The increasing medical costs and changing lifestyle practices make buying a health insurance policy important for any family.
The benefits of family floater insurance ranges from ensuring comprehensive health insurance coverage for your family with ease of management to having extensive coverage at an affordable premium rate.
Understanding the benefits of a family medical insurance plan helps in making well-informed decisions to secure your family’s health and financial well-being. In this blog, we will discuss the benefits of this plan and also understand how a family floater mediclaim policy works.
Why Should You Buy a Family Floater Health Insurance Plan?
To Safeguard your Family
A family medical insurance plan ensures that all family members are secured under one single policy instead of purchasing separate policies for each individual. It is comprehensive coverage that can be extended to your spouse, dependent children and parents.
In the unfortunate event of the death of any of the members, the policy will not terminate. It will be valid for the rest of the family members with ongoing benefits.
To Fight Lifestyle Diseases
Lifestyle diseases are on the rise among Indians under the age of 45. Conditions such as high cholesterol levels, diabetes, high blood pressure, stress, obesity, body aches and chronic pain are becoming increasingly common.
Heavy workload and negligence towards health are the two primary causes of most of these health conditions. It can lead to severe complications like heart attacks, strokes and major organ failures that necessitate immediate medical attention.
A robust family medical insurance plan can help you manage unexpected financial stress, allowing you and your family to focus on treatment and recovery.
High Medical Costs and Rising Inflation
Nowadays, hospital bills can be excessively high, particularly for quality treatment at super-specialty hospitals. The consultation and diagnostic charges for critical illnesses and surgical procedures are even higher.
With rising inflation, the cost of medical treatment is steadily increasing. This makes it more challenging for families to afford timely and quality treatments. A comprehensive family floater health plan can mitigate this financial strain.
To Protect your Savings
Without a family medical insurance plan, you will have to pay out-of-pocket for all your hospital bills, medical procedures and surgeries. By having a robust health insurance plan with adequate coverage, you can secure your hard-earned money for your future goals.
Go Cashless Anywhere
With the recent amendment of the General Insurance Council, you can benefit from cashless claims in network and non-network hospitals. It ensures you receive timely medical treatment for any of your family members without the need to manage large amounts of money.
How Does the Family Floater Health Insurance Plan Work?
A family floater health insurance plan is a single policy that covers the entire family, including self, spouse, children and dependent parents or parents-in-law, all under one sum insured. It offers
comprehensive health insurance coverage for wide-ranging diseases or illnesses, educing the need for separate individual policies.
Let us consider two scenarios to understand how a family medical insurance plan works.
Scenario 1: Mr Rahul purchases a family floater health insurance plan from Reliance General Insurance, covering himself, his spouse and two children with a sum insured of ₹20 lakhs. If Rahul undergoes surgery costing ₹6 lakhs and his wife incurs medical treatment expenses of ₹3 lakhs, they will be left with ₹11 lakhs for future requirements.
Scenario 2: Mr Vinay purchases a family floater health insurance plan from Reliance General Insurance, covering himself, his spouse and two children with a sum insured of ₹20 lakhs. In the event of an unexpected accident, they incur total hospitalisation expenses of ₹9 lakhs, leaving them with ₹11 lakhs for future medical needs.
How to Choose the Best Family Floater Health Insurance Plan?
Although it offers several benefits, choosing the right option is crucial when buying a family floater health plan.
Assess your Requirements
Analyse your family’s healthcare needs by understanding the requirements, such as the number of members to be covered, their age and health conditions. Determine adequate coverage with a sum insured sufficient to manage potential medical expenses, considering both routine and unexpected health issues.
Compare Policy Options
Compare the different policy options by examining their coverage features, benefits and discounts. Ensure it includes minor and major illnesses, diseases, hospitalisation and other requirements specific to your family’s needs.
Check also for the waiting period, network of hospitals and claim processes to access the benefits timely, especially during emergencies.
Premium Rate
Compare the options available and choose a family floater health insurance policy that will satisfy your requirements while fitting within your budget. Strike the right balance between comprehensive protection and affordability, ensuring it offers the best value for your money.
You can use our health insurance premium calculator to determine the best-suited and most affordable health insurance plan.
