Everything You Should Know About Family Floater Plans

With the current risk of a global pandemic, having a health insurance policy has become a necessity. To add to it, there is already an increasing number of lifestyle diseases, some of which have fatal consequences. To protect you and your family’s future, a health insurance policy goes a long way. Health insurance plans help create a financial backup for times when medical contingencies strike. These events are uncertain and come without a warning. Health insurance can either be bought on an individual basis or for your family together. To ensure your family’s health, it is advisable you invest in a family floater health insurance policy.

What Is a Family Floater Health Insurance Plan?

A family floater plan is a type of health insurance that makes the benefits of an individual health plan available to your family as well. All the family members are covered under a single blanket policy using family floater health insurance plans. Further, these plans are cost-effective since a single premium payment is required for all the beneficiaries at once.

What Are the Benefits of Purchasing a Family Floater Health Insurance Policy?

One prominent advantage of buying a family health cover is it covers different age groups at once. You do not have to invest in separate insurance covers for senior citizens or even infants. All the beneficiaries are included under a single family floater plan. Here are some more prominent benefits -

#1 Ease of selecting a policy

A family health plan makes it easy to select a policy that offers coverage to all beneficiaries at once. You do not have to undergo the process of shortlisting multiple policies for different family members and managing the renewals for these policies.

#2 Addition of new members

Generally, health insurance plans for family covers maternity benefits. If not, they can be easily added on to extend the coverage to infants and expecting mothers. So, if you are planning on starting a family soon, opting for a family floater health insurance plan can help you avail maternity benefits along with other parts of medical coverage for more members of your family.

#3 Affordable premium

If you purchase multiple policies for different members of your family, then the premium is quite nominal. Since a single policy covers the entire family, there are no hassles of managing multiple policies and their renewal dates. Further, a single coverage can be tweaked according to the needs of beneficiaries at an affordable premium when compared to standalone individual health policies. You can easily compute premiums on the online health insurance premium calculator.

What Should You Consider When Purchasing a Family Floater Health Insurance Policy?

Akin to buying individual health insurance plans, there are quite a few considerations to keep in mind. These depend on the need basis of every member of your family. Here are some pointers to keep in mind when purchasing family floater health insurance policy in India -

1. Coverage of your policy

The most essential thing to look for when purchasing a policy is its coverage. Different plans are available for purchase. The coverage of these policies differs from each other and when buying one, it becomes the most essential thing. The point you need to focus on most is that there is enough coverage for every member.

2. Flexibility of your plan

A family floater health insurance with flexibility helps you avail coverage for different scenarios of your life. Say, you need to opt for additional coverage to include certain age-related diseases. On the other hand, you may be required to opt for maternity benefits if you decide to start a family. This flexibility feature is something to look for when buying a family floater health insurance.

3. Worry-free claim experience

The claim process is more or less similar across insurance companies but choosing a plan with a lower documentation needs and added benefits can help you avail a smooth claim experience. Further, do check these benefits are available within your budget. Now that you know the advantages and how to select a family floater health insurance plan, take advantage of these nifty tips to get your family insured for that mental peace you always deserve!