How Family Floater Health Insurance Plans Can Deliver More for Less?
Updated On Jan 11, 2024
When it comes to investment, the health insurance policy will be something clients normally own to protect their families against unexpected situations in the future. A potential policyholder takes great care to protect his or her family against any sort of medical situation that could become terminal in the long term. However, a medical health plan ensures a proper health care facility in the long term as well as the immediate future.
The medical expenses, comprising daily check-ups to hospitalization and explicit prerequisites like maternity care costs can affect the budget of the family very badly. So, what is the option that could take care of a family without disturbing the budget? Individual plans for every member of the family cost very high while group health insurance from employers fails to cover maximum medical requirements. Thus, the most viable option is to go for a family floater health Insurance plan.
What is a Family Floater Health Policy?
To understand this policy in a better way, let’s consider the case of a two-parent family who has two kids. If every one of the family members goes for an individual plan of Rs. 3 Lakh each, it would result in a policy of Rs. 12 lakhs. The premium for such a high coverage might take a substantially bigger number than that of a floater medical coverage plan of Rs. 10lakks that would safeguard every family member.
Additionally, in case, one of your family members caused a medicinal expenditure of Rs. 4 lakhs, it would result in a payout of the proportional sum, while the other family members could avail of the remaining 6 lakh amount. Therefore, a family health insurance policy covers the whole family under a solitary umbrella scheme, securing all the insured members of the family.
Significant Advantages of Buying a Family Floater Plan
1. Offer Coverage for the Entire Family
Among the various benefits of a family floater insurance plan, this one is considered the most important one. The health coverage for the whole family gives the ultimate peace of mind which is a much higher point than many insurance plan offerings. The family health plan not only cares for the members of immediate relation but also includes dependent siblings, in-laws, and so on. The coverage would continue to deliver throughout its terms without any change in the premium.
2. Better and Wider Coverage
Under the family plans, there are a lot of expenses covered comprises doctor consultations, hospitalization charges, medical care, ambulance cover, etc. Apart from these, many more health care and medicinal exigencies are dealt with under the family floater policy. These elements together make these plans affordable and comprehensive, which attracts the policyholders to a large extent.
3. Tax Benefits and Other Savings
Policyholders who own a family floater plan qualify for tax reductions under Section 80D of the Income Tax Act. Likewise, for the individuals who pay for the health policies on behalf of their parents, the advantage doubled. This means that health plans not only save your money through cashless treatments or reimbursements but also through tax deductions.
4. Highly Affordable
The concept of health insurance is based on providing a protective cover from being economically devastated. A medical emergency can make any family face a financial crisis but plans like family floater make the same treatment affordable for the family. Also, it can be achieved with the premium paid for a single policy rather than investing in different policies.
These are some important highlights that show how the best family health insurance plans can provide different facilities at a lesser cost than the individual plans. If you own a family and considering a health policy for them, go for a family health policy today.
Also Read:
Individual Vs Family Floater Health Insurance Plan-Which one should you buy?
Insure Your Loved Ones with the Best Family Floater Plans in India
