Health insurance is beneficial for an individual in case of medical emergencies. It is an agreement that is signed by an insurance company to compensate for the pre-determined amount of covered medical expenses. There are many types of health insurance plans like:
- Individual health insurance plan which is for an individual person
- Family floater plan for the whole family
- Group health cover for a group of individuals like employees of an organization
- Senior citizen plan for senior citizens from the age of 65 and above.
What is a Family Floater Plan?
A family floater plan is an insurance policy that provides coverage to the entire family. Each family member gets the benefits of the medical expenses under one single insurance policy. So, rather than buying an insurance policy for each member of the family, which would also cost you more, having a family floater plan reduces the cost and effort by providing a single plan for all. Due to the modern lifestyle habits, like unhealthy eating, stressful working, less physical activities, etc., health complications are becoming increasingly common. The medical insurance plans are your safety net in case of such an unfortunate event.
Benefits of a Family Floater Plan
Irrespective of your financial situation or any other financial plans, purchasing a medical insurance policy is non-negotiable. The perks of buying a family floater plan are many. Let’s take a look at some of them:
Coverage for all Family Members
Most of the plans allow you to cover multiple members of your family, irrespective of the age. Many insurers also extend coverage to dependent siblings and in-laws in your family floater plan.
You can cover your newborn child as early as 90 days from birth. You can even include your parents. Although it is advisable to buy separate senior citizen plans for your parents to offer better coverage of their requirements, you can include them in your family floater plan as well. Purchasing a family floater plan will be, at times, cost-effective than purchasing separate senior citizen insurance for your parents. So, if your parents don’t have any major ailments and pre-existing conditions, you can save money by including them in your family floater plan.
The family floater insurance plans are available at comparatively lower rates than the individual insurance plans. Example - For a sum insured of Rs 5 lakh for an individual between the age of 30-35 years, the premium will be around Rs 10,500. On the contrary, the premium for a family floater plan with the same coverage would be around Rs 35,000 for a family of four, which is significantly less. The exact premium will vary depending on the number & age of the family members, pre-medical history, existing conditions, etc.
Having a unified policy for all members of the family makes policy renewals seamless. Instead of remembering the renewal dates and corresponding premium amounts of individual policies for every member, you can simply buy a family floater plan for all. Now you only have to take care of a single policy renewal every year, eliminating the hassles and stress of managing multiple policies.
You can purchase a policy that offers reinstatement benefits. This means that if any of the insured covered in the policy were to use up the entire amount, the coverage amount is auto-refilled for the remaining tenure of the policy. This ensures that all the members covered in the policy have sufficient coverage at any point during the policy period.
Additionally, you get value-added services such as free health check-up, telephonic medical advice, etc. offered in the individual insurance plan.
It is important to understand that the family floater insurance plan works best for younger families as the probability of multiple claims is thin. So, the proposer can save on the premium when compared with individual insurance policy. You can check our top-selling family floater insurance plans from here. Get in touch with our executives to know more about the floater plans that may suit your family.