Best Family Floater Health Insurance Plan in India
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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.
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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.
The key features of best family floater health insurance are;
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.
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.
Although there are numerous benefits of opting for a family floater health insurance policy, there are certain disadvantages that are associated with it.
The following factors affect the premium on a family floater health insurance policy:
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Factors to consider when choosing a family floater health insurance policy:
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.
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.
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.
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.
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.
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.
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.