Benefits of Family Health Insurance Plans
Updated On Mar 05, 2021
Nowadays, there is more awareness about health care expenses and health insurance which help in mitigating the risk of such plans, than earlier it was. There are plenty of options available in the market to choose from but to choose the right one you need to have some basic knowledge about the types of plans offered by the companies.
Though people are aware of the plans available in the market and the importance of buying one such many do not know which plan to opt for that means if they should consider an individual plan for themselves or a family floater plan for their family and themselves.
What is a Family Floater Health Insurance Plan?
A family floater is a health insurance plan that extends the coverage to the entire family rather than just an individual as in the case of an individual plan. In simple words, health insurance plans for family bring all the members of the family under a common umbrella of the sum insured. By getting covered under a floater plan, every member of the family gets benefits under a larger common pool.
Benefits of Family Floater Health Insurance Plans
Following are the key benefits of a family floater health insurance plan
1. Coverage for the entire family
Floater Pans allow you to enjoy cover for the entire family under one plan, it may include you, your spouse, dependent children, and dependent parents.
2. The premiums are affordable
The premium payable for the entire family is cheaper than that of individual plans, as in case you are planning to buy separate insurance plans for all the family members, you would require to pay a premium on all the plans separately, while in the case of floater plans the entire family would be covered under same premium amount, which makes it easily affordable.
3. Easy to deal with
It is easier to deal with and manage one insurance plan than buying different policies and understand the terms and conditions of each policy separately.
4. Every member gets high coverage
Every member can use the whole amount of sum insured in the policy if they fall ill, each family member has complete access to the sum insured.
If you have a small budget and plans to buy an individual plan for the entire family you would buy plans with the less-sum insured amount, but in the case of floater plans, you can buy a high coverage plan for the whole family in the same budget.
5. Maternity Benefits
Most of the floater plans available in the market provide maternity benefits, these plans allow coverage for maternity-related expenses.
6. New members can be added
Family floater plans allow you to add new family members in the middle of the policy term, depending upon the terms and conditions of the policy.
7. Tax Benefits
Family floater plans come with tax benefits, you can enjoy tax deduction up to ₹25,000 when you buy a floater policy. If you are a senior citizen or even one member of the policy is a senior citizen that means if they fall under the above 60 years category, you can enjoy a tax deduction of up to ₹50,000.
8. Comprehensive Cover
You can opt for a comprehensive cover, and you can compare and plan which had the most inclusive coverage features.
9. Rare Chances of more than one claim in a year
If the members of a family floater plan are young, then there are very rare chances of more than one claim in a year or policy duration, so that all the expenses will be covered by the insurance company itself and you would not be required to pay from your pocket. It makes it more beneficial to buy a plan.
Conclusion
A family floater plan provides comprehensive coverage to an individual's policy. If you have a nuclear family and have a low budget you should consider buying a family floater plan for you and your dependents.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
