Significance of Health Family Floater Plan
A family floater plan is the best way to get health insurance for the entire family. In this plan, it is easy to add new family members without any hassles. These plans are light on the pocket, as the premiums of most floater policies are less, compared to the premiums of individual policies of all the family members.
The best advantage of the family floater plan is sharing the sum assured by all the members of the family. Many changes are also made in these policies to cover pre and post hospitalization expenses, ambulance charges, daycare expenses, etc., with some policies rendering cashless treatment facilities as well.
Significance of a Health Family Floater Plan
Family floater plans have their own set of advantages and render excellent medical coverage for the entire plan at a reduced cost. Family health insurance is an important aspect of family financial planning where the floating sum assured is available for the entire family. Other advantages of this plan are:
1.Cashless Treatment: The Easy family floater plans allows cashless treatment facility by getting treatment in any of the hospitals that are within the network of the insurer. If in case, the treatment is taken in a non-network hospital during emergencies, the insured can pay the initial cost of the treatment and apply for reimbursement.
2. Higher Sum Insured: The Sum insured in a family floater plan is higher than individual health policies and the coverage is also relatively extensive. Generally, the individual, spouse, and children are covered in this policy, but some insurance providers have provisions to include parents, parents-in-law, and siblings as well.
3. Extensive Medical Coverage: The family can have extensive coverage under family health insurance that covers hospitalization fees, consultation fees, expenses for medical and surgical procedures, ambulance cover, etc., both in cases of disease treatments and accidents. Some insurance policies provide medical checkups for the entire family, every year.
4. Tax Benefits: The premiums paid for the family floater plans are covered under section 80D of the Income Tax Act. Also, policyholders can double the tax benefit for paying the policy for their parents.
5. Other Benefits: In the family floater plan, it is possible to add a new family member easily. A policyholder can increase the sum assured to match the rising cost of health care treatments. Some health insurance companies also increase the sum assured as a No-claim bonus reward.It is possible to avail a family floating policy for a continuous term of two years, to ensure that the insurer is not affected by the increase in premium rates.
Bottom Line
Many families benefit from easy family floater plans as they render comprehensive health coverage for the entire family. Some health insurance companies also render attractive discounts and incentives with the family plans for the benefit of the insured. It helps people with cashless hospitalization without any paperwork, helping them to concentrate on the sick rather than on aggregating funds for the treatment.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
