Everything You Need to Know about Family Floater Health Plans
Health is the most important asset. While it true that health is naturally unpredictable, you can at least control the reimbursement of your medical expenses. The health insurance sector offers a varied range of health insurance plans, and according to your requirement and preference, you can choose a particular policy. Broadly, the policies either guarantee an independent insurance cover or a group insurance cover. Most insurance experts advise people to opt for an independent cover since it has more benefits as compared to a group insurance. However, the family floater health plan makes you think otherwise. After all, this particular health plan has gained popularity in the market because of its unparalleled benefits.
The cover provided by the floater plan guarantees a safe and secure future for your loved ones. One of the biggest advantage is the fact that it is cheaper than most other individual insurance plans. Before we get into the depth of family floater health plans, let us begin by first understanding what family floater health plan really is.
A family floater health insurance plan allows the members of a family (you, your spouse, parents and dependent children) to get insured under a single umbrella policy. The insurance companies give you two options to do the same. The first one, the individual insurance cover policy, iswhere all the family members are insured separately. The second one, floater cover,offers a certain amount that can be shared amongst the family members.Later on, any of the family member can use this amount for his/her medical treatments.
There are various reasons and benefits of why one should go for a family floater plan. Some of them are mentioned below:
- Cover for an individual is high: Each member of the family can use the insured amount for his/her medical expense. Since the amount insured is high, the treatment of any individual can be done, without worrying about the financial costs.
- Senior citizens cover: Most insurers do not renew the health insurance for senior citizens after a certain age. However, in a floater plan, complete cover is provided to the elders of the family.
- Flexibility: When a member (new-born) is added to your family or someone dies, this insurance policy allows you to change your policy terms,if you wish to.
- Ease of maintenance: Since you have to pay only one premium amount every year, the family floater policy makes the entire process easy. Plus, you are not needed to maintain different records for different members of the family.
- Hospitalisation charges: The policy provides you the benefit of covering all your medical expenses. These expenses include all the treatment charges before and after you’re hospitalised. Ranging from the ambulance charge to the ICU charges, it covers all of them.
- Domiciliary treatment cover: If the treatment is done at home, then the expenses of a home-nurse and the medicines are all covered under this policy.
- Organ donor: The expenses incurred while donating an organ are also covered. Although, only the expenses of donating certain organs are covered under the policy. Make sure you read this clause carefully.
- Cumulative bonus: The family floater health insurance policy offers cumulative bonus in case you go‘claim free’ for a year.
- Tax benefits: The premium paid for the policy is eligible for tax benefit under the Section 80D of Income Tax Act.
If your primary concern is to secure your family’s health, then the family floater policy offers the best benefits. This, family health insurance policy not only allows offers to take care of your medical expenses, but also saves you from unexpected financial debts.
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