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Monday, June 17, 2024

Understand What is Family Floater Health Insurance and Its Benefits

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India has two different types of health insurance plans. The first type is an individual health insurance policy, whereas the other one is a family health insurance policy. As the name itself suggests, induvial health insurance policies will offer protection to the policy owner. A family health insurance policy, on the other hand, covers the entire family under a single premium. The whole family can easily take advantage of this type of policy as a single-family floater plan will cover the whole family. It is always a great idea to go for a family floater health insurance if your family has more than two people. To know the benefits of a family floater health insurance plan, make sure you read the whole blog.

Having a family that supports you whenever you need them is a blessing. Insurance companies understand that having a family is important, and taking care of each one of them is equally important. That is when the term “family health insurance plan” was coined. A family floater health insurance plan is a kind of health insurance policy where all your family members will be covered, and paying for only one premium is required. In case there are multiple policy claims simultaneously, the assured sum will be equally split amongst all the members of your family.

Benefits of a Family Floater Health Insurance Policy

If you plan to get a family floater health insurance plan, then you must have more than 2 people in your family. A family floater plan usually covers daycare procedures, room rent of the hospital room you or your family member are staying in, surgeries, vaccination expenses, regular health check-ups, pre-hospitalization medical expenses, post-hospitalization medical expenses. There are a few benefits of buying a family floater health insurance plan, they are:

Easily manageable- The best thing about a family floater health insurance plan is very easy to manage. It will save you the hassle of maintaining several policies of all your family members at the same time.

Affordable- Apart from being easily manageable, a family floater health insurance plan is extremely cost-effective than an individual health insurance plan. These plans usually offer a larger sum insured and a lower premium payment.

Reinstatement value- If the sum assured to you gets exhausted while a family member is receiving treatment, then some insurance companies offer a 100% restoration of the insured sum. This makes sure that you as a policyholder have coverage even if the amount has already been fully exhausted.

Better tax benefits- Under section 80D of the Income Tax Act, this policy known as the family floater health insurance plan will make you eligible for tax benefits. You can avail of a maximum of 75,000 rupees on your annual income. If you include your in-laws or senior citizen parent in the family health insurance plan, then you can take advantage of that.

These are the few things you need to know about a family floater health insurance plan that will help you choose the perfect family floater health insurance plan for your family.

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