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Family Floater Health Insurance

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Home / Health Insurance / Health Insurance for Family / Family Floater Health Insurance

For any individual, providing a comfortable living for his family is one of the greatest responsibilities. Especially when it comes to dealing with health crises, the responsibility is even bigger. A family floater health insurance policy is one of the essential components that can help achieve these goals.

For isntance, with a family care mediclaim policy, the insured amount gets split between the entire family. It is a convenient insurance plan and a single floater policy that allows the policyholder to get coverage for every family member for a single premium. Let’s breeze through this blog and find out all the information you need about family floater health insurance. 

What is Family Floater Health Insurance?
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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.

How Family Floater Health Insurance Works?
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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.

Family Floater Health Insurance Policy: Who Must Consider It?
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Family floater plans are usually the best option for younger households with healthier members who are less likely to develop health issues. For families, this family health plan is more economical and easier than buying separate insurance for each member.

At the very least, for the elderly, families with seniors must choose to buy individual coverage. They may need costly therapy since they are more vulnerable to health dangers. This may mean that other family members won't have enough health insurance, which means you'll have to pay for any necessary treatments out of your own pocket if that happens.

Making The Most of The Family Floater Health Insurance Plan
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You can better grasp how family members share the same health insurance scheme coverage by looking at this example:

Top 10 Advantages of Family Floater Health Insurance
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Here are 10 advantages of a comprehensive and feature-rich health insurance plan for family.

1. Covers the whole family under one plan, making it easier to manage
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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.

2. Sum insured is shared by covered family members
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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.

3. Lower premiums than individual policies for each member
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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.

4. Tax benefits
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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.

5. Annual health check-up for each family member
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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.

6. Teleconsultations
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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.

7. AYUSH treatment coverage
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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.

8. Daycare treatment coverage
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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. 

9. Pre and post hospitalisation coverage
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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.

10. Cashless claims
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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.

How is the premium for Family Floater Health Insurance calculated?
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Firstly, the premium is the amount you pay to the insurance company to keep your policy active. For Family Floater Health Insurance, the premium is calculated based on a few key factors:

  1. Sum Insured (Coverage Amount): This is the maximum amount the insurance company will pay in case of a claim. Generally, the higher the sum insured, the higher the premium. It's like choosing how much financial protection you want for your family's health.

  2. Family Members Covered: The number of family members covered under the policy plays a crucial role. More members mean a higher premium, but it's a cost-effective way compared to individual policies for each family member.

  3. Age of Family Members: Age matters when it comes to health insurance. Younger members usually have lower premiums as they are considered to be at lower risk. As age increases, so does the premium, reflecting the higher likelihood of health issues.

  4. Medical History: Your family's past health conditions also influence the premium. If there are pre-existing medical conditions, the premium may be higher. This is because the insurance company takes into account the potential cost of covering these conditions.

  5. Add-ons and Riders: You can include additional features in your policy for extra coverage. While they enhance your protection, they can also increase the premium. It's like customising your policy to fit your family's unique needs.

Family Floater Insurance Plan: What Does It Cover?
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Each insurance company will have different policies on what is covered by a family medical insurance policy. All things considered, these plans typically provide comprehensive coverage against medical costs. By doing this, you may be sure that in the event of a medical emergency, your whole attention will be on your loved ones' well-being rather than on your expenses. 

The top family floater plans will cover the following:

Daycare Process:

Daycare procedures are medical treatments that don't require a hospital stay longer than twenty-four hours. Some of the most typical examples of daycare procedures are tonsillectomy, cataract surgery, chemotherapy, and so on. More than 160 of these daycare procedures are covered by the finest family floater policies.

Surgical Procedures:

A family floater health insurance policy often covers major and small operations. It is advisable to verify each insurance company's list of surgeries, as these vary typically among plans.

Room Rent:

In the event of a hospital stay, this is the daily rate for a room or bed. It is typically among the most expensive hospital stays. Luckily, the majority of family floater plans will pay this amount on your behalf! The top plans will also cover other expenses like service fees and hospital registration.

Health Checkups & Vaccine Costs:

Monitoring our health is vital, but it can also get expensive, particularly if the whole family needs to get checked out. Fortunately, a quality family floater health insurance coverage will provide frequent free medical check-ups. A solid plan will also pay for vaccinations, which can be quite beneficial, particularly in light of the COVID-19 pandemic.

Pre-hospitalization & Post-hospitalization Medical Expenses –

Family Floater Health Insurance: What It Does Not Cover
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A family floater medical insurance plan not only offers comprehensive health coverage for your family but can also provide tax benefits. Here are some tax benefits associated with a family floater health insurance policy:

Difference Between Family Floater and Individual Health Insurance
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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.

