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Why do Family Floater Policies Offer you More for Less

Posted On : 05 March 2021, 3 Years Ago. Health-Insurance Total Read 184

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Staying fit can help keep several diseases at bay, however, it is no guarantee that you will never fall prey to a chronic health condition. What if any of your family members is diagnosed with a medical issue that requires urgent attention? As you work hard to fulfill the needs of your family, make your money work harder to ensure financial security for them by purchasing a mediclaim policy that takes care of all their health needs in the future.

Buying Individual health insurance plans for each family member may turn out to be expensive, considering not all might file claims. Instead, a family floater insurance plan might be the right choice because it can help you get family health insurance for all the members under one umbrella at affordable rates.

In between the hustle and bustle of life, people generally ignore the most precious gift of life, that is, health. They start compromising their health to achieve materialistic targets. Initially, the ignorance towards health might help you get promoted or even turn your dreams into reality. But in the long run, no amount of money and success can ever compensate for the loss of health in the process.

Along with the busy schedule and life packed with deadlines, there are several other factors like pollution, food filled with pesticides, global warming, etc., which affect your well-being. It has resulted in various health problems in this generation. In order to plan your health, you have to take action today. One such major action, along with following a healthy regime, is covering yourself and your loved ones under a health plan or family floater policies. This blog will provide information regarding the importance of family floater policies.

What is a Family Floater Insurance Policy?

Unlike an individual health plan which provides the benefits of health insurance to a single person, a family floater policy allows all family members, including you, your spouse, children, and parents access to a shared pool in one insurance plan. Family health insurance also works out to be much more cost-effective as compared to individual policies for everyone in the family when it comes to the health insurance premium.

The premium of the policy also depends on the coverage you require and the age of family members. The sum insured chosen can be used by any family member who is covered under the plan. This ensures you do not have to pay a premium for every family member separately and thus saves your money and effort.

How Does the Family Floater Policy Work?

In a family floater insurance plan, the sum insured that you choose is shared among you and your family members. When a claim is filed, the required amount is paid out and the rest of the sum insured is shared among the remaining family members for the policy year. The age of the eldest family member to be insured decides the premium of family health insurance plans.

Now, suppose one family member is diagnosed with a minor heart problem and is admitted to a hospital. Rs. 1 lakh is spent towards hospitalization expenses and is paid out by the insurer. The other two family members will continue to have access to the remaining Rs. 2 lakhs for the rest of the year.

For example, You have ₹ 5,00,000 worth of a family floater plan, which covers you, your spouse, and your children. In case your spouse and a child fall ill in the same year. The medical bill of your spouse is ₹ 2,00,000, and that for your child comes out to be ₹ 1,00,000. The total of ₹ 300000 will be borne by the insurer. This shows that the total sum insured can be used by any family member within the policy year. This also ensures you get more services by paying a fixed amount of premium annually.

How Family Floater Policies Offer More in Less Premium?

The family floater policy not only ensures wider coverage but also saves your hard-earned income. Along with this, you get several additional benefits throughout your policy tenure:

1. Securing the Health of the Entire Family:

Apart from your spouse and kids, you can also include your dependent siblings, parents, and in-laws in a family floater mediclaim policy, even after its commencement. Enjoy complete coverage with unchanged policy premium for policy tenure.

2. All-Round Coverage:

Whether it is doctor consultations, hospital visits, hospitalization charges, or emergency ambulance fees, your family floater insurance policy covers several medical expenses. This provides you the assurance of financial protection against routine medical check-ups as well as taking care of an urgent health condition.

3. Flexibility:

One family member can make use of the health cover of the entire family in a family floater insurance policy in the event of a medical emergency. This provides access to a higher amount and hence less financial burden as opposed to an individual health cover which will only provide medical insurance for a single person with a much lower sum insured.

4. Tax Advantage:

You can claim a deduction according to Section 80D on the premium paid for a health insurance policy, including individual or family health insurance. This can result in additional savings as you reduce your tax liability while making sure that your family’s health is not compromised in the future.

5. Affordability:

By now, you might have understood that family floater health insurance is the best health insurance plan for you since it comes with a low premium and tax savings benefits along with providing your family completet health coverage. It is the best option for you if you are looking for an economical health plan that takes care of the medical needs of your loved ones.

Conclusion:

Choosing the right health insurance can make a difference in the lives of your family members who depend on you. For instance, Niva Bupa’s Health companion family floater plan covers daycare treatments, pre and post-hospitalization charges, health check-ups as well as alternative health treatments. It also comes with facilities such as no claim bonus, a reload of the sum insured, direct settlement of claims, and renewal benefits among others. So give your family the gift of a healthy life today and opt for a family health insurance.

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