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What Is Family Floater Health Insurance

Published On Jun 23, 2022 10:00 AM By InsuranceDekho

Family floater health insurance is a policy that covers your family under one insurance plan. Such policies have a fixed sum insured and offer coverage to your spouse, children, parents, etc. In case you have extended family, you can also include your in-laws and siblings who are dependent on you. The family floater policies can be customised based on the requirements of your loved ones by combining add-ons with your policy. Therefore, your loved ones are secured for every health-related need in the future!

Benefits of Family Floater Health Insurance Plans

Family floater health insurance plans offer several benefits to provide foolproof coverage. So, here are some of the key perks that you should know about:

  • Add New Family Members

The most beneficial aspect of having a family floater health insurance policy is the ease of adding new members. In case you have a newborn or want to include another dependent member to the plan, this can be done effortlessly. When compared to buying a separate individual health plan for the person, you can save up with this kind of policy!

  • Family Floater Insurance Premium is Cost-Effective

As a floater plan covers the entire family under one policy, the premium is much more affordable. If you had to buy separate individual policies for each member, the premium cost could burn a hole through your wallet. Therefore, family floater insurance premium goes easy on your pocket and secures the medical expenses of all your loved ones!

  • Cashless Hospitalisation

Insurance providers have a set number of network hospitals where you can seek treatment and they settle the bills directly. This is termed as cashless hospitalisation, where the medical bill is directly settled with the insurer. Thus, you can get the required therapy at almost zero cost and do away with the tedious reimbursement procedure.

  • Tax Benefits

You can enjoy tax benefits after purchasing a family health insurance plan under Section 80D of the Income Tax Act, 1961. The premiums paid for the policy can be claimed for income tax deductions. But it is advised to avoid opting for a health insurance plan only for tax-savings and get the most from your policy.

How Does Family Floater Health Insurance Work?

Let’s assume you have bought a family floater health plan with a sum insured of INR 5 lakhs. The total number of members covered under the policy are five. So, when a medical need arises, the entire sum insured can be utilised by a single member or each member can use whatever amount needed. In the case where a single member finishes the entire sum insured, then no further claims can be made. Thus, it is advised to choose a coverage amount that secures the medical requirements of your loved ones. Family floater plans are flexible in nature and are suitable for nuclear families! 

Conclusion

With this, you can now opt for a suitable family floater health insurance and provide them access to the best medical service. You can stop worrying about the healthcare expenses and focus on your recovery. It is recommended to compare health insurance policies and purchase the insurance that satisfies your needs.

Also Read: How Much Health Insurance Do I Need

How To Check Magma HDI Health Insurance Policy Status

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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