Ensuring the good health and well-being of our family is our primary responsibility. The easiest way to do this is investing in a good family floater health insurance plan.
A family health insurance plan allows you to make good quality healthcare and treatment accessible to your loved ones without worrying about the resulting expenses.
If you are planning to buy the right insurance plan for your family, this article is a must-read. Read on to learn about family floater medical insurance, how it works and its benefits.
What is Family Floater Health Insurance?
Family floater health insurance, or simply family health insurance, is a single policy to cover all your family members, your spouse, children, and parents. With some family floater plans, you can extend your coverage even to your in-laws.
It is a specialised type of health insurance designed to meet the coverage requirements of an entire family under a single policy.
A family floater medical insurance plan has a single sum insured, which is shared among all the insured members. Similarly, you need to pay premiums for a single plan rather than managing individual health insurance policies for each member.
Regarding coverage, family floater plans offer comprehensive coverage for all your unforeseen health-related expenses. This includes hospitalisation, doctor consultation, pharmacy bills, screenings, pre- and post-hospitalisation, in-patient treatment and more.
Overall, a family health insurance plan is like an umbrella that protects your entire family in the event of unforeseen medical emergencies.
What are the Benefits of Family Floater Health Insurance for a Family?
Easy to Manage
One of the main advantages of having family floater health insurance is that it is very easy to manage. Suppose there are six members in your family. Instead of buying six individual health insurance plans for each member, you can buy a single family floater insurance policy.
In this way, you will have a simplified policy management and streamlined claims process. Moreover, you don’t have to remember multiple policy renewal dates.
Cost-effective
Family floater health insurance plans are relatively affordable compared to individual insurance plans. This is mainly because they offer shared benefits and coverage for multiple insured members.
Moreover, some insurance providers offer great discounts on family health insurance policies. In addition to these, having a single insurance plan means you don’t have to pay multiple premiums. It is a lot more convenient and also saves a lot of time.
Tax Benefits
Another one of the major family
health insurance benefits is that it allows you to maximise your tax savings. That’s right.
A family floater plan not only covers your family's unexpected medical expenses but also makes you eligible for impressive tax deductions under section 80D of the Income Tax Act. You can save thousands every year on the premium paid towards your health insurance.
Higher Sum Insured
Generally, family floater health insurance policies offer a higher sum of insurance than standard health insurance plans.
This ensures comprehensive coverage for your family and allows you to get the best possible treatment without worrying about the exorbitant cost of hospitalisation
<h3> AYUSH Coverage </h3>
Different individuals may have different treatment choices. In order to cater to these varying demands, family health insurance plans come with AYUSH coverage.
With this benefit, you and your family members can get alternative treatments such as Ayurveda, Unani, Homeopathy and Allopathy.
Scope of Customisation
Family floater health insurance plans can be easily customised to meet the unique requirements of family members. This is another notable advantage of having a family insurance plan.
For instance, if you don’t want to buy dedicated parents’ health insurance, you can buy a critical illness rider to offer specialised coverage for chronic diseases and health conditions.
Similarly, there are many other useful add-ons you can choose from. These include maternity cover, room rent waiver cover, hospital cash allowance and more.
Difference Between Individual Health Insurance and Family Floater Health Insurance
Confused about whether to buy individual health insurance for each family member or a single family floater health plan for everyone? Here is a quick comparison between both types of plans to help you decide the best option for yourself.
Parameters |
Family Floater Health Insurance |
Individual Health Insurance |
Scope of Coverage | Offers coverage to the entire family, including yourself, your spouse, dependent children and parents. | Offers coverage only for one person. |
Premiums | Premiums are calculated mainly based on income and the age of the oldest family member. Compared to individual insurance plans, family insurance plans have slightly lower premiums due to shared coverage and benefits. | Premiums are usually calculated based on the insured's age, health and fitness. Such plans often have a higher premium rate due to dedicated coverage. |
Sum Insured | The sum insured is generally high to meet the coverage requirements of multiple members. | The sum insured is flexible. This means you can choose from multiple options based on your requirements. |
Claims Process | The claims settlement process in the case of a family health insurance plan is more streamlined as you don’t have to make multiple claims. | The claims settlement process is straightforward, but dealing with claims processing of multiple individual policies can be very time-consuming and tiring. |
How to Purchase Family Floater Medical Insurance?
Purchasing the right family floater health plan is crucial to availing your family of adequate coverage and benefits. Here are some of the important factors to consider at the time of purchasing the best insurance plan:
Determine Coverage Requirements
Purchasing family floater insurance is very different from buying an individual health insurance plan. This is mainly because you need to take into consideration the health and requirements of all the members you are planning to cover.
So, before finalising a plan, sit down with your family and determine the type of coverage you need. In addition, estimate an approximate budget for paying the premiums.
Research and Compare Multiple Plans
Once you have outlined the coverage needs of your family, the next step is to explore various family floater health insurance plans from multiple providers. The proven trick to select the best insurance plan is to compare multiple plans based on factors such as sum insured, claims settlement ratio, premium cost, type of coverage, etc.
This simple step will help you select a plan that perfectly aligns with your requirements and budget.
Estimate Premiums
Timely payment of premiums is essential to maintain the coverage offered by your medical insurance policy. Hence, it should be within your budget. You can use a health insurance premium calculator to get an idea of the premium amount you will be paying.
Avoid opting for a premium amount you can not afford. If you want to lower your premiums, opt for higher deductibles.
Choose a Reputed Insurance Provider
Here comes the most important part: always work with a reputable insurance company. This is crucial because if the provider is unreliable, you can not stay assured of the benefits they are offering.
Conversely, working with a reputed company ensures seamless coverage and timely claim resolution.
Here is an important tip: don’t let premium price be your guide when buying a family floater health plan. Instead, pay more attention to the features and coverage of the intended plan.
Purchase Online for Maximum Benefits
There are many benefits to purchasing a family floater health insurance plan online. For starters, you can enjoy attractive discounts when buying your plan directly from your insurance provider's website.
At Reliance General Insurance, you can avail up to 40% discounts on buying your policy from our website or mobile application. Besides, you can also benefit from other perks like paperless purchases, minimum requirements, no medical screenings (for those up to 45 years of age) and more.
Get Tailored Family Floater Insurance Plans from Reliance General Insurance
Family floater health insurance plans make financial planning and management easy and effortless. By covering all your loved ones under a single policy, you can gain greater peace of mind along with benefits such as affordable premiums, easy management and increased tax savings, among others.
At Reliance General Insurance, you can buy excellent family floater health insurance plans that offer extensive coverage starting at just ₹243 per month.
In addition to affordable premiums, we also offer a 100% claims settlement ratio and up to ₹5 crore sum insured to cover the medical expenses of your entire family.
The best part is that you can customise your
health insurance policy to meet the specific requirements of your family members.
Get your plan today!
Frequently Asked Questions
How many members can I cover with my family floater health insurance?
Most family floater health insurance plans in India offer coverage for you, your spouse, dependent parents and children. The added advantage of having Reliance family floater plans is that you can extend your coverage to your in-laws as well.
Is there a waiting period in family floater health insurance plans?
Yes. Similar to individual health insurance plans, family plans also have a waiting period that must be completed before you can receive insurance benefits.
My employer already covers me under a group health insurance scheme. Should I still need a family health insurance plan?
Group health insurance plans may allow you to add family members, but coverage is very limited. The same goes for other benefits and the sum insured. Hence, it is highly recommended that you invest in a good family floater health insurance policy to ensure adequate coverage for your family.
