Who Should Choose Family Health Insurance Plans?

Published On Feb 23, 2021 5:30 AM By Sakshi Aggarwal

A family health insurance plan is tailor-made for families. It is similar to individual health plans in principle but the only key difference is that it is extended to cover the entire family. It acts as an umbrella covering the entire family.

A family floater plan is one of the best options when it comes to safeguarding the health of you and your loved ones. It is a single policy offering family benefits, it relieves you from the task of maintaining and keeping track of separate individual policies and offers affordability too.

Under this plan, you can cover your entire family under a specific amount of coverage i.e. sum insured.

Benefits of Family Floater Health Insurance Plan

Following are the key benefits of a family health insurance plan -

1. Coverage for the entire family

Floater health insurance plans provide you coverage for the entire family under the same sum insured. You can cover your spouse, dependent children, and dependent parents too. You wouldn't need to buy a separate plan for each member.

2. Affordable Premium

As you are getting coverage for the entire family under one policy, the premium payable would be considerably lower than you would need to pay for a separate plan for each member.

3. Easy to handle

It is easier to deal with one policy and have knowledge of all the facilities offered by the insurer and terms and conditions related to policy than having to deal with separate individual policies of each member of a family.

4. High Coverage

In case you buy a family plan for your family, each and every member would enjoy the benefit of high coverage.

You can secure your family with a high sum insured under a low budget.

5. Tax Benefits

One of the most important benefits of purchasing a health insurance policy is that you get to enjoy tax deductions on your income. In the case of the under 60 age group, you get to enjoy a ₹25,000 tax deduction while in the case of the above 60 age group you get to enjoy ₹50,000 tax deductions.

Who Should Buy Family Floater Health Insurance Plans?

Read the points mentioned below to know who should buy a family health insurance plan or if you should buy one.

1. Coverage for Parents

If you want coverage for yourself and your parents under one policy, you should opt for a family floater plan. It provides you with the option of paying for one policy and getting benefits for each member of the family you want to buy a policy for.

2. Coverage for Spouse and Children

You can secure your spouse and dependent children under one policy, you wouldn't need to buy separate plans for each of them and pay the premium of each plan.

3. Higher Tax Benefits

You can avail of tax benefits by having an investment as a health insurance plan. You get up to ₹25,000 tax deductions for under 60 age group members, and if anyone member of the policy or the entire family belongs to the above 60 age bracket you can avail up to ₹50,000 tax deductions.

4. Those Who Don’t Want Multiple Plans

People who don't want to have multiple plans and don't have enough time to deal with each plan's policies separately should consider buying a floater plan. Dealing with a Family Floater plan is a hassle-free process and wouldn't require much of your time.

5. Low Budget

Health Insurance policy is the need of the hour, so even if you have a low budget you would need to buy one such plan to secure your family from any such financial crisis due to lack of savings at the time of medical expenses. Those with a low budget should consider buying a family floater plan as you would be able to cover the entire family under one plan and less premium payable.

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.

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