For all of us, family is the biggest support system throughout our life. Ill health of one family member shatters the entire family emotionally. With the rising cost of healthcare, any serious complications can even put the family under financial stress. Now, that you are thinking to avail long term financial security for your family, you can either choose to enroll for individual health plans for each member or a family floater plan. However, family floater health insurance is the best option to secure the entire families health financially at an affordable cost. Any tragic medical emergency can be tackled with ease by securing your family with the best family floater health insurance policy.
What is Family Floater Health Insurance?
It’s a single health insurance policy which covers entire family. The amount of sum insured is not individual specific. Limit floats over the whole family. There is no question of tracking and maintaining the policy record for each member, as this single plan covers it all. There are hardly any chances of entire family falling ill at a time. A plus point of family floater health insurance is that the whole sum assured can be utilized for the medical treatment of ill member. Along with the medical cover, it also gives the tax benefit under Section 80D of the Income Tax Act.
How does it work?
Let’s understand the family floater health insurance plan with an example. Let’s say, Mr. Sharma has taken family floater plan for Rs.600000 a year. Plan covers his parents, spouse and himself. During the year, his father had to undergo an eye surgery which costs them around Rs. 60000. The expenses were taken care by the policy. Now, Mr. Sharma and his family can utilize the remaining 550000 for the remaining period of the year.
How to Choose the Best Family Floater Health Insurance?
Choosing the best plan is a challenging task. Below are the elements to be considered while choosing the best family floater health insurance plan as per your financial ability and family’s need.
- Cost: Generally, cost or insurance premium is the first element that you need to consider while short listing the best health plan for your family. Family floaters are comparatively cheaper than individual health plans as all the members are covered under the single umbrella. With the wide range of options available in the insurance market, cost needs to be evaluated at the first place before buying.
- Coverage: Coverage has to be chosen wisely keeping in mind the family health history. Ensure there is an adequate cover left for each member even if the one member utilizes more during a year.
- Age: Age of the oldest member matters the most when you are choosing the family floater health plan. If elderly parents are included in the policy, their chances of falling ill are more. More number of elderly members will increase the premium. Hence, invest in health insurance at an early age and secure entire family. And it’s always good to opt for plan with lifelong renewability.
- Risk Factors: Medical condition of the each member is considered while determining the premium amount. Pre-existing diseases and life style habits are likely to increase the cost of your floater plan. And also the usage of sum insured is based on such risk factors. Hence, go for the best family floater health insurance that could offer an adequate cover at reasonable cost.
- Co-pay Clause: Co-pay is the fixed percentage of the bill (as specified in the policy document) that needs to be borne by you as a policyholder. Though it reduces your premium, choose the plan wisely according to your need and convenience.
- Exclusions: Go through the exclusions list before investing in a floater plan. List of exclusions and waiting period for the pre-existing diseases are very vital and to be noted prior to the investment.
- Claim Settlement Ratio: It’s important to consider the claim settlement record before buying for smooth settlement. Evaluate the available options basis the claim settlement record.
To sum it up, secure your family with the best family floater health insurance plan to enjoy hassle free health care in future. With the ample of choices available, choose the best one to take care of your family’s future well being. Make a decision well in advance to secure your family. Invest smartly!