There are different types of health insurance plans available in the market. A family health insurance plan can protect your entire family and is a great investment in the long run. You may also get insurance through your employer’s group insurance policy. This can be extended to your entire family as well. While they may look like they offer similar benefits at first glance, these two policies serve different purposes. Opting for both and using them in combination with each other can protect your health and wealth. Here’s what you need to know about combining both these insurances and making the most of them.
Plans start at just ₹21/day*.
We pay 100% of your hospital bills
From syringes to surgeries
No limit on hospital room rent
No compromises on recovery
Combining Employer Coverage with a Family Floater Plan
If you are employed, your employer may offer you a group health insurance policy. This policy will cover you, your spouse, and your children. Some may even include parents. Some employers may offer top-ups and add-ons, which can enhance coverage at an additional premium. It will be deducted from your salary. Employer coverage will last till you are employed with the company. It cannot be converted into a family floater plan or an individual health insurance plan when you are leaving your job.
Coverage can be extended to the employee’s family, including their children and spouse however the amount may not be sufficient. Elderly parents can also get coverage depending on the terms and conditions. However, it is not enough to offer them holistic coverage.
Employees need to pay an extra premium to get extended coverage. These premiums are considerably lower for employer health insurance. However, it is an additional cost. In some cases, the premium is divided between the employer and the employee, or it is fully paid by the employer with limited benefits.
Only if you, as an employee, are paying the premium for a group insurance policy, you can claim a tax deduction for it. This is usually not the case. Most of the premium is paid by the employer and thus an employee cannot claim tax benefits.
Having both employer coverage and a family floater health plan can offer an incredible level of protection for the entire family. They can also be combined as needed. Here are some of the benefits of having these two policies.
The coverage offered by group insurance can be basic. Combining it with a family floater health plan can provide enhanced coverage for many health conditions. For those with pre-existing conditions and on a new family floater plan that has a waiting period, employer coverage can come in handy.
Typically, group insurance may come with a smaller sum insured. So it may not cover all your hospitalisation expenses. Hence, having a family floater plan to cover the remaining expenses as needed will offer financial security.
Pro tip: In case of hospitalisation, use your group health insurance policy first. If the bill goes beyond the coverage, you can then use your family health insurance plan.
When you leave your job, or retire, the insurance coverage given by your employer ceases to exist. And remaining without health insurance between jobs is a big no-no in this day and age. A health insurance plan for family will cover your insured members so that you can look out for the next opportunity or retire without worrying about the finances.
A family floater plan in health insurance is essentially a policy that extends coverage for the entire family. This can include your spouse, children, and your parents. In most cases, it contains all the benefits of a standard insurance policy. You can also customise a family floater plan as per the needs of your family member through add-ons. Family health insurance plans are more affordable when compared to buying health insurance separately for each family member.
One plan covers your entire family. So instead of managing paperwork for multiple plans and paying multiple premiums, your entire family’s health care needs are taken care of in one shot with this plan. It also provides coverage for all age groups, including newborns, dependent children up to the age of 25, and senior citizens.
Purchasing individual health insurance for every member of your family can become a costly affair. A family floater plan offers an affordable way to safeguard your family with insurance.
A family floater plan gives every member of the family equal access to the sum insured. This ensures that a family member who is in need of a higher sum insured can make use of the entire amount.
Adding new members is easy. This can be done within the policy term for an additional premium, depending on the insurer’s terms and conditions.
A family floater plan offers tax benefits. You can claim a tax deduction under section 80D of the Income Tax Act. You can claim up to ₹25,000 to ₹1,00,000, depending on the age of the insured.
A group health insurance plan from the employer may seem sufficient, however considering the rising costs of healthcare i.e. medical inflation, relying on a plan so limited in nature may not be a good idea. Instead consider creating a back-up with a Family Floater Health Insurance that offers extended coverage and the flexibility to suit your needs.
2.5K Linkedin Followers 
Reviewed by Dr. Harshita Dahiya 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
Products 
Company
Legal
Support
Car Insurance 
Bike Insurance
Health Insurance
Group Health Insurance
Travel Insurance
Life Insurance
