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The Ultimate Guide to Family Floater Health Insurance

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Family Floater Health Insurance

Health insurance is generally available for individuals and families. Policyholders who do not have anyone to depend on them financially can seek individual insurance without any worries. But those who have a large family and members who depend upon the policyholder’s income, require thinking of it long term. What if all the family members fall ill together? How will you pay for the expenses if one of your family member’s is diagnosed with a severe illness? That is what family floater health insurance plans are for.

Family floater health insurance plans are helpful to safeguard the health of each family member under a single premium. So, when you doubt your financial capability, your family can still be in the pink of their health with the plan at hand.

Let us know more about this type of insurance plan.

What Is Family Floater Health Insurance?

Are you worried about how you will pay for the exponentially extensive hospitalization or illness fees if your wife falls sick? Is it possible to take care of everyone alone if they fall ill together? Well, that is a concern for many parents out there. But with a family floater health insurance, it can take a backseat.

A family floater health insurance plan is where all family members are covered under a single premium. So, if you have two or more members in your family, this policy can come to your rescue right away.

The sum assured will be divided into equal parts for each family member in cases of multiple claims. To keep the insurance alive, the policyholder must pay a premium annually or monthly to the insurance company. Generally, these plans are more cost-effective than others.

How Does the Family Floater Health Insurance Function?

Let us take two different examples for your convenience. In the first scenario, we have Rohit, who has obtained a family floater plan that covers his parents and kids. Their sum insured is Rs.20Lakhs. In the second scenario, Mamta has received a family floater plan that covers her husband and mother. Let us see how this best health insurance for families can come to their rescue during an emergency.

Scenario 1

Rohit is admitted to a hospital as he has tuberculosis. His medical bill is around 5 Lakh. At the same time, his wife gets dengue and requires hospitalization as well. Her hospital expenses are around Rs.2Lakhs. At such a point, Rohit’s family floater insurance policy will cover these illnesses and help them recover on time. So, both Rohit and his wife can indulge in cashless treatment and recover without any financial strain. The family is at ease as well.

Scenario 2
Mamta’s family suffers from food poisoning due to some poor-quality food they ate together at a restaurant. Their total hospitalization bill amounts to Rs.6 Lakh. Thankfully, her family floater plan came in handy and helped them recover quickly by covering for them. So, the remaining 20 lakhs from the sum insured remains for them to use later during such emergencies.

What Are the Benefits of A Family Floater Health Insurance Plan?

Cost-effective

Since family floater plans involve all family member’s cover in a single premium, it is a highly affordable plan to scout for. Families with too many members can easily opt for it.

Higher sum insured

In a family floater option, the sum insured is generally higher to cover the family without any issues in case of urgency. Thus, if two family members are simultaneously hospitalized, there will not be any financial crunch on their end.

Improved Tax Benefits

The family floater plan also offers tax benefits under Section 80D of the Income Tax Act. So, anyone who avails a senior citizen plan, or a family floater plan can receive a deduction of Rs.75,000 on their annual income.

Easy to Operate

With a family floater health insurance plan at hand, you do not have to worry about managing a host of policies under a single roof. So, your hassles are minimal, and you can be stress-free without any inconvenience.

What All Do They Cover?

Family Health Insurance Policy covers differ from family to family. So, these plans provide a comprehensive cover to people against their medical expenses. So, if there is a medical urgency, one can entirely focus on the wellbeing of their loved ones instead of worrying about the financial requirements and how they will cope with them.

Surgery

Whether there are major or minor health insurance policies, all are covered by a family floater health insurance policy. But you must keep in mind to examine the list of surgeries covered by each insurance provider since it differs from one plan to another.

Daycare Procedure

Any medical procedure that requires anything less than 24 hours falls under the category of daycare procedure. Chemotherapy, cataract, and other treatments may be a part of this. Most plans that are incredible provide around 160 and more types of daycare procedure.

Health check-up and Vaccination expenses

Sometimes, it can become extremely costly when the entire family requires a health check-up. Since managing finances during such times becomes difficult, family floater insurances can come into play. They help manage both health check-up and vaccination expenses as well, relieving us of the financial burden.

How Can You Buy a Family Floater Health Insurance Plan?

It is no hard day’s task to buy a family floater plan. You can do it both online and offline as per your choice of an insurance company. If you go offline, you must visit the branch and speak to an insurance provider. They will guide you further with whatever you want to do.

So, you will leave with a family floater guide that helps you fulfill all your requirements without any compromise. You must also select a suitable premium for yourself with enormous benefits. Make sure you fill-up the details of each member carefully. There should not be any mistake. Do not provide any incorrect information as that could lead to inconvenience later. Also, do not shy away from tailoring the plan to your comfort. Include the add-ons you wish to have and see what changes you need.

 

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