3 Things You Must Know While Buying A Family Floater Health Insurance Plan

  Author: Naveen Kumar

The best way to safeguard your family from the financial burden that may result out of a medical emergency is to buy a health insurance plan. As the name suggests, a family floater health insurance plan is tailor-made for families and covers you and your family on a shared basis. Here are three things you must know about a family floater health insurance plan.

Single health insurance amount for the family Unlike an individual health plan (IHP) where there are individual health insurance amounts for family members, in a family floater, there is single health insurance amount for the family.  Any family member covered by a family floater can avail of the health insurance coverage during the course of the year.

Typically cheaper than individual health plans Although, family floaters are typically cheaper than individual health plans, it might be a problem if more than one family member requires health insurance and the insurance limit is not enough. Children up to the age of 21 years could also be added on to such a plan, along with the spouse of the insured person.

Ideally combine individual health plan and a family floater Ensure that your family is secure from sudden and large health expenses. Ideally, buy an individual health plan and a family floater.

Family floater plan will work for you well if all members of the family will not fall ill at the same time. It thus provides a wider coverage. So, if one member of the family is hospitalised, the medical insurance coverage can be available up to the full amount of the policy, while the other members also stay covered. Such features make a family health floater policy a must to protect your family against medical emergencies. The annual tax deduction of Rs 25,000 under Section 80D providing tax

savings only adds to the advantages from such a health plan.

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