What Is Family Floater Health Insurance?
Family Floater Health Insurance is a health insurance plan that provides coverage to the entire family instead of just an individual. If you wish to invest in a health insurance plan that covers every member of your immediate family, the family floater plan is the one that’s tailor-made for you. In principle, this health insurance plan is similar to individual plans. However, it is distinguished by its feature that offers coverage to your entire family, acting as umbrella coverage for all.
Family Floater Plans are the best choice when you wish to safeguard your loved ones and give them a security net, without having to deal with the hassle of managing multiple health insurance policies. Having this one policy for everyone relieves you from having to keep track of various policies, saving both your time and your money.
Critical features of a Family Floater Health Insurance Plan
Following are the main features of family floater health insurance plans:
- The family floater plan covers several members of your family under the same policy. Typically, a family floater plan includes the individual, the spouse and children. However, some insurance companies provide the option to also add dependent parents, siblings, and parents-in-law in a family floater plan.
- Since the policy covers several people under one plan, you have the option to increase the sum assured (and pay the corresponding premium) when you renew the policy. You can just as easily add family members to the existing plan.
- Family floater plans are much more economical as compared to individual policies, thereby facilitating savings on annual premiums.
- With the umbrella coverage offered by this plan, any covered members can go in for cashless hospitalisation in any of the network hospitals of their choice and claim benefits.
- The policy also includes the room charges up to a specific limit per day, for every day of hospitalisation.
- Some family floater plans work on a co-pay basis where policyholders have to pay a certain percentage of the medical expenses from their own pocket, while the insurance company pays for the remaining amount.
- Certain family floater plans offer maternity and new-born cover, which is excellent for couples who wish to start their family in the near future. However, there is a certain amount of waiting period which varies from insurer to insurer.
- The premiums you pay on this plan are eligible for tax benefits under Section 80D of the Income Tax Act, 1961.
What is included in the Family Floater Plan?
Some standard inclusions of the family floater health insurance plan are listed below.
Pre-hospitalisation cost:Expenses incurred on diagnostics or tests such as sonography, CBC, MRI, x-rays before hospitalisation.
In-patient hospitalisation:All expenses are covered under the plan if the duration of the hospitalisation exceeds 24 hours.
Post-hospitalisation cost:Expenses incurred on follow-up medical tests, doctor check-ups, prescribed medicines, etc.
Hospital cash:For family members attending the patient in the hospital, a daily cash allowance for transportation and other expenses is set aside under this plan.
Ambulance expenses:This plan also accounts for emergency ambulance requirements; however, it varies from insurer to insurer.
Day-care treatment:All treatments that can be completed in less than 24 hours, such as cataract surgeries, chemotherapy, radiation treatment, etc., are covered under this plan.
Restore benefit:Another essential feature of this plan is that, if the entire cover is exhausted within the duration of the policy, the restore benefit will restore the basic cover. However, the restore benefit may only be used for unrelated claims.
As is evident, it can indeed be advantageous to invest in a family floater health insurance plan. Such a plan ensures that your loved ones are always prepared in medical emergencies. Moreover, since the policy covers everyone, there is no hassle of renewing each policy individually. In case you need assistance in selecting a family floater plan for your family, you can always reach out to us at Pinc Insurance. Pinc Insurance is your one-stop guide to all your insurance needs – from buying insurance to filing claims and porting policies to much more. Visit www.pincinsurance.com to connect with us and choose the insurance plan that’s just right for you!