Family Floater Health Insurance Plan

What is Family Floater in Health Insurance?

A family floater is a type of health insurance plan that brings health benefits to the whole family instead of an individual. Essentially, it works like a group policy, and can be shared by all members of the family from one common pool, and besides, you only pay one premium to cover all the members of the family.

Benefits of Family Floater Health Insurance Plans

1. One Plan for the Whole Family

A family floater plan covers the entire family in one policy, including parents, spouses, and children. It is simple to manage because you don’t need to remember multiple policy details or renewal dates. This makes it easier and more convenient for families.

2. Annual Health Check-ups

Health insurance plans provide free check-ups for each family member every year up to one time. This contributes to ensuring the health of all, identifying health problems at an early stage, and providing timely medical care.

3. Shared Sum Insured

The total coverage amount can be shared among all the members of the family. For instance, when a single person needs more money for treatment, they can use the funds on hand, which makes sure that all members are protected when necessary.

4. AYUSH Treatment Coverage

Family floater schemes are also likely to include other treatments (Ayurveda, Yoga, Unani, Siddha, and Homeopathy), etc. This offers your family more options for healing and recovery above and beyond standard medical procedures.

5. Tax Benefits

You can save on income tax when you pay premiums for a family floater plan. This benefit comes under Section 80D of the Income Tax Act, helping you save money while protecting your family’s health.

6. Lower Premiums

These plans cost less than buying separate health insurance policies for each family member. You get a combined plan for the whole family at an affordable price, making it budget-friendly.

Inclusions and Exclusions of Family Floater Health Insurance Plans

1. Inclusions

• Hospital Stay Expenses: Health insurance covers costs for staying in the hospital for at least 24 hours, including room rent, doctor’s fees, and treatment expenses.
• Pre- and Post-Hospitalization Costs: The insurance also pays for expenses before and after hospitalization, like x-rays, doctor consultations, or medical tests, within a specific time frame.
• Daycare Treatments: It also covers procedures that don’t need 24-hour hospitalization, like chemotherapy, radiotherapy, or minor surgeries such as sinus treatments.
• Ambulance Costs: This health insurance plan also covers the cost of using a road ambulance to transport the patient to the nearest hospital during an emergency.
• Organ Donor Expenses: This plan also includes costs related to organ donation, such as organ harvesting surgery, ensuring peace of mind in critical times.

2. Exclusions

• Waiting Period: You cannot make claims during the initial waiting period after buying the plan. Other waiting periods may apply for pre-existing or specific illnesses.
• Adventure Sports Injuries: Does not cover medical costs for injuries caused by activities like rock climbing, parasailing, or other high-risk sports.
• HIV/AIDS and Related Treatments: Most plans do not cover expenses for treatment of HIV/AIDS or related medical conditions.
• Tobacco or Drug-Related Issues: Injuries or illnesses caused by smoking, alcohol, or drug use are not included in the coverage.
• Self-Harm or Suicide Attempts: Expenses for injuries resulting from self-harm or suicide attempts are not covered under these plans.

What to Check Before Buying a Family Floater Health Plan

1. Maximum Renewability Age

Earlier, insurers allowed policy renewals only up to 65-75 years. Now, thanks to IRDA, most policies offer lifelong renewal, so you can stay covered for life.

2. Sub-limits in the Plan

Don’t just look at the total coverage amount. Check limits for specific expenses, like ?40,000 for medicines or ?50,000 for pre- and post-hospitalization, even if the total cover is ?4 lakhs.

3. Policy Term

Health insurance used to be for one year only, but now many insurers offer options for two or three years, saving you the hassle of yearly renewal.

4. Reinstatement Benefit

If your coverage gets used up during the policy term, this feature refills the amount. It’s especially useful for family plans where the insured amount might run out quickly.

5. Additional Features

Look for extra benefits like free health check-ups, 24/7 medical advice, discounts on medicines, gym memberships, or wellness programs. These add more value to your plan.

Conclusion

Family floater health plans provide one policy with a single premium, covering the entire family. This makes them easy to manage and saves money. For families where there is a young family member or those who are healthy, such plans are more affordable and convenient than purchasing an individual policy for all.

So shop, compare, and renew your ideal family floater health insurance plans with Square Insurance and provide your family with a shield of protection.