There is more understanding about health insurance plans nowadays than there was previously. There are numerous options available on the market, but in order to select the best one, you must first gain a fundamental understanding of the various types of health insurance plans offered by the various insurers.
People are aware of the plans available in the market and the significance of purchasing one, but they are unsure which plan to choose, whether an individual plan for themselves or a family floater plan for themselves and their family.
What is a family health insurance plan?
One of the most prevalent forms of health insurance plans offered in India is family health insurance. These policies cover all members of the family for a single premium and a fixed sum insured determined by the proposer. The sum insured can be divided according to the number of family members, providing all of them with the necessary health insurance coverage in the event of a medical emergency.
A legally wedded spouse, dependent children, parents, parents-in-law, and other family members can be covered on a floater sum insured basis under family health insurance plans. Simply put, in the event of an emergency, a family floater health insurance policy allows you to collect up to the full sum covered amount.
However, other family members' coverage benefits would be reduced as a result of this. Another advantage of family floater health insurance plans is that most health insurance companies will pay COVID-19 treatment costs. This implies you can now get coverage for a variety of healthcare expenses deriving from a positive COVID-19 diagnostic under a new or current family health insurance policy.
Benefits of family health insurance
The following are some of the most important advantages of a family floater health insurance plan:
The entire family is covered
You, your spouse, dependent children, and dependent parents can all be covered under one plan with Floater Pans.
Premiums are reasonable
The premium for the entire family is less expensive than the premium for individual plans because if you want to buy separate insurance plans for each family member, you'll have to pay a premium for each plan separately, whereas, with floater plans, the entire family is covered for the same premium, making it more affordable.
Simple to deal with
It is simpler to deal with and manage a single insurance policy rather than purchasing multiple policies and learning the terms and conditions of each separately.
Every member receives extensive coverage
If a family member becomes ill, they can use the entire sum insured in the insurance; each family member has complete access to the sum insured.
If you have a limited budget and want to purchase an individual plan for your entire family, you should go for plans with a lower sum insured amount; however, with floater plans, you can purchase a high coverage plan for your entire family staying within your budget.
The majority of floater plans available on the market include maternity benefits, which cover maternity-related expenses.
You can add new members at any time
Depending on the terms and conditions of the policy, family floater plans allow you to add new family members in the midst of the policy term.
When you purchase a floater policy for your family, you can receive a tax deduction of up to Rs 25,000. You can get a tax deduction of up to Rs 50,000 if you are a senior citizen or if one of your policy members is a senior citizen, which implies they are over the age of 60.
You can choose a comprehensive policy and compare plan features that have the most complete coverage.
Rare chances of more than one claim in a year
If the members of a family floater plan are young, there are very few chances of more than one claim in a year or policy term, therefore the insurance company will cover all expenses and you will not be obliged to pay out of pocket. It makes purchasing a plan more advantageous.
Individual policies are covered completely by a family floater plan. If you have a small family and a tight budget, a family floater plan for you and your dependents is a good option.