Regardless of age, gender and other demographics, everyone’s health is prone to risks or dangers in some way or the other. No matter who, the costs of bearing the medical charges in this age and time is high. The family floater plan comes as a boon for young families as it covers insurance for all members of the family. It is an extended version of the individual plans, with minor alterations tailored to be suitable for families. Family floater health insurance plans come with a lot of benefits and here are some of them:
- Higher Sum Insured: The coverage for family floater plans are much greater than the individual insurance plans as they come with a higher sum insured. Generally, members of the family who are covered under this plan are the individual, spouse and children. However, there are certain plans that also include other dependants such as parents, siblings and in-laws.
- Tax Benefits: Under the section of 80D of Income Tax Act, family floater insurance policies are eligible for tax deductions. Moreover, the tax benefit is doubled if you happen to be looking after the policy of your parents as well.
- Greater Medical Coverage: The family floater plans offer a greater medical coverage for all members of your family. The medical coverage may include hospital staff care, ambulance charges, hospitalizations costs, doctor consultations, costs of ant medical procedure undertaken and any other expense in cases of accidents of illnesses. There are certain insurance companies that also offer a yearly medical check-up for the entire family for free under their plan.
- Avail Discounts: Some family floater plans offer additional medical-cost related discounts that you can avail when required.
- Easy to add new family member(s): The process of adding a new family member to your family floater plan is very easy and not time consuming. Opposed to individual plans, these family floater plans are also easy to manage under one account and are affordable as well.
- Continuous Family Cover: A 2 year policy cover is offered by several insurance providers in recent times under the family policy cover. This makes sure the process is hassle-free for the time period of the tenure and is beneficial as no changes in the premium costs are made.
Therefore, if you are looking for the best option for insurance and have dependants on you, the family floater insurance plan is the ideal choice for you. However, there are certain points that may not work in favour for you as well. For example: the premiums of a family floater policy depend on the most senior citizen in the policy. Thus, if you have a very old family member, your premiums may be higher than normal. You can opt for plans of mediclaim for senior citizens in this case. Every insurance policy has its pros and cons and what works best for you depends on the nature of your family. It is thus, recommended that you weigh all the advantages and disadvantages of every policy available to you before making your choice.
