The importance of a health insurance policy cannot be denied in today’s day and age. With growing instances of lifestyle diseases, life without a health insurance policy is like throwing caution to the wind. Hence, it is more of a necessity than a luxury.
Various health insurance plans are available in the market, and each of them is best suited for a specific category of individuals. If you are looking to insure all the members of your family at once, a family floater policy can come in handy.
What is a family floater policy?
A family floater is a type of health insurance where multiple family members are covered under one single health insurance plan. Thus, the sum assured of the policy floats among all the beneficiaries. Every beneficiary can take full advantage of the available sum assured.
In addition to being available for all the mentioned beneficiaries (family members), a family floater health insurance plan is a cost-effective policy as a single premium is required to be paid. This eliminates the hassle of managing multiple policies for individual members of the family. *
The features of family floater health insurance
Depending on the insurance company and the type of plan that you may have opted for, the features of a family floater policy differ. But here are some of the common features that may be found across leading insurance companies:
- Family floater policies come in multiple plan options that can be opted for based on the size of your family and the ailments for which coverage is sought.
- Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy are some of the alternative forms of treatment that are covered in a family floater policy.
- For treatments that do not require the patient to get hospitalized, a family floater policy also provides coverage for daycare procedures within its scope.
- Where hospitalization is required for more than a specified duration, some insurers may pay a lumpsum compensation for the loss of income during the period of hospitalization. This is known as the convalescence benefit.
- A serious form of obesity that poses a risk to health may require the patient to undergo surgery. This procedure is known as bariatric surgery and is covered by a family floater policy. Doctors recommend it only after standard weight-loss measures like dieting, routine and rigorous exercise have all failed.
- Family floater health insurance plans also allow for reinstatement of the sum assured helping the other family members avail the full amount of insurance coverage.
- Similar to individual policies, family floater plans include pre- and post-hospitalization coverage. This enables the beneficiaries to seek compensation not only for the main treatment but also for the expenses incurred before and after it.
- Lastly, depending on the insurance company’s offering and type of policy, organ donor expenses, daily cash benefits, and maternity coverage are also available under some policies.
* Standard T&C Apply
Benefits of a family floater policy
The biggest advantage is that you and your family are covered under one insurance coverage. This eliminates the hassles of managing multiple insurance plans. Some other noteworthy benefits of a family floater health insurance plan are:
- The premiums paid towards the family floater coverage have tax benefits under Section 80D of the Income Tax Act, applicable with terms and conditions.
- Adding new members to the plan is a straightforward process.
- Although the chances of a minor family member requiring medical attention are slim, a family floater plan allows you to cover them for a nominal increase in premium.
* Standard T&C Apply
Coverage of a family floater plan
The coverage of a family floater policy depends on the eldest insured member. While that may not be a concern at first, as the age of the eldest member increases, the premiums also get impacted. Further, a family floater plan has a cap on the maximum renewability age between 65 to 75 years. Thus, you must verify it at the time of purchase if you plan to include elderly family members in its coverage.
In the end, make use of a health insurance premium calculator which is a nifty way to keep your premiums in check, and compare the available options when selecting a family floater policy. * Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
