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Best Family Floater Health Insurance Plans in India

Posted On : 22 February 2023, 1 Years Ago. Health-Insurance
Family Floater Health Insurance Plans in India

A family health insurance policy protects parents, spouses, children, and grandparents financially. Insurance companies in India provide a variety of plans with various features to their customers. However, they will benefit significantly from proper research to select the best one. When selecting a family insurance plan, keep some factors in mind to help you make the best decision regarding coverage; most insurance plans aim to meet people's needs.

 

What is a Family Floater Health Insurance Plan?

A family floater health insurance plan is a type of medical insurance that covers all family members under a single policy. A fixed sum insured is shared by all family members under this plan, assuming that not everyone will become ill at the same time. Most family health insurance plans provide cashless hospitalisation, maternity benefits, and pre and post-hospitalisation coverage.

 

Benefits of Family Floater Plan

With family floater health insurance plans, insured family members can receive various benefits. For example, you can obtain coverage for all family members, regardless of age, under a single policy. 

 

Here's a quick rundown of the main advantages of purchasing a family health insurance plan:

 

Includes Health Insurance Coverage in the Same Plan

Several health insurance companies allow people to include parents and parents-in-law in a family health plan at no extra cost. Under one plan, you can protect your parent's and your spouse's parents' health.

 

No-hassle Hospitalisation Expense Coverage

In hospitalisation, the insured family member can receive cashless treatment in an insurer's network hospital, like in individual health plans. This way, you can ensure that all your family members are eligible for medical care without compromising their treatment.

 

Tax Benefits on Health Insurance Premiums

Section 80D of the Income Tax Act exempts the premium from taxation. You are eligible for tax breaks if you pay the health insurance premiums for your family and parents.

 

Provides COVID Family Health Insurance

You can buy COVID health insurance to shield yourself and your family from Coronavirus. Although all insurance providers provide coronavirus treatment coverage under basic health insurance plans, a coronavirus-specific plan called the 'Corona Kavach policy' has been launched that covers hospitalisation costs incurred during coronavirus treatment on a floater basis.

 

Selecting the best family floater health insurance plans

You should look for the following features if looking for the best family floater health insurance plans:

 

Select an Adequate Sum Insured

To determine the appropriate sum insured for your health insurance plan, you must first determine the total number of members who must be covered. As a result, you must select an insurance sum sufficient to cover all family members' expected medical costs.

 

Given rising medical costs and inflation, a large sum insured is preferable. A large sum insured, on the other hand, results in a significant premium. As a result, if affordability becomes an issue, you can choose top-up or super-top-up health insurance plans to increase the coverage limit without incurring a significant premium outlay.

 

Look for Benefits that Provide Comprehensive Coverage

The next step in selecting the best health insurance plan for your family is to ensure that it includes all of the necessary coverage benefits. It is critical to ensure comprehensive coverage to cover all potential medical expenses. Furthermore, when considering coverage benefits, you must ensure that the benefits are appropriate for your needs.

 

Examine the Limits and Sub-Limits

Some health insurance plans have room rent sub-limits, particularly for lower sums insured. The overall coverage is reduced if there is a sub-limit. If you choose a room with a higher rent than the allowed sub-limit, your inpatient claim will be reduced proportionately. On the other hand, plans with no sub-limits are usually more expensive.

 

Consider Coverage Riders

Optional coverage benefits are available with health insurance policies. These advantages are known as riders and are available for an additional fee. Riders are optional and can be selected when purchasing or renewing your policy. Riders offer additional coverage for a meagre premium. They are recommended because they broaden the health insurance policy's coverage scope.

 

Family floater health insurance plans cover immediate family members such as your spouse, children, parents, and grandparents under a single policy. It allows you to claim the entire sum insured amount in an emergency. This, however, would reduce coverage benefits for other family members. You can now benefit from long-term coverage through a new or existing medical coverage strategy.

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
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OTP sent Resend OTP
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OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
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