Members Covered

Only the policyholder.

Enrolls four to eight members, including the policyholder, spouse, children, and sometimes parents.

Things to Consider Before Buying Family Floater Health Insurance
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Sum Insured
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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.


Network Hospitals
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Choose an insurer with a substantial network of hospitals to facilitate cashless treatment at various locations.


Claim Settlement Ratio
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Opt for an insurance company with a high claim settlement ratio, ensuring quick and hassle-free claim processing.


Waiting Period
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Be aware of the waiting period, typically 2-5 years, during which pre-existing conditions and certain add-on benefits are not covered.

How to renew Family Floater Health Insurance at ACKO?
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Here are the steps to renew your Family Floater Health Insurnace plan at ACKO.

Step 1: Log in to Your ACKO Account

Open the ACKO app and log in to your account. If you don't have an account yet, don't worry – you can easily create one using your registered mobile number.

Step 2: Locate Your Policy

Tap on the health insurance plan that you wish to renew.

Step 3: Review Your Policy Details

Take a moment to go through the details of your Family Floater Health Insurance policy. Make sure everything is accurate and up-to-date. If there are any changes, you can usually update them during the renewal process.

Step 4: Select the Coverage

Review the coverage options available for the upcoming policy period. There might be enhancements or additional features that you can add to your policy during renewals. Choose the coverage that best suits your family's health needs.

Step 6: Verify Personal Details

Ensure that all personal details for you and your family members are correct. This includes names, ages, and any other relevant information.

Step 7: Make the Payment

Once you've confirmed your coverage and verified all details, proceed to make the payment. We provide various secure payment options, such as credit/debit cards, net banking, or digital wallets.

Step 8: Receive Confirmation

After successful payment, you'll receive a confirmation. It may be sent to your registered email address or mobile number. Once the policy is approved for renewal you can download the policy document and save it for records.

Steps to claim Family Floater Health Insurance at ACKO
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Here is a step by step process for claiming against your ACKO health insurance plan.

Step 1: Open/Download the ACKO App

If you haven't already, download the ACKO app from your app store. Once it's installed, open the app and log in to your account. If you're new to ACKO, follow the simple registration process to create your account.

Step 2: Locate the 'Claims' Section

Once you're logged in, navigate to our 'Claims' section. This is easily accessible from the home screen or the main menu. The app is user-friendlyand easy to navigate.

Step 3: Initiate a New Claim

In the 'Claims' section, you'll find an option to 'Initiate a New Claim' or something similar. Click on it to kickstart your claim process.

Step 4: Fill in the Required Details

Now, fill in the necessary details. This might include personal information, policy details, and specifics about the illness or treatment. We keep it simple, so you won't be overwhelmed.

Step 5: Upload Documents

This is where your documents come into play. Take clear pictures or scan your bills, medical reports, and any other required documents. Upload them through the app. We understand the value of your time, so this process is quick and easy.

Step 6: Track Your Claim

After submitting your claim, keep an eye on its progress. Our app has a tracking feature. Check it to stay informed about the status of your claim.

Step 7: Additional documents

If we need additional information or if there are any updates, we'll likely get in touch through the app or on email. Keep notifications on and respond promptly to ensure a smooth process.

Step 8: Await Approval and Payment

Once everything is in order, we will process your claim. Upon approval, we'll initiate the payment. 

Frequently Asked Questions (FAQs)
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Here are the answers to some queries that frequently show up with regard to family floater health insurance.


Is there a waiting period for specific treatments under Family Health Insurance?

Yes, there might be a waiting period for certain treatments or pre-existing conditions. The waiting period varies between policies, so it's crucial to understand the terms and conditions mentioned in the policy document.

Can I port my existing Family Health Insurance policy to ACKO?

Yes, we allow policy portability. Contact ACKO's customer support for guidance on how to port your existing Family Health Insurance policy to ACKO.

How many members can I cover under a family floater health insurance plan?

Most family floater health plans allow enrollment of four to eight members, including the policyholder, spouse, children, and sometimes parents or parents-in-law.

What are the eligibility criteria for buying a family floater health insurance plan?

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.

My employer has covered me and my family under a Group Medical Cover. Why should I opt for another policy?

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. 

Are family floater plans cost-effective compared to individual health insurance policies?

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.

What is the significance of a shared sum insured in family floater plans?

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.

Can you explain the tax benefits associated with family floater health insurance plans?

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.

How do teleconsultations work in family floater plans?

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.