TeamAckoNov 20, 2023
When it comes to safeguarding the health of your loved ones, a family floater health insurance plan emerges as a prudent and cost-effective choice. This comprehensive guide aims to shed light on the intricacies of family floater health insurance, focusing on it's meaning, how it works, top advantages, comparison, and things to consider before buying family floater plan.
A family floater health insurance plan is a tailored health coverage that extends to multiple members of a family. Unlike individual health insurance, which requires separate plans for each family member, a family floater plan allows you to cover your spouse, children, parents, and even siblings under a single policy. This not only streamlines the insurance process but also proves economical, with lower premiums compared to individual plans.
A family floater health insurance plan functions by consolidating 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.
Here are 10 advantages of a comprehensive and feature-rich health insurance plan for family.
The complexities of managing individual health insurance policies for each family member can be daunting. A family floater health insurance plan simplifies this process by encompassing all family members—spouse, children, and dependent parents—under a single umbrella. This streamlined approach not only eases administrative burdens but also ensures that each family member enjoys comprehensive coverage without the hassle of maintaining separate policies.
One of the most distinctive features of a family floater plan is the concept of shared sum insured. In simple terms, the total coverage amount is available to any family member in case of a medical emergency. This dynamic allocation of coverage ensures that no family member faces the risk of being underinsured, while optimising the utilisation of the sum insured.
The beauty of a family floater plan lies in its cost-efficiency. The collective risk pool often results in lower premiums, making it an economically sound decision that doesn't compromise on coverage.
Beyond the realm of health protection, a family floater health insurance plan also offers tax advantages, as the premiums paid for such policies are eligible for deductions. This dual benefit of securing your family's health and reducing your taxable income makes a family floater plan a wise financial move.
Many family floater plans include a provision for annual health check-ups for each covered family member. This proactive approach to health care aids in the early detection of potential issues, empowering you to take preventive measures and ensure the well-being of your loved ones.
In an era marked by digital transformation, accessibility to healthcare services has taken on a new dimension. Family floater plans often encompass teleconsultation services, allowing family members to consult with medical professionals remotely. This feature is particularly advantageous for minor health queries, follow-up consultations, and seeking medical guidance without the need for physical visits.
India's rich heritage of alternative healing systems, collectively known as AYUSH (Ayurveda, Yoga, Unani, Siddha, Homeopathy), offers holistic health approaches. Many family floater plans extend their coverage to include such treatments. This inclusion enables you to explore traditional and alternative healing methods, promoting a holistic approach to well-being.
Medical advancements have redefined healthcare, with many procedures no longer requiring extended hospital stays. Family floater plans typically encompass coverage for daycare treatments—medical procedures that necessitate less than 24 hours of hospitalisation.
Medical expenses extend beyond the duration of a hospital stay. Family floater plans offer comprehensive coverage by encompassing pre-hospitalisation and post-hospitalisation expenses. This holistic approach ensures that you're protected throughout the entire medical journey, from consultations and tests to recovery and follow-up care.
Medical emergencies are inherently stressful, and financial worries only exacerbate the situation. Family floater plans often offer the convenience of cashless claims. This streamlined process entails the insurer directly settling the medical bill with the hospital, minimising out-of-pocket expenses and allowing you to focus solely on the health of your loved ones.
Individual Health Insurance
Family Floater Health Insurance
Dedicated coverage for the policyholder.
Coverage amount distributed among all family members.
Covers all medical expenses of the individual.
Covers all medical expenses of family members under the plan.
Higher premium based on coverage, age, and medical history.
Lower premium as it covers all family members under one plan.
Only the policyholder.
Enrolls four to eight members, including the policyholder, spouse, children, and sometimes parents.
Ensure that the sum insured is sufficient to cover the medical expenses of the entire family. Most insurers offer family floater plans starting from Rs. 50 lakh.
Choose an insurer with a substantial network of hospitals to facilitate cashless treatment at various locations.
Opt for an insurance company with a high claim settlement ratio, ensuring quick and hassle-free claim processing.
Be aware of the waiting period, typically 2-5 years, during which pre-existing conditions and certain add-on benefits are not covered.
Most family floater health plans allow enrollment of four to eight members, including the policyholder, spouse, children, and sometimes parents or parents-in-law.
For adults, the minimum age criteria are 18-65 years, and for dependent children, the age bracket is between three months and 25 years. However, eligibility criteria may vary for different family floater health plans.
A Group Medical Cover expires when you are no longer an employee of the organisation. In this regard, purchasing a family floater policy for your family is beneficial as it will continue to cover you as long as you pay the premiums.
Yes, family floater plans are often more cost-effective as they pool the risks of all family members under a single policy. This usually results in lower premiums compared to purchasing individual policies for each member.
A shared sum insured means that the total coverage amount is available to any family member in need. This flexibility optimises the utilisation of the sum insured based on individual requirements.
The premiums paid for family floater plans are eligible for tax deductions. This reduces your taxable income while ensuring your family's health is protected.
Teleconsultation services allow you to consult medical professionals remotely through digital platforms. It's particularly useful for minor health queries and follow-up consultations. Digital-first insurance companies offer the facility of teleconsultations via their mobile app. Covered members simply need to access this app and consult with specialists from the comfort of their home.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content, and before making any insurance-related decisions.
Uttar Pradesh Regional Transport Office - Uttar Pradesh RTO List, Services & Registration Charges
TeamAcko Nov 30, 2023
West Bengal Regional Transport Office - West Bengal List RTO, Services & Registration Charges
TeamAcko Nov 30, 2023
Bihar Regional Transport Office - Bihar RTO List, Services & Registration Charges
TeamAcko Nov 30, 2023
Assam Regional Transport Office - Assam RTO List, Services & Registration Charges
TeamAcko Nov 30, 2023
Want to post any comments?
Discover our diverse range of Health Insurance Plans tailored to meet your specific requirements🏥
✅ 100% Room Rent Covered* ✅ Zero deductions at claims ✅ 7100+ Cashless Hospitals
Check health insurance