What is a Family Floater Insurance Plan?
The family health insurance plan, which is also called family floater, covers all members of your family under a single healthcare insurance .Such policies cover your spouse, children, and parents with a single payment. Family floater insurance may be tailored to meet the specific needs of each member of your family. It pays for pre- and post-hospitalisation fees, critical diseases, medical check-ups
Benefits of a Family Floater Plan
Family floater plans have several advantages over an individual health insurance policy. Some of these benefits includes
Cost Effective
One of the key benefits of a family floater insurance policy is that it can be more cost-effective than individual medical insurance policies. By covering multiple family members under a single policy, the cost of the policy can be lower than if each family member had their policy. This can be particularly beneficial for families with several members who need coverage.
Easier to Manage
Another benefit of family floater insurance is that it can be easier to manage than multiple individual policies. Rather than having to keep track of different policies and coverage limits for each family member, a family floater policy can provide a single sum insured to cover all family members’ medical expenses. This can save time and reduce the administrative burden of managing multiple policies.
Flexible Policy
Family floater insurance policies can also be flexible in terms of coverage options. Some of the best mediclaim policy for family may allow for the addition or removal of family members during the policy period, while others may allow for the inclusion of extended family members, such as grandparents or in-laws. This can make it easier to customize coverage to meet the family’s specific needs.
What are the features of a family insurance plan?
The selling point of a family floater plan is the fact that the sum assured can be increased or decreased according to the needs of the family. The primary applicant can take into consideration factors like risk, location, the average age of the policyholders, etc.
Like any other health insurance policy, a family floater allows a cashless facility. You can avail of the cashless facility by getting treatment in any of the hospitals that are part of the insurer’s network. In case of an emergency, if treatment is taken in non-network hospital you can pay the initial cost of treatment and later apply for reimbursement.
Exclusions of a family floater health insurance policy
- By default, pre-existing diseases are not covered under the family floater plan. They are covered after the completion of the waiting period.
- Treatment due to suicide attempts and nuclear attacks are not covered.
- Treatment due to consumption of drugs, congenital diseases, etc. are not covered.