Family Floater Health Insurance

The best way to keep your family safe from any financial burden arising out of hospitalisation and illnesses is to buy a health insurance plan.The Family Floater Health insurance plan, as the name itself signifies is an insurance plan which is especially made to cover families. Family Floater or Family health plan insured entire family coverage, including self, spouse, parents and children as well. It is the best policy when it comes to provide coverage to your loved ones. The best thing about family floater is that it covers all the family members in one single premium thus it reduces your task of buying numerous health plan for your loved ones and manage it regularly. The entire family get all benefits of the plan in one sum assured and one single premium.

Benefits of Family Floater

Apart from room rent, entire family cover, cashless facility etc. below are the detail benefits of family floater: *Medical Expenses in case of Hospitalisation:
The policyholder will get the coverage on every medical expenses related to the hospitalization. This will include inpatient charges, boarding expenses, nursing care, medical consumables, necessary treatment, etc
*Pre hospitalisation expenses
Pre-hospitalization: it will cover the pre-hospitalization expenses; the period of same depends upon the norms of insurers.
*Room Rent Charges
Hospital costs are linked to the type of room availed e.g., Doctor’s fees in single ac room would be higher than that of shared room. Hence insurance company have put conditions for room eligibility. All costs thereafter are payable as per the eligible room rent.
*Medical checkup
Some health insurance companies offer free health checkup facility under the plan.
It will cover the expense incurred, with respect of medical treatment and essential examination for a specified period after discharge from a hospital for medical treatment related to the Illness or bodily injury.
*Emergency Ambulance Charges
In case of emergency, ambulance charges are covered by the insurer under the claim process. Some insurance company have capping on ambulance charges.

Advantages of The Family Health Insurance

Family health plan is a helpful plan under which a single plan provides coverage to the entire family. A person can cover all the family members under a single plan irrespective of their age. *Hassle-free coverage to entire family :
It reduces the need of paying separate premium of health insurance for each member of the family separately. It reduces the task of selecting individual health plan for each member of the family and manage the same. It covers entire family and the each family member get all the benefits under the plan.
*Adding new family Member:
You can add new family member easily under family health plan. In case of the unfortunate death of senior-most member of the family, other members can continue with the plan without losing any benefit. This is one of the biggest benefits of this plan.
*Tax benefits
Premiums paid for Family Floater can benefit from tax deductions under section 80D of the Income Tax Act. Amounts up to Rs. 15,000 are allowed for deduction on health insurance premium for self, spouse and children.
*Continuous Family Cover:
Many insurance service providers have now given an option to two years policy cover. This benefit allows a continuous hassle-free coverage without any change in premium costs for the selected tenure.
*Avail Discounts :
Under the family floater plan, you can get discounts and incentives that plans usually offer. It is one of the easiest ways to secure the health of your family.


*What is a Family Floater Plan?
A family floater plans covers entire family under one single plan. The sum assured and premium is fixed but it get gets exhausted as and when any member avails medical services and makes a claim.
*Why Family Floater?
Buying a family floater proves to be cheaper than buying individual policies. Besides, a floater provides for adding the immediate family members such as newborns and newly wed spouse in the cover, without any hassles.The members coverable under a family floater can be the policyholder and his/her parents, spouse and children.
*How can I add my family members to the existing policy?
You can add your family members at the time of renewal of an existing policy. However, you can't add dependents in a middle of the policy, except newborn baby.
*How does Family Floater works?
In family floater under one plan entire family is cover and if any family member get hospitalized or use any medical service then he/she can files a claim. If it gets exhausted on one member during the policy term, any other member would not be able to make a claim till the policy is renewed at the end of the term. But many insurance company have restoration feature so the other family members can use restoration facility and can file a claim.
*Do I need to take a separate health policy if my family and I are already covered in a corporate health policy?
Yes, we strongly recommend that to buy a standalone health policy, even if you have corporate health insurance. When you change a job, retire or start something on your own, the corporate insurance will be rendered useless. You and your family will be stranded if a medical emergency arises and you have no other health policy to fall back on.
Also, if a company makes sudden changes to its conditions or abruptly stops insurance coverage, you may need to bear all medical costs. At this point of time, a separate health insurance policy will come to your rescue. Also health insurance is considered as a good tax saving instrument because by buying health plan, you become eligible to get tax benefits under Section 80D.
*How can I check the status of my claim?
You can call on the helpline number of your health insurance company and will get status of your claim.
*During the course of treatment can I change my hospital?
Yes, you are allowed to change the hospital on the grounds of better treatment and services, but you need to first inform your TPA who will evaluate your case on the basis of policy terms & conditions.
*Can I get tax benefit on my health insurance premium?
Yes, the premiums paid for a family health insurance policy are exempted Under Section 80D of the Income Tax Act.

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