A family floater health plan is a single insurance policy that offers coverage to your entire family. It is an umbrella coverage under a single sum assured, that may be claimed by any member covered under the policy.
When you purchase a family floater health plan, it gives you higher convenience. You do not have to go through the hassle and confusion associated with maintaining multiple policies for every family member. Moreover, you may be able to reduce the premium cost with a family floater policy when compared to individual plans.
Here are some smart ways to provide coverage to your entire family:
- Extended coverage
A family health plan covers you, your spouse, and up to two children. Moreover, several family floater plans give coverage to your parents and even your in-laws. The plan may also provide coverage to more than two children.
- Decrease the premium
If you and your family follow a healthy and active lifestyle, the insurer may provide you with some benefits. Additionally, if you cover more members under the same family health insurance plan, you may receive some discounts on the total premium payable.
- Continued insurance coverage
Several insurers allow you to purchase coverage for more than one year. Therefore, you eliminate the hassle of renewing your policy every year, thereby ensuring that you do not miss on the coverage if you forget to renew it in time. Moreover, the premium remains constant during the extended period, which makes it more affordable to cover your family under health insurance.
- Tax benefits
The premium paid on a family medical insurance plan is eligible for tax benefits under section 80D of the Income Tax (IT) Act, 1961. The total benefits available are up to INR 50,000 per annum, if you and your parents are less than 60 years old. If you and your parents are aged over 60 years, the benefits available are up to INR 1 lakh per year.
Eligibility criteria for family health insurance plans
- Coverage for children aged between 91 days and 25 years; coverage for children up to five years is available when at least one adult is covered under the same policy
- Coverage available for self, spouse, children (up to 25 years), dependent parents, and dependent in-laws; maximum six adults and three children may be covered under a single family floater plan
- Cashless family health policy is available for dependent parents and in-laws without purchasing coverage for self or your spouse
Features of family health insurance plans
- Over 500-day care procedures are covered
- Chronic management programs are offered that help you manage lifestyle diseases such as blood pressure, diabetes, asthma, and cholesterol
- Coverage available for different types of rooms in case of hospitalization
- Cashless hospitalization in a large number of network medical centers
- Up to 100 percent reload of the sum assured
- Emergency assistance across the globe
Several insurers offer you the flexibility to add new members in case of need. Moreover, the coverage continues for members even in the event wherein the oldest covered member passes away during the policy term.
Attractive features and multiple benefits make a family floater health insurance plan an excellent option to combat medical expenses for the entire family. Invest in one today and enjoy complete peace of mind.