What's a Family Floater Policy and Why Do You Need It?

This policy bears all the medical expenses, hospital bills, and several other similar expenses.

In India, one can avail two kinds of health insurances, family and individual health insurances. Individual plans offer benefits to a single individual, whereas family health insurances focus on entire family coverage. Among both of these, the family health insurance plan proves to be more beneficial.

A family floater policy is a hassle-free option as as it ignores managing multiple policies plans. Read more to know more about this beneficial policy plan.

What's a Family Floater Policy?

A family floater policy provides coverage of an entire family under a solo policy with a single annual premium payment. The sum insured of the health insurance policy is shareable among the policyholder and his entire family members engaged in the plan. This policy bears all the medical expenses, hospital bills, and several other similar expenses.

Buying a family health insurance policy can help you save your funds in case of medical emergencies. This is because you can easily rely on this financial safety that safeguards your entire family under a single plan. Consult the best health insurance companies like Care Health Insurance to buy the best family health insurance plan.

Expenses Covered Under the Family Health Insurance Plan

The all-inclusive family floater policy ensures financial support to the families and safeguards a secure future. Financial support, here, refers to all the expenses that this policy plan covers. Some of them are as follows:

It supports the coverage of post-hospitalization costs that incurred up to 90 days after discharge.

• The family policy plan helps cover the in-patient treatment expenses that appear due to any accidents and sickness.

• The policy also covers the pre-hospitalization expenses that incurred up to 60 days of hospitalization.

• Expenses incurred in emergency ambulance service or any medical conveyance can be claimed in this policy.

• Domiciliary treatments are also covered under the family health insurance policy.

• The Family Floater Policy also covers maternity expenses.

Eligibility for Family Health Plans

According to the IRDAI, the Family Floater Policy is applicable to the family members of the policyholders. The family members should have an age between 91 days to 65 years during the purchase date of the policy plan. The following family members can be a part of the family floater policy:

• The policyholders themselves

• Spouse of the policyholder

• Children who are dependent on the policyholder (children include unmarried children, legally adopted and step-children, having an age between 91 days and 21 years and still dependent).

• Parents of the policyholders who are also dependent

What is the need for family health policies in India?

As an all-inclusive policy plan, the Family Floater Policy plan offers several advantages to the policyholder and their families. Some of the essential needs that the policy fulfills are as follows:

• The policy plan offers an entire health coverage plan for the families.

• It ensures Life-long renewability that supports health insurance coverage throughout the life.

• The family health insurance policy plan bears the pre-hospitalization and post-hospitalization expenses.

• It ensures relief from Income tax

• One of the best cost-effective health insurance policy plans

• Offers the best facilities for cashless hospitalizations

• Ensures domiciliary and Daycare treatments

• The policy plan supports some cumulative bonuses

• Ambulance Referral Amenities

Is the family health policy better than the individual plans?

The answer is surely a YES, as the Family Floater Policy helps you eradicate the stress of monitoring multiple individual policies. Paying a separate premium to all the policies can stress you, whereas family policies help you enjoy a peaceful life.

Conclusion

From a Family Floater Policy, an entire family can easily undergo any medical or health treatments. Compared to the individual policy plan, the family plan is much better for safeguarding your family members' health. Thus, understanding the need for this plan will help you make better decisions.