Family floater health insurance helps protect both your health and your savings. With medical costs going up, having the right plan means your family can get good treatment without worrying about money. A family floater health insurance plan covers everyone, yourself, your spouse, your kids, and even your parents, under one policy. It’s easier to manage and often cheaper than buying separate plans for each person. Today, a family floater health insurance plan offers many useful benefits like maternity cover, yearly health check-ups, cashless hospital stays, and even cover for existing health issues after a short waiting period.
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A family floater health insurance policy covers all your loved ones under one policy, no matter their age. It’s simple to manage and ensures everyone gets the care they need. During medical emergencies, such a plan can be a more convenient option as it is easier to access the policy benefits.
When your family is covered, hospitalisation becomes less stressful. You can get cashless treatment at any network hospital without worrying about paying upfront.
Buying health insurance for your family also helps you save on income tax. Under Section 80D of the Income Tax Act, 1961, you can claim up to ₹25,000 in tax benefits if you are below 60 years of age. For senior citizens, the limit increases to ₹50,000.
To enjoy these tax benefits, make sure you pay your health insurance premium using banking methods like debit or credit card, cheque, demand draft or net banking. Cash payments are not eligible for tax deductions.
A family floater health insurance plan consolidates the coverage for all enrolled family members under a single plan. The shared sum insured allows multiple claims, offering flexibility during medical emergencies. This shared approach distinguishes it from individual health insurance plans.
Let’s understand how the best family floater health insurance works with a simple example.
Mr. Mehta bought a family floater plan with a sum insured of ₹5 lakh. It covers him, his wife, and their two children. He pays ₹9,000 per year for this plan. Now, let’s look at how a family floater plan works for claims.
Mr. Mehta’s daughter falls ill and needs to be hospitalised. The treatment costs ₹3.5 lakh. Since this is within the ₹5 lakh cover, the insurance company pays the full amount.
Later in the year, Mr. Mehta and his wife are both hospitalised due to dengue. The total hospital bill was ₹4 lakh. Since ₹3.5 lakh was already used for his daughter during claim 1, now ₹1.5 lakh is the balance sum insured. Now, any difference in the hospital bill will be paid by Mr. Mehta out of pocket.
In most cases, full coverage is not used up because not everyone in the family falls sick in the same year. That’s why a family floater plan is a smart and affordable option.
The biggest advantage of a family floater health insurance plan is that it covers the whole family under one policy. It’s mucheasier to manage than keeping track of 3-4 separate health insurance plans for each person.
For example, if you’re a married person with two kids, it makes more sense to buy one family floater plan with ₹6 lakh coverage instead of buying individual policies. It saves both money and effort. When it comes to covering your parents, a family floater is usually more affordable than buying a separate senior citizen health plan.
Here are a few more benefits of a family floater policy.
Choosing the right family health insurance can feel confusing because every family has different health needs. Here’s what to keep in mind.
Each family member may need different types of care. Children often need regular doctor visits and vaccinations. Older parents might need tests, check-ups, or treatment for conditions like diabetes or high blood pressure. If you know what each person needs, it’s easier to pick a plan that fits your family.
A family floater plan may have sub-limits on things like room rents, medicines, treatments, etc. For example, some plans only allow ₹30,000 for medicines or ₹60,000 for certain types of treatment.
This feature refills your sum insured if it's used up during the policy term. It’s especially useful in family floater plans where there is a possibility of multiple claims.
Some plans are cheaper but only let you go to certain hospitals. Others give you more choices but cost more. Think about what matters more to you, saving money or having more freedom to choose doctors and hospitals.
Today, many health insurance plans also cover things like therapy and counselling. This is helpful because family life can get stressful. It’s good to have support for both physical and mental health.
Some insurance companies offer free check-ups, doctor-on-call services, or discounts on medicines and health clubs or fitness centres, concierge services, etc. These can add value to your family floater health plan and reduce your out-of-pocket expenses.
Let’s understand, family floater or individual health insurance, which is better?
| Aspect | Individual Health Insurance | Family Floater Health Insurance |
| Coverage | Dedicated coverage for the policyholder. | The coverage amount is distributed among all family members. |
| Benefits | Covers all medical expenses of the individual. | Covers all medical expenses of family members under the plan. |
| Premium | Higher premiums are based on coverage, age, and medical history. | Lower premium as it covers all family members under one plan. |
| Members Covered | Only the policyholder. | Enrols four to eight members, including the policyholder, spouse, children, and sometimes parents. |
Let’s see a comparison between family floater and group health insurance plans.
| Aspect | Family Floater Health Insurance | Group Health Insurance |
| Who it covers | Your family like spouse, kids and sometimes parents | Usually offered by your employer to cover you and maybe family |
| Premium | You pay the premium yourself | Usually paid by your company or partly shared |
| Customisation | You can choose coverage, add members or increase sum insured | Limited options, most things are fixed by the employer |
| Portability | You can switch insurers if needed | Not portable, cover ends if you leave the job |
| Long-term use | Meant for long-term personal use | Short-term, only till you’re with the organisation |
Yes, you can buy a health insurance plan for yourself, your spouse, your dependent children, your parents and even your in-laws. One plan can take care of the whole family.
Anyone aged 18 years or above can buy a health insurance policy. There is no upper limit to buying a health plan. If you’re buying a plan for your parents or in-laws, make sure their age is within this range.
When buying health insurance, it’s important to share your full medical history. This includes any illnesses or treatments you’ve had in the past. Some pre-existing conditions are covered after a waiting period. In a few cases, you might need to pay a little extra to get certain illnesses covered sooner. This is sometimes called a buy-back for pre-existing diseases.
With ACKO, you can cover your entire family under one health insurance plan. You can include up to 10 members: yourself, your spouse, up to four children, two parents, and two parents-in-law. It’s a simple and affordable way to take care of your loved ones’ health needs without buying separate policies for everyone.
For a quick estimate of your premium, you can use a family floater health insurance premium calculator and tweak a few factors to get the most affordable output.
Buying a Family Health Insurance Plan from ACKO is super easy and 100% online. You can do it in just a few minutes with no paperwork, no middlemen. Here’s how you can buy ACKO Family Health Insurance online in 3 simple steps.
Go to www.acko.com or open the ACKO app.
Enter basic details like your name, age, and family members you want to cover.
Pick a plan that fits your needs, make the payment online, and we will get in touch with you for further processing.
You can quickly buy or renew a policy online without paperwork or agents.
You can view and compare plans from different insurers on their websites.
Online quotes, benefits, and exclusions help you choose the right policy with clarity.
You can check policy details or buy insurance anytime, day or night.
Many insurers offer special discounts when you purchase directly through the website or app.
A family floater health insurance policy can be an excellent bet for families looking for an all-around and pocket-friendly health insurance policy. Since most family members are insured under different individual policies, the family floater plans are convenient and free from excessive disturbances, and they save money and ensure the medical costs are covered if a family requires treatment in case of sickness. It’s important to note that each family has unique healthcare needs, and the benefits of comparing different policies cannot be under-emphasised.
At ACKO, we’re here to help you make informed choices that match your family’s unique needs. Explore our family floater health insurance plans, use our app or website to compare features, and reach out if you have questions. We’re just a tap away. ACKO offers affordable, high-quality health insurance with no hidden charges, no middlemen, and a 100% digital process, making healthcare simple, accessible, and worry-free.
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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
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