Family Health Insurance
A family health insurance or family floater plan is a health insurance plan that provides cover to the entire family rather than just an individual. It acts as an umbrella coverage for all family members, thereby providing all family members with the required financial protection in case of a medical emergency.
Why Should I Buy a Family Health Insurance?
Buying family health insurance can benefit you in multiple ways. Following are the benefits which are available with family health insurance:
Benefits of Family Health Insurance Plan
- A single policy for all family members
- Affordable as you pay premium for a single premium
- Coverage is available for a wide range of relationships
- Easy addition of family members to the policy
- Policy benefits for the entire family under a larger common pool
- Discounts available on covering more than 2 family members. This varies from insurance company to insurance company
- Tax benefits under Section 80D of the Income Tax Act, 1961
How Many Members Can Be Covered Under Family Health Insurance Plans?
The total number of members covered under family health insurance policy varies from insurance company to insurance company.
In general, family floater plans allow coverage for individual, spouse, and dependent children. Some plans also allow the inclusion of dependent parents.
In addition, there are certain family health insurance plans that offer a provision to cover individual, spouse, dependent children, dependent parents along with relationships like siblings, parents-in-law, grandfather, grandmother, grandson, granddaughter, son-in-law, daughter-in-law, sister-in-law, brother-in-law, nephew, and niece.
Which Are the Best Family Health Insurance Plans?
There are many health insurance companies that provide family floater plans, thereby increasing your choices and sometimes confusion too.
To make the right decision, it is important to compare different policies based on inclusions and exclusions apart from the premium, while keeping your specific requirements in mind.
Key Factors Which You Should Consider While Purchasing A Family Health Plan:
- Policy terms and conditions
- Pre-hospitalisation & post-hospitalization cover
- Waiting period for pre-existing diseases
- Maximum age of the policyholder allowed for policy renewal
- Sum insured options
- The network of hospitals providing cashless claim facility
- Availability of reinstatement of the sum insured benefit
- Availability of additional benefits such as free health checkups, daily hospital cash, no claim bonus, etc.
- Sub-limit and co-payment clauses
- Premium amount
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