We strive to provide nothing other than the best in all cases to our loved ones. Whether it is the comfort of living or having a sufficient backup for emergencies, we ensure that they have the best of everything.
Likewise, a compatible family floater health insurance policy is a must-have for the betterment of your family and you. It will not just secure your medical expenses but is also a cost-effective option compared to all other individual policies.
As the name suggests, the health insurance plans for family are tailor-made to provide coverage for the entire family. Even though it has similar principles to an individual health insurance plan, only the coverage option is different. In a nutshell, a family floater health insurance plan typically acts as an umbrella of coverage for your entire family.
If you are thinking about purchasing health insurance plans for your family, then you’re in the right place. This article will discuss the advantages of a family floater health insurance plan. But before that, we will quickly look into what exactly is a family floater health insurance. Please keep reading until the end of the article to know more about it.
Let’s get started.
An Overview of Family Floater Health Insurance
Family floater health insurance is a unique policy that essentially covers you and your family under a single insurance plan.
This typical policy usually comes with a fixed insured sum that provides coverage to your children, spouse, parents and you under the same roof. If you have an extended family who is dependent on you, then you can include them as well. But before that, you need to talk to your insurer and submit the required document of proof.
The best health insurance for family generally covers expenses that are related to hospitalisation. They include ambulance charges, pre and post-hospitalisation expenses, daycare procedures, etc.
Please note that this mediclaim policy for family can also be customised according to your family’s requirements. You can do so by combining the necessary add-ons with your existing policy. Your policy might also cover maternity expenses and certain pre-existing medical conditions and also provide newborn coverage on certain conditions.
Advantages of Family Floater Health Insurance Plans
Some of the most compelling benefits of a family floater health insurance plan are:
● Affordable and Cost-Effective
Since a family floater health insurance plan provides coverage to your entire family under one policy, the premium is quite affordable. When you purchase individual policies for each family member, the premium amounts will burn a hole in your pocket. While the family floater premiums go easy on your pockets, it secures the medical expenses of your loved ones.
● Easily Manageable
One great thing about family health insurance is that it saves both the time and hassle of maintaining multiple insurance policies. As one policy covers your entire family, things become quite easier to manage.
● Excellent Tax Benefits
The family floater health insurance plan gives you remarkable tax benefits under Section 80D of the Income Tax Act. Besides, you can also avail of deductions up to Rs. 75,000 on your annual income if your senior-citizen parents are included in your family health insurance plan.
● Option to Add New Family Members
The best part of a family health insurance policy is that it enables you to add new family members very easily. Whether you have a newborn in your family or want to include another dependent member, you can do these effortlessly.
● Cashless Hospitalisation
Most insurance providers have quite a few network hospitals where you can acquire treatment. Meanwhile, your insurer will take care of the medical bill settlements directly with the hospital.
As the family floater plan provides cashless hospitalisation, you can get your treatment at almost zero cost. Besides, you can also do away with the tedious procedure of reimbursement.
By now, you must have understood that a family floater health insurance plan is the ideal option for safeguarding your loved ones. As it is a single policy offering family benefits, it relieves you from maintaining several health insurance policies.
So, what are you waiting for? Get the best health insurance for family today and experience all the remarkable benefits.
What can a family floater health insurance policy cover?
A family floater, a health insurance plan can essentially cover the costs of health checkups and vaccinations. It also covers the pre, and post-hospitalisation care charges up to a specified limit, hospitalisation expenses, and other expenses incurred during treatment with alternative medications.
What are the exclusions of a family floater health insurance plan?
The pre-existing diseases are not covered under the family floater health insurance plan. Besides, treatment for nuclear attacks and attempting suicide are also not covered by health insurance plans for family.
What is the minimum and maximum entry age for a family floater health insurance plan?
The minimum entry age for children is 91 days, and for adults, it is 18 years. On the other hand, the maximum entry age for children is 30 years, and that for adults is 65 years.
Are there any tax benefits on the family floater health insurance policy?
Under Section 80D of the Income Tax Act, you can avail of tax benefits on a family health insurance policy. The premium amounts paid towards health insurance for children, spouse, parents, or self is allowed for deduction.
Is it possible to convert an individual mediclaim to a family floater policy?
You have the option to migrate your existing individual health insurance plan to a family floater plan with the same insurer. Here, you will have the opportunity to carry forward the lapsed waiting period from the earlier individual plans to the new mediclaim policy for family.