factors like risk and location, the main policyholder can select a high or low coverage amount, based on which the premium is decided.
  • The insured persons can avail cashless hospitalization facility at any network hospital.
  • The policy includes a co-payment feature if the age of the eldest member is 61 years or above.
  • There is a waiting period for treatment cover for pre-existing illnesses.

Individual vs Family Floater Health Insurance

Individual health insurance plans offer insurance coverage for a single person only and the policy is bought in their name. On the other hand, family floater health insurance plans are comprehensive plans that offer health coverage to an entire family; wherein the premium and sum insured are shared by all the members.

How Does Family Floater Health Insurance Works?

Let us suppose a family floater health insurance plan covers a family consisting of an individual, his spouse and two dependent children. Firstly, the premium is decided based on the age of the eldest member.

Now, for instance, if the family floater plan offers a sum insured of Rs 5 lakh. If one member, falls ill and is hospitalized, they can avail cover for the medical expenses from the family floater health insurance plan. If hospitalization expenses came out to be Rs 2 lakh, then the remaining Rs 3 lakh is available for the rest of the family and multiple claims can be made with that amount.

Benefits of Family Floater Health Insurance

  • Affordable compared to individual health insurance plans
  • Option to add new family members in the plan
  • High sum insured available for the entire family
  • Facility to get cashless hospitalization
  • Increased sum insured upon policy renewal
  • Maternity cover with a waiting period

Disadvantages of Family Floater Health Insurance Policy

Although there are numerous benefits of opting for a family floater health insurance policy, there are certain disadvantages that are associated with it.

  • Including older family members in a family floater, the mediclaim policy can significantly increase the premium since it would be calculated based on the oldest member under the cover.
  • The older members under the plan might exhaust the entire insured amount since they are more likely to fall ill, and there is a chance that there will be no sum remaining for the other members of the family.
  • The policy can only be renewed until the oldest member falling under the policy reaches the maximum age for renewability for that particular company. In such a scenario, the other members will have to take a brand new policy and will have to forego the benefits of the family floater health insurance policy.

Factors Affecting the Premium on a Family Floater Health Insurance Policy

The following factors affect the premium on a family floater health insurance policy:

  • Age: Young policyholders are less likely to face health issues and have much lower premiums as compared to their older counterparts.
  • Height and weight: Body mass index, calculated using weight and height may affect the premium since it is an indicator of good health.
  • Family medical history: If there is a history of severe ailment in the family, it may lead to increased premium since the member is also likely to suffer from that ailment.
  • Consumption of injurious substances: People who regularly consume alcohol and smoke are likely to pay a higher premium than those who don't partake in such activities

>> Check: Health insurance Plans for Family

Tips to Choose the Best Family Floater Online

Factors to consider when choosing a family floater health insurance policy:

  • Opt for a policy with a shorter waiting period for pre-existing diseases
  • Ensure the plan offers flexibility to increase the sum insured
  • Select the policy with maximum renewal age of each
  • Find cashless hospitalization facility at nearest network hospital
  • Look for a policy with minimum exclusions

FAQs on Family Floater Health Insurance

What does Floater Mean in Health Insurance?

In a floater policy, health coverage in terms of one sum insured is available to all the members of a family. As the name implies, the coverage amount floats among the insured members of the family. That is, any insured member can get cover up to the specified sum insured.

Who Cannot be Covered Under a Family Floater Health Insurance Policy?

A family floater health insurance policy usually covers an individual, spouse, dependent children and dependent parents. Some plans also cover siblings and members of extended family including parents-in-law. However, the policy does not cover other relatives such as uncles and aunts.

Which is better, Individual or Family Floater Health Insurance?

For a person having a family including spouse and growing kids, it is advisable to opt for a family floater health insurance plan which will offer a high sum insured for all the members. It is an affordable option instead of buying separate plans for every member. However, youngsters or people with specific health conditions must opt for individual plans.

How to Renew a Family Floater Health Insurance Policy?

Firstly, policyholders must contact their insurers, provide their relevant policy details and make payment. They must adhere to the grace period of 30 days from the date of expiry to renew a family floater health insurance policy.

How Can I Buy Family Floater Health Insurance Policy?

Firstly, compare the various policies and choose the one that offers a higher coverage amount for your family, which is sufficient to meet the expenses in your city. Also, look for features like free health check-ups, no claim bonus and cover for maternity and new-born babies.

Do check the sub-limits that come with your policy. Irrespective of your insured amount, there could be a limit that does not allow reimbursement of expenses in one go. Opt for a plan with a minimum waiting period on specific diseases.

Why you shouldn't include Parents in Family Floater Health Insurance?

If the age of your parents is above a certain limit, usually 65 years, they may not be eligible for family floater health insurance plans. Since the premium is decided by the age of the eldest member of the family, including elderly parents in the plan will imply a higher premium. Often, family floater plans may not be beneficial for elderly parents who are suffering from pre-existing ailment. Instead, choose health insurance for parents to safeguard your elderly parents.

Does Family Floater Health Insurance Gives Tax Benefit?

Yes, policyholders under family floater health insurance are eligible for getting tax benefits. They can get a tax rebate on their health insurance premium under Section 80D of the Income Tax Act.

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