A family is a string of beads that is bound together at all times. For many of us, our family is a priority, we want each member to be healthy and hearty. Regular medical attention or monitoring is required to keep a person healthy.These checkups can be easily done If one’s finances are in place.
Health insurance is designed to facilitate proper medical care when necessary. And one can choose from a plethora of policies available in the market. But it is important to understand which kind of policy will be the best to cover your entire family. In this article, we will explore the best type of health insurance policy that will cover your family members.
What is Family Floater Health Insurance?
As the name suggests, a family floater plan is the best option to extend a medical cover on various members of your family. Through this plan, family members like your spouse, children, parents and/or in-laws can be financially covered against medical emergencies.
Benefits of Buying Family Floater Health Insurance
#1 A comprehensive plan for the entire family
When you have more people in your family, you need to make sure that each member is properly covered under health insurance. The hassle of managing each plan increases with a large number of family members. Even if the number of family members is less, it is not feasible to manage each plan separately. This is where a family floater plan comes into the picture. The main benefit of buying health insurance plans for family is that you do not have to keep managing different plans for each member.
#2 Higher sum Insured
When you buy a health insurance plan for each family member, you may get a lower sum insured as compared to a family floater plan. In case a particular member did not fall ill or used the coverage, the sum insured will be of no use at the end of policy term. However, when you purchase a family floater plan, the sum insured can be used by any of the family members throughout the policy tenure. In this manner, health insurance plans for family offers monetary benefits over individual health insurance.
#3 Tax Benefits
If you have a family that includes aging parents (senior citizens), children, and spouse you can get a tax benefit of Rs 75000 per year on your health insurance plans for family. This benefit can be availed under section 80D of the Income Tax Act of 1961. If you do not have any senior citizens in your family, the benefit would reduce to Rs. 25000. You can get a tax benefit irrespective of the family members being dependant on you.
How to buy a Family Floater Plan online?
Buying an online health insurance policy takes less time than buying the same plan through an agent or by visiting the insurer’s office. The very first step is to know your requirements. If you are buying an online health insurance plan for the first time, you can begin with questions like “how large should be the sum insured?” “do the children/senior citizens in my family need special coverage?” etc.
Once you are sure, move ahead to look for a suitable plan. You can also compare various health insurance policies of the same type to understand their coverages or price. When you finalize a policy, visit the insurer’s website. Fill the required details, read the terms and conditions of the policy along with exclusions (situations that are not covered) and make the payment. Depending on the insurance company, you may receive the policy at your registered email address instantly.
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