India is a country with a family-centered culture. However, as you know, it is almost impossible to protect yourself and your family from illness and injury. In addition to the difficulty of preventing medical conditions, there is also the unaffordability of treatment. With each passing day, the money required to receive appropriate medical treatment is increasing. To combat this increase in the cost of healthcare, it is important to purchase health insurance to protect your family’s financial stability.
No matter how useful health insurance and its accompanying features like a health insurance app are, it can be heavy on your pocket. This is especially true if you want to include your family as well. This is because many individuals choose to purchase individual plans for each of their family members. While offering each person their own coverage, it can be extremely expensive. Instead of buying an individual health insurance plan for each family member, why not buy a family floater plan?
What is family floater health insurance?
As the name suggests, family floater health insurance is a type of health insurance plan that is tailored to a family’s needs. A family floater plan is a type of health insurance that helps you cover all your family members. It comes with one big sum that all family members share. Essentially, it is a type of health coverage that allows you to add members of your family to your policy.
This means you have to pay a single premium for coverage for your entire family. While the premium is higher than an individual health policy, it costs much less for each family member than purchasing a single policy.
Usually, a family flotation plan will only allow you to include immediate family members in coverage. However, some policies also allow you to add dependent parents, siblings, and in-laws. This is a much better than the option where you buy Mediclaim online for each member separately.
Coverage of family floater health insurance
The basic idea is that at least your immediate family should be covered under one plan. Therefore, if you buy a family floater health insurance plan, coverage will automatically cover your spouse and children.
Imagine you have ₹5 lakh health insurance for your family. Now, if your child has a case of typhoid and the treatment requires ₹1 lakh, the insurance provider will cover the costs. If the insurance provider covers the full cost of the treatment, you will only have ₹4 lakh coverage left. Therefore, the rest of the family would have to manage the rest of the amount for their medical expenses. This coverage will return to its original amount when you renew at the end of the year.
Who is family floating health insurance best suited for?
There are no restrictions on who can get family floater health insurance. However, one thing works differently for everyone else. Therefore, there is an ideal client for this type of health insurance. When it comes to family floater plans, the ideal buyers are young families. This is because young families are generally healthy and less susceptible to any health condition that requires a great deal of treatment and thus, are less likely to make a health insurance claim. Family floater plans are convenient and affordable for such a family.
On the other hand, if there are senior citizens in your family, you should at least buy individual plans for them. Not only are they more susceptible to disease, but their medical issues also cost a lot of money to be treated. They may also need to claim health insurance more often. A family floater plan may be lower coverage for them. If they end up using a large portion of the coverage of a family floater plan, it may also leave little coverage for the rest of the family. Therefore, you should buy them a single health plan as well, regardless of whether they are included in the family plan or not.