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Family Floater Health Insurance Plans

What is a Family Floater Health Insurance Plan?

A family floater health plan is essentially a way to extend an individual health insurance cover for your entire family. Under these plans, the beneficiaries (your family members) are entitled to claim the entire sum insured together as a group. Hence, the limit “floats” the entire family in that it can be used by any family member any number of times up to the total sum insured limit. For instance, if your family floater health insurance plan has a maximum cover of 4 lakhs, the entire family can claim up to 4 lakh rupees today. However, if one member utilizes 2 lakhs under the policy, the rest of the family members can only claim up to 2 lakhs. A floater health plan is a great way of insuring your entire family.

What are the benefits of buying a Family Floater Health Insurance Plan?

A family floater plan carries a number of benefits that are also given under an Individual Health insurance plan. It also carries some additional benefits as well.

1. Addition of new family members:
Adding new family members under the insurance cover is an easy process under the new plans available in the market. The policy need not be revised every time a new addition is made to the family. Also, if a senior member of the family passes away, the remaining members can continue to enjoy the benefits of the policy without any change.

2. Alternate treatment support:
Certain policies may also allow expensing of claims against alternative medicine, such as allopathy, ayurveda or any herbal remedies. This might be a useful feature if a family member chooses to opt for alternate treatment options.

3. Features for young couples:
Many insurers now have attractive add-ons to a floater plan. These include coverage for maternity costs and costs associated with a newborn addition to the family. These features may have a built in waiting period.

4. Inclusions for in-laws:
Most policies have the option to add parents or in-laws under the coverage for little extra cost.

Why should I choose a Family Floater Health Insurance Plan?

A Family Floater policy helps you cover your entire family under a single policy. Policies today help you to cover up to 15 types of relationships. It also frees you from the hassle of insuring different family members separately. Under the various types of plans available, you can choose which of your family members to insure under the coverage umbrella. A number of the family floater policies offer attractive discounts on the policy premiums as well. Hence a family floater plan is one of the best ways to protect your loved ones against financial stress due to health problems.

How to choose a Family Floater Health Insurance Plan?

A number of factors that go into choosing an individual plan are also good points to keep in mind while selecting a family floater policy.

1. Co-payment options:
Find out if your family floater policy has a co-payment option. Under this feature, you can enter into an agreement with your insurer to pay off some of the expenses. For a 15% co-pay policy, you will pay 15% of the expenses while the insurer pays 85%. These features usually help to lower the premium costs associated with a plan.

2. Sub limits:
Even though a family floater plan has a maximum sum insured amount that your family members can avail, many insurance policies have sub limits for particular diseases or medical procedures. If a particular procedure is capped at a certain amount, the insurer will not pay more than that even if there is an amount remaining in the overall sum assured.

3. Renewal and Portability:
Always know if your policy is renewable lifelong, or if it has a specific period of renewal only. It is always advisable to go for a lifelong renewable policy as it guarantees cover for medical expenses throughout without worrying about new policies. Ensure that your insurer has a good portability policy without any hidden charges or penalties involved.

4. Number of beneficiaries:
This is a basic point to keep in mind while going for a family floater health insurance plan. Who you wish to keep under the umbrella of the policy, their age, if they have any pre-existing medical conditions, your familial relationship with them – all of these factors play a role in determining the premium you will have to pay and the sum assured that you can get.

When is the right time to buy a Family Floater Health Insurance Plan?

The right time to buy a family plan is usually right before you start a family. Planning for a secure future for your spouse and your children is an important task. This planning begins with ensuring that in case of any unfortunate medical emergencies, your family gets the best care available, and cost does not become a factor in the treatment. Buying a policy early on when you’re starting a family is the best way to get a good offer and lifelong cover for your near and dear ones. Alternatively, if you have dependents who rely on you as a provider for the family, it’s important that you obtain a family floater policy to cover them in case of a health emergency. Family Floater plans offer to cover a number of types of familial relationships. Take advantage of this and cover all the people who you love.

How can Family Floater Health Insurance Plans help protect my Family?

Protecting your health is a major concern for everyone living a modern lifestyle. Even more important is the health and well-being of your loved ones. An individual plan only covers your personal medical expenses. By expanding an individual policy as an umbrella floater policy, you’re extending the same benefits to all your family members. The premiums do not increase by a drastic amount while the insurance cover improves drastically. A floater plan ensures that all the members of your family covered under the plan can avail the health benefits up to the total sum assured. A family floater health plan is therefore one of the best ways of maintaining financial stability in the family in case any member has a medical crisis.

For a genuine and transparent advice on your Family Health Insurance Plans, call our advisors on 9948 661 204 and get a Free Consultation for the first time. Alternatively, submit our enquiry form and one of our Financial Advisors will get back to you at your convenience.

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