How Do Family Floater Plans Offer More For Less?

Staying in shape can help you avoid a variety of diseases, but it's no assurance that you'll never get a chronic illness. What if a member of your family is diagnosed with a medical condition that needs immediate attention? As you work hard to meet your family's requirements, make your money work even harder to assure their financial stability by getting mediclaim insurance that covers all of their future health needs.

Individual health insurance coverage for each family member might be costly, given that not everyone would submit a claim. However, a family floater insurance plan can be the better option because it can let you receive inexpensive family health insurance for all family members under one roof. To get to know more about family floater plans, read on.

What Is A Family Floater Health Insurance?

Unlike an individual health plan, which only covers a single person, a family floater policy covers everyone in the family, including you, your spouse, children, and parents. When it comes to health insurance premiums, family health insurance is also far more cost-effective than individual coverage for everyone in the family.

Let's have a look at an example. A scenario in which a family of three chooses a health insurance of Rs. 1 lakh for each person vs a situation in which they may save money by choosing a family floater mediclaim policy of Rs. 3 lakhs that covers all three members.

How Does A Family Floater Health Insurance Function?

The sum covered that you pick in a family floater insurance plan is split among you and your family members. When a claim is submitted, the requisite amount is paid out, and the remaining money covered for the policy year is divided among the remaining family members. The premium for family health insurance policies is determined by the age of the oldest insured family member.

Assume one of your family members has been diagnosed with a mild cardiac condition and is admitted to the hospital. The insurer reimburses the insurer for Rs. 1 lakh spent on hospitalisation charges. The remaining Rs. 2 lakhs will be available to the other two family members for the remainder of the year. 

What Are Advantages Of A Family Floater Health Insurance?

Following are the listed advantages of a family floater health insurance -

1. Taking Care of the Whole Family's Health - You can enrol your dependent siblings, parents, and in-laws in a family floater mediclaim insurance once it has been started, in addition to your spouse and children. Enjoy comprehensive coverage at a fixed insurance price for the duration of the policy.
2. Coverage Across the Board - Your family floater insurance policy offers a number of medical expenditures, including doctor appointments, hospital visits, hospitalisation charges, and emergency ambulance fees. This gives you financial peace of mind when it comes to regular medical check-ups and also dealing with an emergency medical situation.
3. Adaptability - In the case of a medical emergency, one family member can use the entire family's health coverage under a family floater insurance policy. In comparison to an individual health cover, which only offers medical insurance for a single person with either a considerably lesser sum covered, this allows access to a bigger amount and hence less financial strain.
4. Tax Benefit - The premium paid for a health insurance coverage, whether individual or family health insurance, can be deducted under Section 80D. This can help you save even more money by lowering your tax burden while also ensuring that your family's health is not jeopardised in the future.
5. Affordability - By now, you've probably realised that family floater health insurance is the ideal health insurance plan for you because it offers affordable premiums and tax benefits while still offering comprehensive coverage for your entire family. If you're searching for a low-cost health plan that covers your family's medical requirements, this is the ideal option for you.

Endnotes

These are some key points that demonstrate how the finest family health insurance policies may offer a variety of benefits at a lower cost than individual plans. Choosing the correct health insurance may make a significant impact in the lives of those who rely on you. If you have a family and are looking for a health plan for them, consider a family health plan now.

Do read - Importance Of Purchasing Health Insurance Plan For Women

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.