Everything you need to know about family floater health insurance Nowadays, visiting a doctor or popping medicines due to ill health is the most common sight amongst the individuals. Thus, we hardly get to see a truly healthy person in our surroundings. On top of this, the escalating medical costs are only adding up to their worries, wherein they cannot afford quality treatment at an affordable price. Increasing health problems and sky-rocketing medical expenses make medical insurance policies the need of the hour. Have you ever wondered? If an individual's medical expenses are so high, what would be the cost to maintain the health of your entire family? It's something that needs serious thinking.
Relax! To take care of your family with the utmost care, and reduce the burden of rising medical expenditure, insurers have introduced family floater health insurance. It provides comprehensive health coverage at affordable premium costs. You can cover your spouse, children, sibling and parents under a single policy. Further, any family member can use the floater sum insured for medical treatment during the policy term. For instance, if you opt for a family health plan with a cover of Rs 10 lakhs then all the family members together can claim for this amount. In this era of rising pollution level and sedentary lifestyle, individuals are easily prone to various health issues and complications. Thus, it increases the importance of protecting your family under a plan that caters to their exact health needs on time. Under family floater health insurance plan cover, you and your family will enjoy benefits such as: •
Since it’s a single plan, it saves you from the hassles of buying multiple policies for each family member, pay for premiums and remember the renewal dates.
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It becomes easy to add a new member or change information about family members such as spouse, children, siblings, parents, and in-laws. No medical check-ups for up to 40-45 years. You can opt for long-term health insurance policy and yield some discounts on the premium costs. You can avail discount on co-payment. Free health check-up for the insured family members every year. Avail tax benefits under section 80D of the income tax act on the premiums paid for your floater plan.
Thus, these benefits make family floater health insurance a must buy for your beloved family. If any of the family members use the floater sum insured for his or her treatment, you can reinstate the amount while renewing your health plan. It will ensure that your family members are covered at any given point of time. The premium of family floater health insurance policy is based on the elderly member in your policy. Most insurance companies have the age limit as 60-65 years for policy renewal. Few things to consider before you buy a family floater health plan: • Check for maximum renewability age. • Sub-limits, room rent, co-payment clause. • Number of empanelled hospitals for cashless claim. • Claim settlement & Solvency ratio. • Value-added benefits, No Claim Bonus and reinstatement benefits. Before buying your policy, keep in mind the current health status and pre-existing illness of every family member. Hope you’re now aware of the importance of a family floater health insurance, and buy it for your loved ones!
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