With the growing susceptibility towards diseases, medical expenses have escalated creating a financial liability. So, a health insurance policy is very essential to overcome any medical emergencies. But the most comprehensive health coverage plan is the Family Floater Health Insurance Plan. It provides health insurance coverage for the who;e family under a single health insurance policy with a single premium payment in a given year.
Why should you buy the Family Floater Health Insurance Plan?
Family Floater Health Insurance Plan provides medical coverage to you, your spouse and your 2 children. You can also add the medical coverage of your parents by giving some extra premium. Rather than buying an individual health insurance policy for each family member, just buy a family floater health insurance plan which will cover the medical expenses of the full family which in turn is really cost-effective insurance plan.
- Enjoy discounts on the high sum assured for family floater health insurance plan.
- Safeguards your family’s health under a single family floater health insurance plan.
- Under the family floater health insurance policy, the covered members can get the benefit of cashless hospitalization if he/she gets admitted in a network hospital and it is intimated within 24 hours of the hospitalization.
- You can enjoy no claim bonus benefit under family floater health insurance plan if no claim is made in a policy year.
- You can go for co-payment option under family floater health plan where you and the insurance company will co-pay a certain amount for the hospitalization expenses. In this way, you can lower your insurance premium. But this option is favorable if young family members are more in number.
- Family Floater Health Insurance Plan offers you to get the treatment first and the reimbursement later in case of any emergency hospitalization situation.
Eligibility Criteria for Family Floater Health Insurance Plan?
Following are the eligibility criteria for the Family Floater Health Insurance Plan-
- Entry Age of the family members
- Dependent Children- Minimum age of the child to insure under family floater health insurance policy ranges from 90 days (can be 30 days, varies for different insurance companies) to 25 years.
- Adults- Minimum entry age is 18 years and maximum age is 65 years/ (But some insurers allow it up to 70 years & above)
- Entry Age of the policyholder- For family floater health insurance policy, usually the eldest family member becomes the policyholder. He/She must reside in the age group of 18 years to 65 years (But the upper limit of the age can be 70 years or above as offered by insurance companies)
- Medical Tests under Family Floater Health Insurance Policy- Some health insurance companies offer family floater insurance plan up to a given age, let say 45 years, without any medical tests. ON the other hand, few insurance companies ask for medical tests.
- Eligibility for Family Floater Health Insurance Policy- Generally, all health insurance companies offer lifelong renewal of family floater health plan. You just need to renew the insurance plan before it expires. Usually, the insurance company offers 30 days of grace period after the due date renewal. In order to keep the family floater health plan active, you need to renew it before the grace period gets over
Types of Family Floater Health Insurance Plan
Family Floater Health Insurance Plan is of 2 types-
- Medical Insurance– It provides coverage for the hospitalization in context to your treatment. The insurance company takes care of the expenses either in cashless treatment or through reimbursement.
- Critical Illness Insurance Policy– It provides medical coverage against chronic diseases like- stroke, heart attack, kidney failure etc through lump-sum amount. But the family health insurance plan does not offer this plan. It is purchased only as an add-on cover.
Family Floater Health Insurance Plan Coverages
Here are the coverages covered under the family floater health insurance plan-
- Family floater health insurance plan covers the ambulance charges. But the amount varies accordingly.
- Expenses related to the hospitalization cost is covered under the family floater health insurance plan.
- The treatment cost which does not need 24 hours of hospitalization is also covered under family floater health insurance plan.
- Pre-hospitalization costs like- blood test, X-rays etc are also covered under the family floater health insurance plan.
- The family floater health insurance plan provides daily cash allowance.
Advantages of Family Floater Health Insurance Plan
- Family Floater Health Insurance Plan provides comprehensive coverage to the whole family under a single plan.
- You will enjoy various incentives and discounts under the health insurance plan.
- You can add a new family member under the same family floater health insurance plan.
- No need of paying the separate insurance premium for insurance plan of each family member.
- Enjoy tax deduction under the Section 80D of the Income Tax Act, on the payment of the family floater health insurance plan premium.
- Family floater health insurance plan is a very cost-effective insurance plan.
