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Common Myths About Family Health Insurance Plans

Published On Sep 09, 2021, Updated On Sep 13, 2021

Due to the risk of the growing pandemic, it has become important for all the individuals to have a health insurance cover. There are several different types of health insurance plans in the market which can be bought by the customers like group health insurance cover, family floater plans, personal accident cover, critical illness plan, maternity benefit cover, etc. A family floater health insurance plan covers the entire family of an individual under a single health insurance cover with sufficient sum assured for all the members of the family insured under the purchased policy.

Under a family floater health insurance plan, you can cover yourself, your spouse, children, and dependent parents under a single cover. The coverage of such plans can be customized by the policyholders according to their needs. Insurers often provide discounts to individuals in addition to a new family member under the health insurance plan. Along with other benefits, tax deduction benefits, room rents, discounts, no claim bonus, etc. is also provided to the person insurer under the health insurance cover. To survive the pandemic and other unforeseen medical emergencies, it is essential to have some financial aid for the quality treatment of all your family members in the private hospital.

Common Myths About Family Health Insurance Plans

Some Common Myths About Family Health Insurance Plans

There are some widely accepted perceptions about family health insurance plans which can also be called myths, and need to be busted. Let us look at some of these common myths about family floater plans, so that you can avoid them when buying a plan for your loved ones:

  • Health Insurance Plans Are For Unhealthy People

This is a very common and wrong perception among people that health insurance plans should be bought by unhealthy people only. Life is full of unforeseen events, and one cannot predict the timing of medical emergencies in their life. Therefore, it is always wise to have some financial backup for any medical emergencies. Due to the rise in inflation, the cost of medical treatments has increased which can potentially burn a hole in the patients’ pocket.

Must Read: Individual vs Family Health Insurance Plans

  • One Should Not Declare Their Medical History

You should never hide your medical history from the insurer as you can be legally booked under fraud by the insurance provider. Also, in the future, if you file a claim of your policy for the treatment of any pre-existing diseases, the insurer will not approve the claim amount, as a result of which you will have to look after the medical dues from your pocket thus exhausting your financial savings.

  • Critical Illness Cover And Health Insurance Plans Are The Same

It is always advised that you should not include your family members suffering from critical diseases under the family floater plans. The cost of treatment of critical diseases is higher than regular treatments and therefore, family members hospitalized for a critical disease treatment can exhaust the entire coverage of the family floater plan, leaving nothing for the other members. Thus, you can buy separate critical illness health insurance plans for your parents who are senior citizens as they are more vulnerable to contract a critical illness.

  • Health Insurance Plans Are Tax Saving Tools

Most people invest in a health insurance policy for the sake of getting tax deduction benefits. But, you should not solely get a cover for tax benefits, you must look for other essential factors too while investing in a health insurance cover. A policy bought for tax deduction benefits, without meeting your requirements will not bear any fruits at the time of claim settlement process. Therefore, you must put your money wisely and get a suitable health insurance plan that can meet your medical requirements.


There are several other myths in the insurance market which should not be blindly believed by the customers. You must analyze your choices before investing in a health insurance cover and then go through the policy papers carefully to make sure that your demands have been met.

Also Read: Do You Really Need A Family Health Insurance of Rs. 1 Crore?

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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