Benefits of Reliance General Insurance Family Floater Health Insurance Plans
Easy to Manage
The biggest advantage of investing in a family floater plan is that it saves the hassle of managing multiple policies. You can cover the entire family with a single policy. You will not have to worry about renewing different policies time and again. You only have one renewal for every year.
Higher Sum Insured
One of the top benefits of family floater health plans is the higher sum insured, which can be shared among your family members. The same coverage is available to all family members.
So, one member can use the entire sum insured, or it can be distributed among multiple members if more than one falls ill simultaneously.
Affordable
The family floater mediclaim policy is much more cost-effective than buying individual policies for each member. It offers a higher sum insured at a lower premium compared to individual health insurance plans.
Hospitalisation Cover
We cover various medical expenses for wide-ranging illnesses and diseases, including inpatient care, daycare procedures, domiciliary hospitalisation and pre-and post-hospitalisation. We also extend coverage for Special and AYUSH (Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homeopathy) treatments.
Pre-hospitalisation Cover
We cover medical expenses for up to 60 days prior to hospitalisation within the sum insured. It can include diagnostic tests and medications.
Post-hospitalisation Cover
Medical expenses incurred up to 90 days post hospitalisation are covered within the sum insured. This can include follow-up treatments and prescriptions.
Flexibility
At Reliance General Insurance, we offer customisable features to personalise the family floater health insurance plan based on your specific requirements.
Choose from our Plus, Power and Prime health insurance plans, designed to suit various family compositions and sum insured options. You can also determine the policy period, whether 1, 2 or 3 years.
Furthermore, you can also enhance your coverage with our add-on options, such as Family Care Coverage, which includes Home Care Treatment, Companion Cover and Child Care Coverage.
Restoration Benefits
When you make a claim and exhaust your sum insured, you can restore up to 100% of the base sum insured for related injuries or illnesses and benefit from unlimited reinstatement for unrelated illnesses or injuries.
Ambulance Cover and Room Rent Limits
During emergencies, we cover the ambulance expenses provided by the hospital or a service provider within the sum insured. For hospitalisation, you can upgrade or downgrade your room category and increase or decrease your hospital rent limits based on your changing requirements and preferences.
Hassle-Free Claim Settlements
We offer simple and hassle-free claim settlement processes for both cashless and reimbursement claims. The process involves three simple steps: registering your claim online or offline, submitting the necessary details and supporting documents and receiving claim approval.
Discounts
Our family floater mediclaim policies come with wide-ranging discounts, such as for buying the policy online, maintaining good health, buying a long-term policy and having an existing non-health or health insurance policy with us.
Tax Benefits
The premium that you pay for a
health insurance policy can be reduced from your taxable income according to Section 80D of the Income Tax Act 1961. The deduction limit is ₹25,000 for individuals less than 60 years of age and ₹50,000 for senior citizens.
It also applies to the premium paid for you, your spouse or dependent children and your dependent parents.
So, you can benefit up to a maximum of ₹1 lakh if you and your parents are senior citizens.
Wrapping Up
Choosing a family floater health plan for your family ensures comprehensive coverage under one policy. It offers extensive coverage and simplifies management at an affordable premium rate. With a high sum insured, an easy claim process and tax advantages, a family floater plan provides financial security and peace of mind.
Our Reliance
Health Gain Insurance plan offers three plan options with extensive coverage tailored to address your family’s specific healthcare needs. Explore, compare and make well-informed decisions to safeguard your family’s health and financial future.
Frequently Asked Questions
Which is better, family floater or individual?
The choice of health insurance plan, whether family floater or individual, should depend on your family’s healthcare needs and financial situation.
A family floater health plan is a better and cost-effective option if you want to cover multiple members under a single policy, sharing the sum insured for a wide range of medical expenses.
An individual health insurance policy is a suitable option if you are seeking dedicated and extensive coverage for a single person with specific healthcare requirements.
Who can be covered in a family floater health insurance plan?
A family floater health insurance plan can cover multiple members, including self, spouse, children, dependent parents or parents-in-law.
How many members can I cover under a family floater health insurance plan?
The number of members you can cover under a family floater health insurance plan differs depending on the plan options.
For example, our Plus option can include two adults (self and spouse) and six children, the Power option can cover four adults (self, spouse and one set of dependent parents or parents-in-law) and six children and the Prime option can cover six adults (self, spouse and one set of dependent parents or parents-in-law) and six children.
